M.J. HICKEY PLANT HIRE & CONTRACTS LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 2 in the consolidated financial statements, which in the Going Concern section indicates that the company and group exhibited net current liability positions of £(3,301,656) and £(5,044,600) respectively at 31 May 2024 albeit with net assets positions of £13,083,546 and £12,227,468 respectively. It is noted that the Future Developments subsection of the Going Concern narrative refers to a number of matters that the directors consider are relevant regarding the future of the company and group including: a potential property disposal transaction which has now entered exclusivity; initial discussions having been entered into between the group and HM Revenue and Customs regarding a time to pay arrangement for certain liabilities; post year end performance, activity levels and operational plans; the positions showing in the company and group budgets and cashflow forecasts and if outcomes differ from those in the budgets and cashflow forecasts the fact that the company and group may require some additional funding during the year ending 31 May 2026 over and above the headroom on existing finance facilities (which the directors expect will continue for the foreseeable future on unchanged terms); and the fact that the directors are confident that additional funding will be accessible as required from a number of options that are under consideration. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's and/or group's ability to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -12%

  £22,467,394 → £19,767,152

• Cash

  +89.5%

  £755,273 → £1,431,391

  highest in 3 filed years

• Net assets

  +64.6%

  £7,428,608 → £12,227,468

  highest in 3 filed years

• Employees

  -1.8%

  112 → 110

• Operating profit

  -610.8%

  £272,320 → -£1,391,111

• Profit before tax

  +1,462.2%

  -£496,658 → £6,765,551

• Wages

  +8.8%

  £3,501,208 → £3,807,831

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Robson Laidler Accountants Limited t/a Tindle's

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 2 in the consolidated financial statements, which in the Going Concern section indicates that the company and group exhibited net current liability positions of £(3,301,656) and £(5,044,600) respectively at 31 May 2024 albeit with net assets positions of £13,083,546 and £12,227,468 respectively. It is noted that the Future Developments subsection of the Going Concern narrative refers to a number of matters that the directors consider are relevant regarding the future of the company and group including: a potential property disposal transaction which has now entered exclusivity; initial discussions having been entered into between the group and HM Revenue and Customs regarding a time to pay arrangement for certain liabilities; post year end performance, activity levels and operational plans; the positions showing in the company and group budgets and cashflow forecasts and if outcomes differ from those in the budgets and cashflow forecasts the fact that the company and group may require some additional funding during the year ending 31 May 2026 over and above the headroom on existing finance facilities (which the directors expect will continue for the foreseeable future on unchanged terms); and the fact that the directors are confident that additional funding will be accessible as required from a number of options that are under consideration. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's and/or group's ability to continue as a going concern.”

Group structure

1. M.J. HICKEY PLANT HIRE & CONTRACTS LIMITED · parent
   1. R. Thornton & Co. Ltd 90%
   2. Lynefield Park Limited 73%
   3. Emmex Freight Services Ltd 100%

Significant events

• “The group is currently in negotiations with a third party regarding the potential sale of substantially all of the investment property element of the Lynefield Park site that is held by M.J. Hickey Plant Hire & Contracts Limited. The group has entered into an exclusivity agreement with the third party and is confident that exchange of conditional contracts should occur by the end of August 2025, at which point a non-refundable deposit of £1m becomes receivable by the group.”
• “The group has also entered into initial discussions with HM Revenue and Customs [HMRC] regarding arranging a time to pay arrangement in respect of certain liabilities of M.J. Hickey Plant Hire & Contracts Limited, R. Thornton & Co. Ltd and Emmex Freight Services Limited.”
• “Since the balance sheet date the group and company have purchased and disposed of various tangible fixed assets in the normal course of trading.”
• “Also since the balance sheet date the group and company has borrowed a further £2m from the funder of the £3.5m other loan that was extant at 31 May 2024.”
• “Alongside the further loan drawdown the group and company entered into an overage deed with the funder. The agreement requires a payment of £2m to be made to the funder if a relevant disposal event occurs while the agreement is active that impacts the property on which the further loan is secured.”
• “In addition, the group and company have successfully completed the process of transferring to a new invoice finance provider since the balance sheet date.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.