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PORTABLE BUILDINGS (CONT)
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Portable Buildings
November 2014 Edition
Printed Using Financial Analysis Software
By Merlin Scott Associates Limited
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Table of Contents
Chapter One
Executive Summary
November 2014 Edition
5
Chapter Two
Introduction
13
Chapter Three
Company Rankings
17
Chapter Four
Company Accounts
103
Chapter Five
Terms & Ratios
707
Appendix
Additional Companies
713
Table of Contents | 2
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Chapter One Executive Summary
Industry Averages
The industry averages presented in this review have been calculated using the latest company accounts filed.
When calculating the industry averages, we have been careful to exclude unusually high or low figures (ie plus
or minus two standard deviations from the mean). Guarding against spurious figures ensures that our averages
remain a truer representation of the industry. Chapter Four presents the latest five years of accounts available
for each company. Using a series of seven graphs, company performance figures are presented alongside the
following industry averages making it easy to compare individual companies with the industry.
2009
2010
2011
2012
2013
2014
40.69
40.70
39.34
38.80
38.50
48.04
Operating Profit Margin (%)
2.81
4.19
4.43
6.78
10.85
15.97
Profit Before Interest & Tax Margin (%)
3.82
4.58
4.64
7.43
8.99
16.22
Pre-tax Profit Margin (%)
0.24
0.80
0.91
4.32
6.30
13.25
Return on Total Assets (%)
2.99
2.85
0.66
3.16
5.36
9.29
Return on Capital Employed (%)
2.17
3.48
0.74
3.98
7.90
11.05
-1.56
0.60
0.42
5.20
8.29
15.25
Current Ratio
1.17
1.32
1.29
1.25
1.20
1.06
Quick Ratio
1.06
1.19
1.16
1.13
1.09
0.96
Debt Ratio
0.75
0.66
0.68
0.63
0.66
0.65
Gross Profit Margin (%)
Return on Equity (%)
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latest results63
63 to order the
66 full report63and all the 64
Credit Given (Days)
57
Credit Taken (Days)
63
64
64
63
73
125
1.85
1.52
2.25
4.51
4.95
6.42
Times Interest Earned
Fixed Asset Turnover
0.96
0.86
0.93
0.92
0.90
0.79
Stock Turnover
35.67
23.93
26.83
28.36
29.94
43.67
Debtor Turnover
6.90
5.81
5.64
5.78
5.69
5.82
116,720
106,946
115,615
121,303
124,155
108,668
31,710
31,460
33,724
33,947
31,949
30,590
99.15
87.24
92.95
100.00
104.48
99.49
102.81
50.67
62.17
100.00
130.35
170.22
Turnover per Employee (£)
Average Wage (£)
Turnover Growth (% of 2012)
Operating Profit Growth (% of 2012)
The Best Practice averages show what is achieveable for a well managed firm and the averages for Big Companies
and Small Companies show whether investment in scale is likely to be rewarded. The difference between the
various series of averages on each graph gives a measure of the variability of the results in a sector.
All Companies - These averages provide a benchmark for any company in the sector. Chapter Four shows these
averages as a direct comparison in the Ratio Analysis area. The trends in these averages can be thought of as
indicating industry trends. So the graphs in Chapter Four are providing a benchmark of the industry performance
over time against which each company can be measured.
Big Companies - Calculated using the data available for the largest companies (based on Total Assets). The
attractions of consolidation within the industry can be seen by considering these averages and comparing them
to the averages for All Companies.
Small Companies - Calculated using the data available for the smallest companies (based on Total Assets). The
averages for smaller companies indicate their attractiveness for potential take-overs ie if the average performance
of smaller companies exceeds that for larger companies then they become attractive acquisition targets.
Best Practice - Calculated using the data for companies that are both financially strong and have been consistently
profitable over previous years. Irregardless of size some companies are quite simply better managed or better
placed to take advantage of industry changes than others so these averages show the potential for firms within
this sector.
November 2014 Edition
Chapter One Executive Summary | 3
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Gross Profit Margin (%)
50
The industry average gross margin for all
companies in the period is 41.01%. The average
for big companies
in the
period
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theisfull53.85%. The
average gross
margin
for
small
in the
report and all the latestcompanies
results
period is 30.80%. The best practice companies had
an average of 44.85% during the period.
40
30
20
10
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
40.69%
40.70%
39.34%
38.80%
38.50%
48.04%
Large Companies
55.65%
54.87%
53.15%
50.76%
51.58%
57.09%
Small Companies
32.47%
34.12%
30.86%
31.25%
30.75%
25.31%
Best Practice
43.40%
47.62%
45.49%
43.76%
41.40%
47.41%
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Operating Profit Margin (%)
20
The industry average operating margin for all
companies in the period is 7.50%. The average for
big companies
in the
is 8.17%.
Click
hereperiod
to order
the full The average
operating margin
for small
in the period
report and
all thecompanies
latest results
is 4.23%. The best practice companies had an
average of 14.12% during the period.
15
10
5
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
2.81%
4.19%
4.43%
6.78%
10.85%
15.97%
Large Companies
1.85%
3.70%
3.50%
8.46%
14.45%
17.08%
Small Companies
3.92%
4.34%
3.75%
3.39%
6.00%
3.97%
Best Practice
7.50%
9.54%
11.91%
14.78%
18.73%
22.28%
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Profit Before Interest & Tax Margin (%)
20
The industry average profit before interest & tax
margin for all companies in the period is 7.61%. The
average for big
companies
in the
Click
here to order
theperiod
full is 8.12%.
The average
profit
before
interest
&
tax margin for
report and all the latest results
small companies in the period is 4.02%. The best
practice companies had an average of 13.89%
during the period.
15
10
5
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
All Companies
3.82%
4.58%
4.64%
Large Companies
2.73%
4.50%
2.62%
Small Companies
4.41%
3.71%
Best Practice
7.67%
10.04%
4 | Chapter One Executive Summary
2013
2014
7.43%
8.99%
16.22%
9.32%
12.11%
17.42%
4.97%
3.36%
3.73%
3.97%
10.54%
15.07%
17.60%
22.40%
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November 2014 Edition
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Pre-tax Profit Margin (%)
20
The industry average pre tax profit for all companies
in the period is 4.30%. The average for big
companies in
thehere
period
is 3.32%.
Click
to order
the fullThe average
pre tax profit
for
small
companies
in the period
report and all the latest results
is 3.21%. The best practice companies had an
average of 10.10% during the period.
15
10
5
0
2009
2010
2011
2012
All Companies
2013
2014
2009
2010
2011
2012
2013
2014
0.24%
0.80%
0.91%
4.32%
6.30%
13.25%
-1.77%
-3.10%
4.98%
8.62%
13.89%
2.85%
4.02%
2.51%
2.93%
3.54%
5.18%
5.82%
12.12%
15.01%
19.31%
Large Companies
-2.71%
Small Companies
3.42%
Best Practice
3.14%
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Return on Total Assets (%)
12
The industry average return on total assets for all
companies in the period is 4.05%. The average for
big companies
in the
is 3.20%.
Click
hereperiod
to order
the full The average
return on report
total assets
in the
and allfor
thesmall
latestcompanies
results
period is 4.36%. The best practice companies had
an average of 8.74% during the period.
10
8
6
4
2
0
-2
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
2.99%
2.85%
0.66%
3.16%
5.36%
9.29%
Large Companies
1.96%
2.25%
-2.33%
2.52%
5.74%
9.08%
Small Companies
4.75%
3.57%
4.71%
3.33%
3.90%
5.92%
Best Practice
5.33%
6.10%
7.06%
10.00%
10.90%
13.04%
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Return on Capital Employed (%)
16
14
12
10
8
6
4
2
0
-2
The industry average return on capital employed
for all companies in the period is 4.89%. The
average for big
companies
in the
Click
here to order
theperiod
full is 3.49%.
The average
return
on
capital
employed
report and all the latest results for small
companies in the period is 8.25%. The best
practice companies had an average of 10.46%
during the period.
2009
2010
2011
2012
2013
2014
2009
2010
All Companies
2.17%
Large Companies
0.48%
Small Companies
7.69%
Best Practice
6.24%
November 2014 Edition
2011
2012
2013
2014
3.48%
0.74%
3.98%
7.90%
11.05%
2.51%
-2.68%
2.95%
7.02%
10.63%
5.83%
6.98%
5.37%
11.83%
11.83%
7.19%
8.52%
12.28%
13.15%
15.40%
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Chapter One Executive Summary | 5
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Return on Equity (%)
20
The industry average return on equity for all
companies in the period is 4.70%. The average for
big companies
in the
is 1.77%.
Click
hereperiod
to order
the full The average
return on shareholder
funds
for
small
companies in
report and all the latest
results
the period is 8.66%. The best practice companies
had an average of 12.05% during the period.
15
10
5
0
-5
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
-1.56%
0.60%
0.42%
5.20%
8.29%
15.25%
Large Companies
-7.55%
-3.02%
-5.62%
4.07%
7.90%
14.83%
Small Companies
6.66%
5.83%
6.57%
7.47%
11.64%
13.80%
Best Practice
4.90%
5.93%
7.85%
14.69%
16.28%
22.64%
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Current Ratio
1 .5 0
The industry average current ratio for all companies
in the period is 1.22. The average for big companies
in the periodClick
is 1.16.
average
ratio for
hereThe
to order
the current
full
small companies
in the
period
1.19. The best
report and
all the
latestisresults
practice companies had an average of 1.12 during
the period.
1 .2 5
1 .0 0
0 .7 5
0 .5 0
0 .2 5
0 .0 0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
1.17
1.32
1.29
1.25
1.20
1.06
Large Companies
1.25
1.51
1.28
1.03
0.98
0.94
Small Companies
1.12
1.14
1.18
1.20
1.17
1.33
Best Practice
1.12
1.27
1.16
1.08
1.15
0.92
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Quick Ratio
1 .2 5
The industry average quick ratio for all companies in
the period is 1.10. The average for big companies
in the periodClick
is 1.09.
average
quick ratio for
here The
to order
the full
small companies
in
the
period
is
1.04.
report and all the latest results The best
practice companies had an average of 1.00 during
the period.
1 .0 0
0 .7 5
0 .5 0
0 .2 5
0 .0 0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
1.06
1.19
1.16
1.13
1.09
0.96
Large Companies
1.18
1.43
1.20
0.95
0.90
0.87
Small Companies
0.99
0.97
1.03
1.06
1.04
1.15
Best Practice
1.00
1.14
1.03
0.97
1.04
0.84
6 | Chapter One Executive Summary
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Debt Ratio
0 .8
The industry average debt ratio for all companies in
the period is 0.67. The average for big companies
in the periodClick
is 0.76.
average
return on total
here The
to order
the full
assets forreport
small and
companies
in
the
period
all the latest results is 0.54.
The best practice companies had an average of
0.62 during the period.
0 .7
0 .6
0 .5
0 .4
0 .3
0 .2
0 .1
0 .0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
0.75
0.66
0.68
0.63
0.66
0.65
Large Companies
0.85
0.75
0.81
0.73
0.76
0.68
Small Companies
0.57
0.56
0.52
0.53
0.53
0.54
Best Practice
0.66
0.62
0.60
0.60
0.60
0.65
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80
Credit Given (Days)
70
The industry average days credit given for all
companies in the period is 62.65 days. The average
for big companies
in to
theorder
period
is 63.61 days.
Click here
the full
The average
daysand
credit
given
for results
small companies
report
all the
latest
in the period is 63.57 days. The best practice
companies had an average of 53.86 days during
the period.
60
50
40
30
20
10
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
57
63
66
63
64
63
Large Companies
60
66
69
62
64
62
Small Companies
53
61
64
64
62
77
Best Practice
47
53
54
55
59
55
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Credit Taken (Days)
140
The industry average days credit taken for all
companies in the period is 75.41 days. The average
for big companies
in to
theorder
period
is 95.18 days.
Click here
the full
The average
days
credit
taken
for
small
report and all the latest resultscompanies
in the period is 61.82 days. The best practice
companies had an average of 61.13 days during
the period.
120
100
80
60
40
20
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
All Companies
63
64
64
Large Companies
89
89
59
Small Companies
55
59
Best Practice
49
58
November 2014 Edition
2013
2014
63
73
125
69
114
151
66
62
58
70
69
69
59
62
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Chapter One Executive Summary | 7
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Times Interest Earned
The industry average interest cover for all
companies in the period is 3.58. The average for
big companies
in here
the period
is the
2.86.
Click
to order
fullThe average
interest cover
for
small
companies
in the period
report and all the latest results
is 11.95. The best practice companies had an
average of 4.14 during the period.
20
15
10
5
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
1.85
1.52
2.25
4.51
4.95
6.42
Large Companies
1.05
0.76
1.02
3.29
5.16
5.90
Small Companies
9.25
7.54
10.41
10.54
10.22
23.75
Best Practice
1.96
2.00
2.19
5.02
6.55
7.14
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Fixed Asset Turnover
4
The industry average fixed asset turnover for all
companies in the period is 0.89. The average for big
companies inClick
the period
0.70.the
The
here toisorder
fullaverage fixed
asset turnover
small
companies
in the period is
reportforand
all the
latest results
2.09. The best practice companies had an average
of 0.77 during the period.
3
2
1
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
0.96
0.86
0.93
0.92
0.90
0.79
Large Companies
0.74
0.63
0.72
0.72
0.69
0.70
Small Companies
1.81
1.65
1.63
1.62
1.76
4.07
Best Practice
0.82
0.74
0.82
0.81
0.76
0.70
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Stock Turnover
80
70
The industry average stock turnover for all
companies in the period is 31.40. The average for
big companies
in the
is 57.67.
Click
hereperiod
to order
the full The average
stock turnover
for
small
companies
in the period
report and all the latest results
is 17.59. The best practice companies had an
average of 37.33 during the period.
60
50
40
30
20
10
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
35.67
23.93
26.83
28.36
29.94
43.67
Large Companies
78.19
53.63
51.59
51.61
54.24
56.75
Small Companies
21.12
14.19
16.88
18.11
18.77
16.50
Best Practice
41.11
31.62
29.73
32.79
33.39
55.33
8 | Chapter One Executive Summary
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8
Debtor Turnover
7
The industry average debtor turnover for all
companies in the period is 5.94. The average for
big companies
in here
the period
is the
5.90.
Click
to order
fullThe average
debtor turnover
for
small
companies
in the period is
report and all the latest results
5.89. The best practice companies had an average
of 6.82 during the period.
6
5
4
3
2
1
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
6.90
5.81
5.64
5.78
5.69
5.82
Large Companies
7.01
5.57
5.29
5.92
5.69
5.93
Small Companies
7.00
5.98
6.00
5.68
5.85
4.84
Best Practice
7.84
6.85
6.72
6.62
6.23
6.65
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1 4 0 ,0 0 0
Turnover per Employee (£)
1 2 0 ,0 0 0
The industry average sales per employee for all
companies in the period is £115568. The average
for big companies
in the
period
£109015. The
Click here
to order
theis full
average sales
employee
for small
reportper
and
all the latest
resultscompanies
in the period is £127742. The best practice
companies had an average of £113684 during the
period.
1 0 0 ,0 0 0
8 0 ,0 0 0
6 0 ,0 0 0
4 0 ,0 0 0
2 0 ,0 0 0
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
116,720
106,946
115,615
121,303
124,155
108,668
Large Companies
113,919
100,405
110,560
118,782
106,552
103,869
Small Companies
125,177
114,724
123,742
125,873
137,699
139,236
Best Practice
121,066
114,388
124,490
132,400
136,325
53,431
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Average Wage (£)
3 5 ,0 0 0
The industry average wage per employee for all
companies in the period is £32230. The average
for big companies
in the
period
Click here
to order
theisfull£31715. The
average wage
per
employee
for
small
companies in
report and all the latest
results
the period is £32850. The best practice companies
had an average of £31048 during the period.
3 0 ,0 0 0
2 5 ,0 0 0
2 0 ,0 0 0
1 5 ,0 0 0
1 0 ,0 0 0
5 ,0 0 0
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
31,710
31,460
33,724
33,947
31,949
30,590
Large Companies
31,985
31,311
33,523
34,435
28,713
30,323
Small Companies
31,475
31,444
34,202
33,065
33,154
33,757
Best Practice
33,261
33,804
35,488
36,648
32,298
14,790
November 2014 Edition
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Chapter One Executive Summary | 9
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110
100
90
80
70
60
50
40
30
20
10
0
Turnover Growth (% of 2012)
2009
2010
2011
2012
2013
2014
The market size represented by the companies
in this report was £3363M in the year 2012. The
market size in
2014
is estimated
at £3346M.
Since
Click
here
to order the
full
most companies
have
reported
figures
for
this
year
report and all the latest results
it is a good base year. In 2014 fewer companies
have filed information. Our estimate of market size
uses the growth rate for the companies that have
filed and the assumption that this growth rate
applies to the whole sector.
2009
2010
2011
2012
2013
2014
All Companies
99.15%
87.24%
92.95%
100.00%
104.48%
99.49%
Large Companies
98.95%
80.84%
89.45%
100.00%
105.03%
99.38%
Small Companies
99.13%
95.30%
97.74%
100.00%
103.62%
99.48%
Best Practice
98.83%
81.80%
88.62%
100.00%
106.15%
99.30%
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Operating Profit Growth (% of 2012)
180
160
Operating profit can of course be both negative
and positive. This means that the series will be
likely to haveClick
considerable
variance.
here to order
the fullHowever the
series is provided
to all
trythe
an latest
capture
the increasing
report and
results
of decreasing profitability within the sector.
140
120
100
80
60
40
20
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
102.81%
50.67%
62.17%
100.00%
130.35%
170.22%
Large Companies
109.52%
28.13%
39.19%
100.00%
161.45%
171.05%
Small Companies
89.91%
82.64%
90.57%
100.00%
86.70%
48.78%
52.67%
70.19%
100.00%
136.33%
175.61%
Best Practice
10 | Chapter One Executive Summary
108.80%
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Chapter Two Introduction
Chapter Three: Company Rankings
Chapter Three presents a series of company rankings spanning the latest three fiscal years. Companies have
been ranked according to turnover, gross profit, operating profit, profit before interest & tax, pre tax profit,
shareholder funds, number of employees, gross profit margin, operating profit margin, profit before interest & tax
margin, pre tax profit margin, return on total assets, return on capital employed, return on equity, current ratio,
quick ratio, debt ratio, credit given, credit taken, times interest earned, fixed asset turnover, stock turnover,
debtor turnover, sales per employee, average wage, growth in turnover, growth in operating profit, growth in
pre tax profit, growth in employees. To facilitate easy comparison of company size and financial performance,
rankings have been provided in columns of descending order.
Chapter Four: Company Accounts
Chapter Four presents the company accounts for all of the firms listed in the report. For easier comparison
between firms, the layout and presentation of company accounts has been standardised. Accompanying each
set of accounts are two types of analysis. The first of which is a ratio analysis and the second is a graphical trend
analysis. Please keep in mind that ratio and trend analyses are meaningless unless some type of comparative
value is provided. It is for this reason that we have provided industry averages wherever possible. Our industry
averages provide the reader with a benchmark against which individual companies can be compared. When
reading company accounts, it is important to keep in mind that limited companies have nine months after their
yearend to file their accounts with Companies House and public limited companies have six months after their
yearend.
Ratio Analysis
The ratio analysis is located at the bottom of the page for each company. The ratios are calculated using figures
taken from the balance sheet and the profit and loss statement. Using the ratios, it is possible to chart a firm's
financial history and evaluate it's current position. The ratios presented in our review can be divided into five
categories. Further explanation of these ratio categories can be found in Chapter Five
1) Profitability ratios illustrate the return generated on sales and investments. Return on total assets
(ROTA) for example is a key indication of management effectiveness.
2) Liquidity ratios measure a firm's ability to meet maturing short term obligations.
3) Gearing ratios measure the extent to which a firm has been financed by debt.
4) Activity ratios measure how effectively a firm is utilising its resources.
5) Growth ratios measure a firm's ability to maintain its financial position given the recent economic
climate.
Trend Analysis or Graph Analysis
The trend analysis can be seen in up to seven graph illustrations which accompany each set of company accounts.
Using the trend analysis, one can see company and industry changes over time. More specifically, it is possible to
see whether or not a firm's financial position is improving or deteriorating. The following graph illustrations listed
one through seven are provided for each company.
1)
2)
3)
4)
5)
6)
7)
Credit Worthiness
Credit Control
Debt Ratio & Current Ratio
Annual Sales (% of 2012)
Turnover Analysis
Sales Per Employee
Profit Margins
November 2014 Edition
Chapter Two Introduction | 13
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Example Trend Graph
140
120
100
80
60
40
20
0
2010
2011
2012
2013
2014
Widgets Limited Values
Industry Average Values
The example graph is typical of the trend analysis provided for each company. Keeping in mind that both the
absolute values and the slope of the trendlines are significant, such a graph can tell an important story concerning
a firm's financial history. Assuming that our example graph is illustrating sales generated by Widgets Limited in
comparison with those generated by the industry (ie the industry average), here are a few possible interpretations.
Please note that the annual industry average equals total sales for a given year divided by total sales in 2012. Firms
without a sales value for each consecutive year following 2012 have been excluded from the summation of the
divisor. Industry sales fell from 105 to 100 between the years 2011 and 2012, whereas sales generated by Widgets
Limited increased during this period. In spite of a shrinking market, sales for Widgets Limited increased from 70
to 100 resulting in a gain in market share. Sales continued to increase between 2012 and 2014 as illustrated by
the firm's positive trendline slope. At this point in time, however, the industry began to gain some ground. The
industry and Widgets Limited were generating sales at the same rate and as a result, no market share was gained
on this occasion. Between 2013 and 2014, although the company had an increase in sales by 23% (ie 110 to
135), Widgets Limited lost its market share due to industry sales increasing at a greater rate.
Making Sense of Modified Accounts
Please be aware that figures are not always as they appear to be in company accounts. There are a couple
of reasons for this. Many firms employ very skilful accountants who massage annual figures in an attempt to
disguise a company's full or otherwise considered private financial position. Then there are those legal reporting
requirements which allow small and medium sized firms to file partial or modified accounts. A small firm may
choose to disclose its annual balance sheet figures only. Whereas, a medium sized firm may choose to file a
modified profit and loss statement omitting its details on sales. In some cases, however, if annual figures reflect
exceptionally well upon the company's operations, a small or medium sized firm may decide to file a complete
set of accounts.
A small company may file modified accounts with Companies House (ie a shortened balance sheet and
abbreviated notes) as long as it meets two out of the three following criteria:
1) The firm's annual turnover is less than £6,500,000.
2) The firm's average balance sheet total does not exceed £3,260,000.
3) The firm's average number of employees does not exceed 50 persons.
A medium sized company may file modified accounts with Companies House (ie a complete balance sheet, a
director's report and a modified profit and loss statement omitting the annual turnover figure) as long as it meets
two out of the three following criteria:
1) The firm's annual turnover is less than £25,900,000.
2) The firm's average balance sheet total does not exceed £12,900,000.
3) The firm's average number of employees does not exceed 250 persons.
14 | Chapter Two Introduction
November 2014 Edition
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Although modified accounts are more open to interpretation errors, there is still a great deal of information which
can be extracted. For example, all companies are required to file a balance sheet providing the figures necessary
to calculate a firm's current ratio, quick ratio, debt ratio and two trend charts.
Companies filing modified accounts are not required to file a turnover figure. However, it is possible to calculate
an approximate turnover figure using the following ratios. The stock turnover ratio can be very accurate when
reviewing wholesale industries. The fixed asset turnover ratio can be very accurate when reviewing manufacturing
industries. The debtor turnover ratio can be very accurate when reviewing contracting industries, particularly local
government agencies. Ratio analysis is not an exact method and you will need to use your judgement when
choosing the best ratio to use. Example calculations are provided below for each ratio. Annual figures for Industry
Averages can be found on page three in the Executive Summary. Annual figures for stock, total fixed assets and
debtors for respective companies can be found in Chapter Five.
Approximate Turnover for 2014 for Widget Limited
= Industry Average Stock Turnover for 2014 x Stock for 2014 for Widget Limited
Approximate Turnover for 2014 for Widget Limited
= Industry Average Fixed Asset Turnover for 2014 x Total Fixed Assets for 2014 for Widget Limited
Approximate Turnover for 2014 for Widget Limited
= Industry Average Debtor Turnover for 2014 x Debtors for 2014 for Widget Limited
The stability of these ratios is stated in the Executive Summary. This should indicate the degree of confidence
that is safe to apply to your approximate turnover figures.
Chapter Five: Terms & Ratios
We have always found it useful to provide our readers with a chapter explaining the terminology and formulas as
we have used them in our review. For the reader to better understand the data and analyses provided throughout
the review, it is useful to know how the various terms and ratios have been applied.
November 2014 Edition
Chapter Two Introduction | 15
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Chapter Three Company Rankings
Companies Ranked By...
Turnover
19
Gross Profit
22
Operating Profit
25
Profit Before Interest & Tax
28
Pre-tax Profit
31
Shareholder Funds
34
Number of Employees
37
Gross Profit Margin
40
Operating Profit Margin
43
Profit Before Interest & Tax Margin
46
Pre-tax Profit Margin
49
Return on Total Assets
52
Return on Capital Employed
55
Return on Equity
58
Current Ratio
61
Quick Ratio
64
Debt Ratio
67
Credit Given
70
Credit Taken
73
Fixed Asset Turnover
76
Stock Turnover
79
Debtor Turnover
82
Sales Per Employee
85
Average Wage
88
Growth in Turnover
91
Growth in Operating Profit
94
Growth in Pre-tax Profit
97
Growth in Employees
November 2014 Edition
100
Chapter Three Company Rankings | 17
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Companies Ranked By Return on Equity
Company Name
Stackright Ltd
Stackright North West Limited
Ashtead Group Public Limited..
Top Hat Occasions Limited
Rayners (Buildings) Limited
Servaccomm Redhall Limited
Waco Uk Limited
Speedy Hire Plc
Labtech Services Limited
18 | Chapter Three Company Rankings
2014(%)
121.57
116.63
28.04
18.45
18.14
4.91
1.88
1.67
-12.67
Company Name
Stackright Ltd
Stackright North West Limited
Built Offsite Limited
Tardis Environmental Uk Limi..
Rollalong Holdings Limited
Bond Estates Holdings Limited
Andrews Sykes Hire Limited
Abba Loos Limited
Spaciotempo Uk Ltd
Bladeroom Group Limited
Pasuda Group Holdings Limited
Garic Limited
Balmoral Tanks Limited
Arena Structures Limited
Moduleco Services Limited
Labtech Services Limited
Integra Buildings Limited
Morgan Marine Limited
S.Wernick & Sons (Holdings)..
Modular Building Services Ltd
Procomm Site Services Limited
Ashtead Group Public Limited..
Dawsonrentals Portable Cold..
Wernick Hire Limited
Eve Trakway Limited
Brandon Hire Limited
Wernick Group (Holdings) Lim..
Groundhog (U.K) Limited
John Nixon Limited
Pickerings Plant Limited
Banner Plant Limited
Advante Limited
Wernick Refurbished Building..
Paton Plant Limited
Portakabin Limited
Thurston Group Limited
Western Building Systems Ltd
Jarvie Plant Group Limited
Top Hat Occasions Limited
Wernick Construction Limited
Pkl Group (Uk) Limited
Wernick Buildings Limited
Nuaire Limited
Dawsonrentals Temporary Kitc..
Rollalong Limited
Newspace Containers Limited
Ideal Building Systems Limit..
Morris Leslie Limited
Rowan Timber Supplies (Scotl..
Sibcas Limited
William G. Search Limited
Mobile Mini Uk Limited
Charles Wilson Engineers Lim..
Speedy Hire Plc
Parker Plant Hire Limited
Eldapoint Limited
Ashtead Plant Hire Company L..
Pinelog Limited
Sibcas (Holdings) Limited
Bowood Farms Limited
Thetford Limited
Wernick Event Hire Limited
Mercia Garden Products Limit..
Foremans Relocatable Buildin..
Yorkon Limited
Konstructa Hire Limited
Rayners (Buildings) Limited
Caledonian Modular Limited
Hewden Stuart Limited
Rubb Buildings Limited
Servaccomm Redhall Limited
Abp-Tbs Partnership Limited
2013(%)
71.42
71.41
68.01
67.77
63.04
62.55
52.99
49.44
38.91
36.47
33.56
33.01
31.46
31.03
30.58
26.55
25.41
24.87
23.80
22.14
21.85
20.19
19.39
18.69
16.56
16.38
15.74
15.46
15.10
13.93
13.22
12.99
12.54
12.36
10.65
10.52
10.11
9.46
9.46
9.12
8.55
8.54
8.47
6.48
6.38
5.61
5.35
5.05
4.79
4.67
4.55
4.39
3.90
3.70
3.26
3.11
2.59
2.10
2.02
1.26
1.21
0.71
0.59
-0.58
-1.04
-1.93
-4.07
-5.00
-8.74
-9.14
-11.36
-53.98
Company Name
2012(%)
Rollalong Holdings Limited
F.B.S.S. Limited
Clayton Portable Buildings L..
Bowood Farms Limited
Abba Loos Limited
Arena Structures Limited
Wernick Event Hire Limited
Andrews Sykes Hire Limited
Rollalong Limited
Spaciotempo Uk Ltd
Labtech Services Limited
Garic Limited
Rubb Buildings Limited
Morgan Marine Limited
Pasuda Group Holdings Limited
Tardis Environmental Uk Limi..
Newspace Containers Limited
Modular Building Services Ltd
Bell Container Trading Limit..
Dawsonrentals Portable Cold..
Procomm Site Services Limited
Pkl Group (Uk) Limited
Bladeroom Group Limited
Charles Wilson Engineers Lim..
Dawsonrentals Temporary Kitc..
Ashtead Group Public Limited..
Groundhog (U.K) Limited
Wernick Group (Holdings) Lim..
Wernick Construction Limited
Eve Trakway Limited
John Nixon Limited
Paton Plant Limited
Brandon Hire Limited
Western Building Systems Ltd
S.Wernick & Sons (Holdings)..
Pickerings Plant Limited
Portakabin Limited
Nuaire Limited
Advante Limited
Portasilo Limited
Wernick Hire Limited
Jarvie Plant Group Limited
Wernick Refurbished Building..
Eldapoint Limited
Caledonian Modular Limited
Top Hat Occasions Limited
Mobile Mini Uk Limited
Morris Leslie Limited
William G. Search Limited
Servaccomm Redhall Limited
Wernick Buildings Limited
Sibcas (Holdings) Limited
Sibcas Limited
Banner Plant Limited
Mercia Garden Products Limit..
Rowan Timber Supplies (Scotl..
Thurston Group Limited
Mcavoy Group Limited - The
Qdos Event Hire Limited
Ideal Building Systems Limit..
Moduleco Services Limited
Speedy Hire Plc
Rayners (Buildings) Limited
Ashtead Plant Hire Company L..
Foremans Relocatable Buildin..
Parker Plant Hire Limited
Konstructa Hire Limited
Carr Portable Buildings Limi..
Hewden Stuart Limited
Thetford Limited
Integra Buildings Limited
Yorkon Limited
252.52
157.60
106.46
81.34
66.42
51.70
50.08
47.13
32.96
32.45
32.24
30.83
28.57
26.74
26.40
25.36
24.58
21.84
20.12
19.35
18.04
17.91
17.57
17.43
17.07
15.96
15.90
15.53
15.47
13.95
13.40
13.24
13.21
13.13
12.26
12.15
12.04
11.36
10.57
10.51
10.43
9.45
9.04
8.92
7.94
6.71
6.63
6.12
6.08
5.70
5.55
4.76
4.70
4.52
3.89
3.40
2.95
2.18
1.82
1.77
1.09
0.74
0.50
-1.01
-1.20
-1.46
-1.86
-2.74
-7.77
-9.71
-9.75
-12.14
November 2014 Edition
Company Name
Mcavoy Group Limited - The
Portasilo Limited
F.B.S.S. Limited
Elliott Group Limited
November 2014 Edition
odd-page-marker
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2013(%)
-56.54
-86.44
-100.00
-898.22
Company Name
Glasdon Manufacturing Limited
Pinelog Limited
Balmoral Tanks Limited
Elliott Group Limited
Abp-Tbs Partnership Limited
Bond Estates Holdings Limited
Harsco Infrastructure Servic..
Built Offsite Limited
2012(%)
-13.55
-41.94
-45.09
-65.67
-71.20
-148.78
-255.88
-344.52
Chapter Three Company Rankings | 19
odd-page-marker
Chapter Four Company Accounts
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4m Portable Buildings Hire Limi..
31/01/14 108
4m Portable Buildings Limited
31/01/14 109
A.E.Headen Limited
31/05/13 110
A.J.C. Trailers Limited
30/09/13 111
A. V. Group Limited
30/09/13 112
A & J Sectional Buildings Limit..
31/01/14 113
A1 Loo Hire Limited
31/07/13 114
A1 Mobile Limited
30/04/14 115
Aaztec Associates Limited
31/01/14 116
Abba Loos Limited
30/11/13 117
Ab-Fab Loos Limited
31/12/13 118
Abp-Tbs Partnership Limited
31/03/13 119
Accommodating Cabins Limited
30/06/13 120
Ace Portable Accommodation Limi..
31/01/14 121
Acrol Modular Buildings Ltd
31/03/14 122
Actaccom Limited
30/09/13 123
Actiform Hire Limited
30/09/13 124
Addplant Limited
31/12/13 125
Adroit Group Limited
30/09/13 126
Advante Limited
30/09/13 127
Aganto Limited
30/11/13 128
Alaska Structures Europe Limited
31/12/13 129
Alsim System Building Limited
30/11/13 130
Amazing Amenities Limited
31/03/13 131
Andrews Sykes Hire Limited
31/12/13 132
Andy Loos Limited
31/03/14 133
Anglo Scottish Equipment (South..
30/09/13 134
Aquila Shelters Limited
31/12/13 135
Arena Structures Limited
31/12/13 136
Argyll 1st Limited
30/04/13 137
Ashtead Group Public Limited Co..
30/04/14 138
Ashtead Plant Hire Company Limi..
30/04/13 139
Asles (Tool Hire And Sales) Ltd.
31/03/14 140
Astracom Portable Accommodation..
31/10/13 141
Audicompendax Limited
31/12/13 142
A V Rentacabin Midlands Limited
30/09/13 143
B A Chamberlain Limited
31/03/13 144
Balmoral Tanks Limited
31/03/13 145
Banner Plant Limited
31/12/13 146
Bantree Buildings Limited
31/08/13 147
Bell Container Trading Limited
30/11/13 148
Birchwood Mobile Office Co.Limi..
31/12/13 149
Birchwood Portable Accommodatio..
31/12/13 150
Bladeroom Group Limited
31/12/13 151
Blue Loos Event Hire Limited
31/07/13 152
Bond Estates Holdings Limited
30/09/13 153
Bordaloo Services Limited
31/01/14 154
Bowood Farms Limited
31/10/13 155
Boyton - Brj System Buildings L..
30/06/13 156
Bradscott Estates Limited
31/12/13 157
Brandon Hire Limited
31/12/13 158
Broadoak Leisure Buildings Limi..
28/02/14 159
Browns Of Wem Limited
31/03/13 160
Built Offsite Limited
31/12/13 161
Bunk-A-Bin Limited
31/05/13 162
Burnham Portable Toilet Hire Li..
30/04/13 163
C. & E. Plant Sales (Chard) Lim..
31/01/14 164
Caledonian Modular Limited
30/03/13 165
Capital Plant Limited
28/02/13 166
Carr Portable Buildings Limited
31/07/13 167
Carter Cabin Hire Limited
31/03/14 168
Castlecroft Securities Limited
31/03/13 169
Charisma Cabins Limited
30/11/13 170
Charles Wilson Engineers Limited
30/04/13 171
Cheshire Portable Building Comp..
31/03/13 172
Chew Valley Cabins Limited
31/12/13 173
Chew Valley Hire Ltd
31/12/13 174
Classic Hire Limited
31/10/13 175
Classic Portable Buildings Ltd
31/08/13 176
Classobtain Holdings Limited
31/03/13 177
Clayton Portable Buildings Limi..
31/12/13 178
Cleveland Sitesafe Limited
30/09/13 179
C M Building Services Limited
30/06/13 180
Concept (Uk) Building Systems L..
30/06/13 181
November 2014 Edition
Latest
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AccountsPage
Concept Accommodation Limited
30/06/13 182
Connect 2 Cleanrooms Limited
31/10/13 183
Conport Structures Limited
30/09/13 184
Convenience Services Limited
31/12/13 185
Convenient Hire Limited
30/04/13 186
D. J. I. Construction Limited
30/06/13 187
Dainton Group Services Limited
31/12/13 188
Dainton Portable Building Syste..
31/12/13 189
D And P Luxury-Toilets Limited
31/10/13 190
Danzer Limited
30/09/13 191
Davro Site Services Limited
31/03/14 192
Dawsonrentals Portable Cold Sto..
31/12/13 193
Dawsonrentals Temporary Kitchen..
31/12/13 194
Derbybeech Limited
31/07/13 195
Dewey Waters Limited
31/12/13 196
Dial-A-Loo Limited
31/12/13 197
Donnelly Cabins Ltd
31/03/13 198
Dove Valley Loo Hire Limited
31/12/13 199
Eagle Containers Limited
30/11/13 200
Eldapoint Limited
30/04/13 201
Elite Systems (Gb) Limited
30/06/13 202
Elliott Group Holdings (Uk) Lim..
31/12/13 203
Elliott Group Limited
31/12/13 204
Elsan Limited
31/12/13 205
Enviroloo Limited
31/12/13 206
Envirosan Limited
31/03/13 207
Essential Loo Hire Limited
30/11/13 208
Estuary Development And Constru..
31/08/13 209
Eurolink Construction Services..
30/11/13 210
Event-A-Loo Limited
30/04/13 211
Eve Trakway Limited
31/03/13 212
Excloosive Limited
31/03/13 213
Exhibition Services Limited
31/03/14 214
Exmoor Luxury Loos Limited
31/05/13 215
Extraspace Industries Limited
31/03/14 216
Extraspace Limited
31/10/13 217
Extraspace Solutions (Uk) Limit..
31/12/13 218
F.B.S.S. Limited
31/10/13 219
Faversham Fencing Company Limit..
31/01/14 220
Fenton Portable Buildings Ltd.
31/03/13 221
Festival Loo Ltd
31/03/13 222
Fibaform Products Limited
31/03/13 223
Flexiloo Llp
31/01/14 224
Flintham Cabins Limited
31/10/13 225
Fords Of Blythe Bridge Limited
31/03/13 226
Foremans Properties Limited
30/06/13 227
Foremans Relocatable Building S..
30/06/13 228
Four Jays Limited
28/02/14 229
G. E. R. Portable Buildings Lim..
31/03/14 230
Garic Limited
31/12/13 231
Gibbon Equipment Hire Limited
28/02/14 232
Glasdon Manufacturing Limited
31/10/13 233
Glmh Limited
31/12/12 234
Glyn O Evans Ltd
31/03/14 235
Goyabam Property Holdings Limit..
30/06/13 236
Griffin Toilet Hire Limited
28/02/14 237
Groundhog (U.K) Limited
31/12/13 238
Harsco Infrastructure Services..
31/12/13 239
Heilan Loos Limited
30/06/14 240
Hewden Stuart Limited
31/12/13 241
Hiremasters Limited
30/06/13 242
Hire This Limited
30/04/13 243
Hoecker Structures Uk Limited
30/11/13 244
Homelodge Buildings Limited
30/09/13 245
Hortons Portable Buildings Limi..
31/03/14 246
Ideal Building Systems Limited
31/12/13 247
Integra Buildings Limited
31/12/13 248
J. & J. Carter Limited
28/02/13 249
Jarvie Plant Group Limited
31/12/13 250
J B Event Facilities Limited
31/03/14 251
Jeffers Limited
31/03/13 252
John Anderson Hire Limited
31/03/13 253
John Nixon Limited
31/12/13 254
J P Temple Limited
31/05/13 255
Latest
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Kabin Hire Limited
31/01/14 256
Kalliope (U.K.) Limited
31/08/13 257
Karzees Limited
31/05/13 258
Kc Conveniences Limited
30/04/13 259
Kensite Services Limited
31/03/14 260
Konstructa Hire Limited
30/06/13 261
Labtech Services Limited
31/03/14 262
Leisure Buildings (Scotland) Lt..
31/03/13 263
Leofric Building Systems Ltd
30/06/13 264
Letthegoodtimesroll Limited
31/10/13 265
Liberty Guard (U.K.) Limited
30/06/13 266
Loo For A Do Limited
31/07/13 267
Loo King Limited
30/11/13 268
Loos 2 Ewe Limited
31/03/14 269
Loos 2 Go Limited
31/03/13 270
Loos For Do's Limited
31/03/13 271
Loos For You Limited
31/05/13 272
Lowrie Brothers Limited
31/03/13 273
Luxury Loos Ltd
31/03/13 274
Luxury Toilet Hire (Uk) Limited
31/03/13 275
M & J Powell Of Crickhowell Pro..
31/07/13 276
Mac Millan Of Crossgar Limited
31/08/13 277
Manchester Cabins Limited
31/05/13 278
Mayfield (Manufacturing) Limited
31/12/13 279
Mcavoy Group Limited - The
31/12/13 280
Mcleod Cabins Limited
30/04/13 281
Mendip Toilet Hire Limited
31/03/13 282
Mercia Garden Products Limited
31/12/13 283
Mercian Masterplan Limited
30/11/13 284
Mercury Panel Products Limited
31/07/13 285
Mersey Container Services Limit..
31/03/14 286
Midlands Portable Buildings Lim..
30/06/13 287
Mitchell Services Limited
30/04/14 288
M J Brown Limited
31/03/14 289
Mobile Mini Uk Holdings Limited
31/12/13 290
Mobile Mini Uk Limited
31/12/13 291
Mobile Storage Sales Limited
31/07/13 292
Modular Building Services Ltd
31/03/13 293
Modular Buildings Limited
28/02/13 294
Modularuk Building Systems Limi..
30/03/13 295
Module-Ar Limited
31/12/13 296
Moduleco Services Limited
31/12/13 297
Modulus Systems Limited
31/12/13 298
Morespace Limited
30/09/13 299
Morgan Marine Limited
30/06/13 300
Morris Leslie Limited
30/04/13 301
Morris Leslie Plant Hire Ltd
30/04/13 302
Mph Building Systems Limited
31/05/14 303
Mtx Contracts Limited
31/08/13 304
Natural Event Europe Limited
31/10/13 305
Neptunus Limited
31/12/13 306
Newspace Containers Limited
30/06/13 307
Norspace Limited
31/03/13 308
Nottingham Cabin Company Limited
31/03/13 309
Nuaire Limited
30/09/13 310
Nw Portables Limited
31/03/14 311
Oakley Stables Limited
30/04/13 312
Odoni-Elwell Limited
31/03/13 313
P.H.Clark (Tiers Cross) Limited
31/03/14 314
P.M.H. Services Limited
31/12/13 315
Parker Plant Hire Limited
31/03/13 316
Pass (Portable Appliance Safety..
31/03/13 317
Passmore's Portable Buildings L..
31/12/13 318
Passmores Portable Buildings (H..
31/12/13 319
Pasuda Buildings Limited
30/06/13 320
Pasuda Group Holdings Limited
30/06/13 321
Paton Plant Limited
30/06/13 322
Petch Waters Limited
31/12/13 323
Philspace Limited
30/09/13 324
Phoenix Building Systems Limited
31/03/13 325
Pickerings Plant Limited
30/06/13 326
Pinelog Limited
03/11/13 327
Pkl Group (Uk) Limited
30/04/13 328
Pkl Group Limited
31/12/13 329
Chapter Four Company Accounts | 103
Subscribe Now
Latest
Company Name
AccountsPage
Polyjohn International Limited
31/10/13 330
Polyportables Limited
31/03/14 331
Portable Add-Ons Limited
30/04/13 332
Portable Appliance Testing Limi..
30/04/13 333
Portable Building Sales Limited
31/03/13 334
Portable Buildings Limited
30/11/13 335
Portable Cabins Limited
31/01/14 336
Portable Conveyors Limited
28/02/14 337
Portable Offices (Hire) Limited
31/03/14 338
Portable Power Limited
30/04/13 339
Portable Power Solutions Limited
31/03/14 340
Portable Space Limited
30/06/13 341
Portable Toilets Limited
31/12/13 342
Portable Toilet Solutions Ltd
30/09/13 343
Portakabin Limited
30/06/13 344
Portasilo Limited
30/06/13 345
Portotech Limited
31/12/13 346
Premier Toilet Hire Limited
31/03/13 347
Procomm Site Services Limited
30/09/13 348
Qdos Event Hire Limited
30/09/13 349
Qik Group Limited
31/03/13 350
Qik Space Limited
31/03/13 351
Quick Space Limited
31/12/13 352
R.G. Stones (Buildings) Limited
31/03/14 353
R.I.J.O. (Uk) Limited
31/12/13 354
Raptor Uk Limited
31/01/14 355
Rawley Plant Ltd.
31/12/13 356
Rayners (Buildings) Limited
05/04/14 357
Reecer Space Ltd
30/09/13 358
Rent-A-Loo Limited
31/03/13 359
Rollalong Holdings Limited
31/12/13 360
Rollalong Limited
31/12/13 361
Rowan Timber Supplies (Scotland..
31/08/13 362
Rubb Buildings Limited
31/12/13 363
S.A.M.M. Services (Midlands) Li..
30/06/13 364
S.R.P. Toilet Hire Ltd
30/09/12 365
S.Wernick & Sons (Holdings) Lim..
31/12/13 366
S & J Walton Limited
31/12/13 367
Satellite Industries Gb Limited
31/12/13 368
Scooter Store Limited
31/12/13 369
Servaccomm Redhall Limited
31/03/14 370
Severnside Relocatable Systems..
30/06/14 371
Sibcas (Holdings) Limited
31/03/13 372
Sibcas Limited
31/03/13 373
Simply Hire Limited
30/06/13 374
Site-Equip Limited
31/03/13 375
Site Plant Services Hire Limited
31/10/13 376
Smallford Supplies Limited
31/03/13 377
Smart Loos Limited
30/04/13 378
Space Mobiles Limited
30/04/13 379
Spaciotempo Uk Ltd
31/12/13 380
Speedy Hire Plc
31/03/14 381
Springfield Mobile (Lancs) Limi..
31/03/14 382
Stackright Ltd
31/01/14 383
Stackright North West Limited
31/01/14 384
Stonebridge Limited
31/08/13 385
Superloo Limited
31/03/13 386
Swift (Nw) Limited
31/03/13 387
T.Sutcliffe & Co.Limited
30/04/14 388
Tardis Environmental Uk Limited
28/02/13 389
The Classical Loo Company Limit..
30/04/13 390
The Convenience Company Limited
31/03/13 391
The Party Poopers Llp
31/03/13 392
The Portable Cabin Shop Limited
31/03/14 393
The Royal Flush Limited
31/01/14 394
Thetford Limited
31/12/13 395
Thistle Loos Limited
31/03/13 396
Thurston Building Supplies Limi..
30/09/13 397
Thurston Group Limited
31/10/13 398
Toilets + Limited
31/12/13 399
Top Hat Occasions Limited
31/03/14 400
Tor Luxury Toilet Hire Ltd
31/03/14 401
Traffic Flow Limited
31/12/13 402
Transcabin Limited
31/01/14 403
104 | Chapter Four Company Accounts
Latest
Company Name
AccountsPage
Truro Portable Buildings Limited
31/12/13 404
Ts Direct Limited
30/06/14 405
Twelco Fabrications Limited
30/09/13 406
Unit Mobiles Limited
31/08/13 407
Universal Tanker Solutions Limi..
31/05/13 408
Unusual Services Limited
31/03/14 409
Vivid Acoustic Systems Limited
31/12/12 410
Waco Uk Limited
30/06/14 411
Waincolt Limited
31/03/14 412
Warwick Buildings Limited
31/03/13 413
Waterloo Hire Limited
31/03/14 414
Wernick Buildings Limited
31/12/13 415
Wernick Construction Limited
31/12/13 416
Wernick Event Hire Limited
31/12/13 417
Wernick Group (Holdings) Limited
31/12/13 418
Wernick Hire Limited
31/12/13 419
Wernick Refurbished Buildings L..
31/12/13 420
Wessington Cabins Limited
31/03/13 421
Western Building Systems Ltd
30/04/13 422
West Midlands Sectional Buildin..
31/01/14 423
White Line (Telford) Limited
30/11/13 424
William G. Search Limited
31/12/13 425
Wingham Engineering Company Lim.. 28/02/13 426
Yorkon Limited
30/06/13 427
November 2014 Edition
Subscribe Now
Ashtead Group Public Limited Company
Registered Office
Kings House
36-37 King Street
London
EC2V 8BB
02077269700
Trading Address & Tel
Minsfeet Industrial Estate
Mintsfeet Road North
Kendal Cumbria
LA9 6LZ
02077269700
Reg No & Incorp Date
Reg No: 01807982
Incorp Date: 11/04/1984
Auditor: Deloitte Llp
Previous Name: Needroy Limited
Directors & Co Secretary
Mr Michael Burrow (62)
Mr Christopher Cole (68)
Mr Satpal Singh Dhaiwal (46)
Mr Geoffrey Drabble (54)
Mr Wayne Edward Edmunds (58)
Mr Bruce Allan Edwards (59)
Mr Brendan Christopher Horgan (41)
(Plus A Total Of 3 Others)
Shareholders
Ashtead Group Plc 49,981,592 Ord. £0.1
Chase Nominees Ltd 13,747,834 Ord. £0.1
Credit Worthiness
High credit score numbers denote
more credit worthiness. Please
exercise caution when using this
type of information.
80
60
County Court Judgments In
Last Six Years:
TOT NO =
TOT GBP =
40
20
Suggested Credit Limit: £24,300,000
0
Company Credit Score=91
Business Description
A Group Engaged In The Rental Of Equipment To Industrial And Commercial Users Mainly In The Non-Residential Construction Sectors In
The Us And The Uk.
Parent & Subsidiaries
Ultimate Parent:
Parent:
Ashtead Holdings Public Limited Company
Accession Group Limited
Reg No
Assets
Turnover
2014
Industry Average Credit Score=46
Credit Control
50
40
30
04895881
06564281
£943,360,000
£23,979,926
£33,557,367
30/04/12
Yes
12
8402
30/04/11
Yes
12
7521
30/04/10
Yes
12
7651
20
10
year end
consolidated
number of months
number of employees
Balance
Sheet
Land & Buildings
Fixtures & Fittings
Plant & Vehicles
Other Tangible Assets
Total Tangible Assets
Intangible Assets
Investments
Total Fixed Assets
Stock
Debtors
Cash & Liquid Assets
Other Current Assets
Total Current Assets
Trade Creditors
Bank Loans & Overdrafts
Other Current Liabilities
Total Current Liabilities
Working Capital
Net Assets
Group Loans
Other Long Term Loans
Long Term Loans
Other Long Term Liabilities
Issued Capital
Retained Earnings
Revaluation Reserve
Other Reserves
Shareholder Funds
Capital Employed
Profit
Turnover
& Loss
Cost Of Goods Sold
Statement Gross Profit
Administrative Expenses
Operating Profit
Exceptional Items
Non-trading Income
Profit Before Interest & Tax
Interest Paid
Pre-tax Profit
Tax Paid
Profit After Tax
Dividends
Retained Profit
30/04/14
Yes
12
30/04/13
Yes
12
1,935,200,000
1,935,200,000
446,200,000
1,586,300,000
1,586,300,000
429,900,000
1,274,000,000
1,274,000,000
392,700,000
1,043,400,000
1,043,400,000
367,200,000
1,115,100,000
1,115,100,000
376,900,000
2,381,400,000
18,500,000
221,400,000
2,800,000
48,300,000
291,000,000
161,400,000
2,016,200,000
16,700,000
185,200,000
20,300,000
34,200,000
256,400,000
146,900,000
1,666,700,000
13,400,000
148,800,000
23,400,000
31,800,000
217,400,000
119,600,000
1,410,600,000
11,500,000
132,200,000
18,800,000
25,400,000
187,900,000
81,100,000
1,492,000,000
9,900,000
114,200,000
54,800,000
21,600,000
200,500,000
48,700,000
207,400,000
368,800,000
-77,800,000
2,303,600,000
167,100,000
314,000,000
-57,600,000
1,958,600,000
162,200,000
281,800,000
-64,400,000
1,602,300,000
107,200,000
188,300,000
-400,000
1,410,200,000
99,100,000
147,800,000
52,700,000
1,544,700,000
1,479,200,000
1,276,100,000
1,700,000
1,700,000
1,045,900,000
468,400,000
468,400,000
460,400,000
367,900,000
367,900,000
676,500,000
739,000,000
551,400,000
436,400,000
368,100,000
369,100,000
2011
2012
Credit Given (Days)
2013
2014
Credit Taken (Days)
85,400,000
824,400,000
2,303,600,000
131,100,000
682,500,000
1,958,600,000
118,300,000
554,700,000
1,602,300,000
113,300,000
481,400,000
1,410,200,000
131,200,000
500,300,000
1,544,700,000
1,475,300,000
1,206,400,000
1,134,600,000
948,500,000
838,400,000
1 .2 5
1 .0 0
0 .7 5
0 .5 0
0 .2 5
0 .0 0
2010
2011
Company Debt Ratio
Company Current Ratio
2012
2013
2014
Industry Average Debt Ratio
Industry Average Current Ratio
Turnover Growth (% of 2012)
120
100
80
60
40
20
284,200,000
178,200,000
97,100,000
66,000,000
403,600,000
-47,100,000
356,500,000
125,300,000
231,200,000
41,300,000
189,900,000
-25,200,000
259,000,000
-44,800,000
214,200,000
76,400,000
137,800,000
20,000,000
117,800,000
4,800,000
183,000,000
-48,200,000
134,800,000
46,300,000
88,500,000
15,300,000
73,200,000
-23,900,000
73,200,000
-71,500,000
1,700,000
800,000
900,000
14,600,000
-13,700,000
5,500,000
71,500,000
-66,700,000
4,800,000
3,700,000
1,100,000
12,800,000
-10,700,000
Notes to Exports
Accounts Director Remuneration
Employee Remuneration
Audit Fee
8,190,000
417,300,000
600,000
5,560,000
365,800,000
580,000
4,460,000
334,000,000
676,000,000
3,040,000
291,000,000
6,000,000
2,920,000
266,300,000
607,000,000
Flow of
Profit Generated
Funds
Depreciation
Statement Change In Debtors
Change In Creditors
Change In Stock
Operating Cash Flow
356,500,000
275,900,000
-36,200,000
14,500,000
-1,800,000
608,900,000
214,200,000
229,000,000
-36,400,000
27,300,000
-3,300,000
430,800,000
134,800,000
199,800,000
-16,600,000
38,500,000
-1,900,000
354,600,000
1,700,000
185,000,000
-18,000,000
32,400,000
-1,600,000
199,500,000
4,800,000
186,600,000
9,800,000
23,100,000
500,000
224,800,000
Ratio
Analysis
(Co / Ind
Ave)
/48.04
27.36/15.97
27.36/16.22
15.10/9.29
17.52/11.05
28.04/15.25
0.79/1.06
0.74/0.96
0.69/0.65
/6.42
55/63
/125
0.62/0.79
79.75/43.67
6.66/5.82
/109
/31
22.29
/38.50
23.56/10.85
21.47/8.99
11.40/5.36
13.22/7.90
20.19/8.29
0.82/1.20
0.76/1.09
0.70/0.66
/4.95
56/64
/73
0.60/0.90
72.24/29.94
6.51/5.69
/124
/32
6.33
/38.80
15.71/6.78
16.13/7.43
9.71/3.16
11.42/3.98
15.96/5.20
0.77/1.25
0.72/1.13
0.71/0.63
/4.51
48/63
/63
0.68/0.92
84.67/28.36
7.62/5.78
135/121
40/34
19.62
11.71
/39.34
10.24/4.43
7.72/4.64
4.58/0.66
5.19/0.74
0.19/0.42
1.00/1.29
0.94/1.16
0.70/0.68
/2.25
51/66
/64
0.67/0.93
82.48/26.83
7.17/5.64
126/116
39/34
13.13
-1.70
/40.71
7.87/4.19
8.53/4.58
4.22/2.85
4.63/3.48
0.22/0.60
1.36/1.32
1.29/1.19
0.70/0.66
/1.52
50/63
/64
0.56/0.86
84.69/23.93
7.34/5.81
110/107
35/31
-25.41
-15.55
November 2014 Edition
2010
Debt Ratio & Current Ratio
403,600,000
Gross Profit Margin (%)
Operating Profit Margin (%)
PBIT Margin (%)
Return On Total Assets (%)
Return On Capital Employed (%)
Return On Equity (%)
Current Ratio
Quick Ratio
Debt Ratio
Times Interest Earned
Credit Given (Days)
Credit Taken (Days)
Fixed Asset Turnover
Stock Turnover
Debtor Turnover
Sales Per Employee (£000's)
Average Wage (£000's)
Growth In Sales (%)
Growth In Employees (%)
0
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0
2010
2011
Company Turnover
2012
2013
2014
Industry Average Turnover
Turnover Analysis (Estimate in £M's)
1600
1400
1200
1000
800
600
400
200
0
2010
2011
Company Turnover
Turnover Analysis Using Stock
2012
2013
2014
Turnover Analysis Using Debtors
Turnover Analysis Using Fixed Assets
Sales Per Employee (£000's)
140
120
100
80
60
40
20
0
2010
2011
Company Sales/Employee
2012
2013
2014
Industry Average Sales/Employee
Profit Margins (%)
50
40
30
20
10
0
2010
2011
Company Operating Margin
Company Gross Margin
2012
2013
2014
Industry Average Operating Margin
Industry Average Gross Margin
Chapter Four Company Accounts | 105
106 |
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Chapter Five Terms & Ratios
Balance Sheet Items
The balance sheet represents a snapshot of a company's assets. It does not however reflect a complete or
otherwise considered "private" financial position of a firm. It is simply a record of the uncharged expenses to
date. The balance sheet is often open to manipulation. Depending upon what sort of public impression is desired,
financial changes occurring within a company may be disclosed or concealed by massaging the balance sheet.
It is consequently important to read the notes to accounts. Failure to do so could lead to misleading conclusions
about a firm's financial position. Full notes to company accounts can be obtained direct from Companies House.
The balance sheet breaks down as follows: total assets = (fixed assets + current assets) - current liabilities, is
equivalent to or otherwise financed by, long term liabilities + shareholder funds.
Fixed assets are generally those assets that a firm does
not intend to trade, but that it may intend to use for
producing goods or marketing services.
Fixed Assets
Total Tangible Assets
Includes land, buildings, industrial plants, machinery, fixtures and
fittings and vehicles, etc.
Tangible assets may be revalued incurring large fluctuations in balance
sheet values. If a company comparison is made using balance
sheet values alone, differing asset valuation dates may lead to
misrepresentation. For example, although there may be no material
difference in value of tangible assets between firm #1 and firm #2,
firm #1 that purchased a building and some machinery five years prior
followed by revaluation of these purchases four years later is likely to
have a greater tangible asset value than identical firm #2 that has not
yet revalued the same new purchases.
Intangible Assets
Intangible assets are generally goodwill payments made by a firm upon
acquisition of a second firm. That is, payments for assets are made in
excess of the recorded book value at the date of acquisition. Intangible
assets also include the value of a brand or trade name, although this is
subject to serious debate in some accounting circles.
Investments
Investments include deposits held in banks, shares of subsidiary
companies held by the parent company and any other long term assets
not described above.
Current assets are generally those assets that are
intended for liquidation sooner rather than later.
Current Assets
Stock
Stock includes raw materials, bought-in components, work in
progress, finished goods, loose tools and consumables (ie stationery,
petrol and packing materials). The recorded value of stock is most often
dependent upon the policies made by management.
Identical stock owned by separate firms may be valued differently
on the balance sheet. This would depend upon whether "last in first
out" (LIFO) or "first in first out" (FIFO) accounting policy is applied.
Unless two companies implement similar valuation policies, it is difficult
to say which out of the two companies possessing different levels of
stock while generating similar levels of turnover is less or more efficient.
However, if the differences in stock held are great between the two
companies, it is likely that a factor other than the firm's accounting
policy is responsible for this difference. Bear in mind that for many
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small firms, the stock value recorded in the balance sheet is determined
by company management and is not necessarily checked by outside
auditors.
Debtors
Debtors are customers owing money to the company for goods or
services supplied as of the balance sheet date. A high level of debt is
clearly bad for the operation of any firm. It not only increases the need
for working capital, it increases the financial risk to company operation.
Cash & Liquid Assets
Cash and liquid assets include monies held in current and short term
deposit accounts.
Other Current Assets
Other current assets include quoted company shares, tax reserve
certificates, other marketable securities, monies owed by group
companies and any other assets not listed separately.
Current liabilities generally include monies owed by
creditors falling due within one year. This includes short
term loans from banks or shareholders, additional bank
overdrafts, advance payments made by the firm, monies
owed by the firm to parent or subsidiary firms (ie group
companies), taxation
Current Liabilities
Trade Creditors
Trade creditors are the firm's trade suppliers which the firm owes
monies to for goods received. These outstanding funds are payable
within one year. This is money owed by the company as of the balance
sheet date.
Bank Loans & Overdrafts
These are short term loans owed by the company falling due within
one year such as bank loans and overdrafts from additional outside
sources.
Other Current Liabilities
Total of all other liabilities falling due within one year including VAT, social
security, etc.
These totals are the result of adding and subtracting the
various sections previously detailed and are measures
of the net financial position of the firm.
Balance Sheet Totals
Working Capital
Working capital is the balance of current assets minus current liabilities.
It is a measure of the short term funds involved in a firm's operation.
Net Assets
Net assets = (total fixed assets + total current assets) - total current
liabilities. Total net assets = the balance sheet total and is equivalent
to capital employed.
Capital Employed
Capital employed = total shareholder funds + long term loans + any
other long term liabilities. Capital employed is the money directly used
to finance the business. Keep in mind that in order for the balance sheet
to "balance," capital employed needs to equal net assets.
Long Term Liabilities
708 | Chapter Five Terms & Ratios
The Company finances its operations over the long term
using a mixture of loans, share capital and retained
earnings.
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Total Long Term Loans
Total of loans from group companies, directors or hire purchase
comitments to the company of a long term nature (ie falling due in
excess of one year).
Other Long Term Liabilities
Any other long term liabilities such as provisions for tax or pensions or
balance sheet minorities.
Issued Capital
Paid up share capital such as preferred and ordinary stock in
circulation.
Retained Earnings
Total of earnings from previous years which have been retained by the
firm.
Revaluation Reserve
Revaluation of assets such as land & buildings may occur. This is the
amount of revaluation is recorded.
Shareholder Funds
Paid up share capital, such as preferred and ordinary stock in
circulation, total of earnings from previous years which have been
retained by the company, plus any revaluation or other reserves.
Profit & Loss Items
Turnover (Sales)
Turnover equals the total revenue earned during the year which has
been generated by normal trading operations, excluding VAT.
Cost Of Goods Sold
Cost of goods sold include the total marginal costs of production such
as raw material costs.
Gross Profit
Gross profit = turnover - cost of goods sold.
Administrative Expenses
Administrative expenses include advertising, distribution and service
costs, sales expenses and other overheads.
Operating Profit
Operating profit = gross profit + other operating income - administrative
expenses - other operating charges.
Exceptional Items
Exceptional items are items of a non-recurring nature. These items are
added or deducted before pre-tax profit has been declared.
Non-trading Income
Non-trading income is financial income such as dividends and interest.
Profit Before Interest & Tax
This is the profit generated using all the assets in the business which is
distributed amongst those who have provided the assets.
Interest Paid
Total of all interest payments made by the company in the year.
Pre-tax Profit
Pre-tax profit is the income generated prior to taxation.
Tax Paid
Tax is money payable to the government in the financial year based
upon earnings in the previous year.
Extraordinary Items
Extraordinary items are items of a non-recurring nature. Extraordinary
items are generally larger and less usual than exceptional items. They
are added or deducted after pre-tax profit has been declared.
Minority Interests
This occurs when consolidated group accounts include subsidiaries
which are not wholly owned. This is a payment to equity shareholders
of these other companies.
Dividends
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Dividends are monies distributed to shareholders.
Chapter Five Terms & Ratios | 709
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Retained Profit
Retained profit is money available for distribution after all expenses have
been met.
Depreciation
Depreciation is a non-cash allowance made notionally to replace assets
as they are used by the firm in the year.
Exports
Exports comprise sales made abroad.
Director Remuneration
Director remuneration includes salaries, pensions and expenses paid
to the directors. When reading the profit & loss statement for smaller
companies, it is important to be aware of director remuneration since
profit can be taken as wages rather than dividends.
Employee Remuneration
This includes director and employee salary, PAYE and other
withdrawals.
Definition Of Ratios
Profitability Ratios
Profitability ratios measure financial efficiency.
Gross Profit Margin (%)
Operating Profit Margin (%)
Profit Before Interest & Tax Margin (%)
Pre-tax Profit Margin (%)
Return on Total Assets (%)
Return on Capital Employed (%)
Return on Equity (%)
Liquidity Ratios
Gross Profit x 100%
Turnover
Operating Profit x 100%
Turnover
Profit Before Interest & Tax Margin (%) x 100%
Turnover
Pre-tax Profit x 100%
Turnover
Profit Before Interest & Tax X 100%
(Total Fixed Assets + Total Current Assets)
Profit Before Interest & Tax X 100%
Capital Employed
Profit After Tax X 100%
Shareholder Funds
Liquidity ratios measure the degree of financial risk.
Current Ratio
Current Assets
Current Liabilities
The current ratio is the most commonly used measure for short term
solvency. It indicates the extent to which short term claims by creditors
(ie current liabilities) are covered by current assets. Normally, a firm is
expected to collect payment from its customers (ie debtors) and pay
its suppliers (ie creditors) within the same time frame. The current ratio
measures the extent to which this can be accomplished.
Quick Ratio (Acid Test)
Current Assets - Stock
Current Liabilities
The quick ratio measures a firm's ability to pay off its current liabilities.
This is a harsher measure of a firm's liquidity than current ratio. Since
710 | Chapter Five Terms & Ratios
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losses may occur in the event of stock disposal, it is not wise to rely
upon the sale of stock when measuring a firm's liquidity
Gearing ratios measure a firm's debt level. There
are two types. Debt ratios take figures from a firm's
balance sheet. Whereas, times interest earned ratios
take figures from the profit & loss statement.
Gearing Ratios
Debt Ratio
Total Debt
Total Assets
Debt ratio measures the extent to which borrowed funds have been
used to finance a firm's operation (ie the proportion of total funds
provided by creditors). Clearly, creditors prefer lower debt ratios, since
they indicate decreased risk of company liquidation. Please note that
total debt = current liabilities + long term liabilities, and total assets =
current assets + fixed assets.
A debt ratio or gearing of 0.5 would indicate that the shareholder funds
were matched by various forms of loan capital. Similarly, a debt ratio
of 0.8 would indicate that the various creditors were supplying £4 to
every £1 supplied by the shareholders.
Times Interest Earned
Profit Before Interest & Tax
Interest Paid
Times interest earned measures the extent to which profits may be
allowed to decrease before a firm is forced to default on its annual
loan interest payments. Keep in mind that taxation does not affect a
company's ability to make its interest payments. All interest payments
are deducted from profits prior to declaration.
Activity Ratios
Activity ratios measure the efficiency of asset use.
Stock Turnover
Turnover
Stocks
Stock turnover measures the amount of stock held by a firm in
relationship to its size. This ratio indicates whether or not the level
of stock held by the firm is reasonable. The significance of the stock
turnover ratio could be increased by replacing the stock value figure
as of the balance sheet date with an average stock value figure for the
year.
Credit Given (Days)
Debtors x 365
Turnover
The credit given ratio measures how long a firm waits before collecting
payment from its customers. Some firms record gross turnover rather
than commission earnings. In such cases, this ratio will be distorted.
Credit Taken (Days)
Trade Creditors x 365
Cost of Goods Sold
The credit taken ratio measures how much credit a firm is receiving
from its suppliers. As with the measure of days credit given distortions
may arise.
Fixed Asset Turnover
November 2014 Edition
Turnover
Chapter Five Terms & Ratios | 711
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Total Fixed Assets
The fixed asset turnover ratio indicates how capital intensive a firm is.
Debtor Turnover
Turnover
Debtors
The debtor turnover ratio is an indication of how well a company
is managing its debtors. The figure tend to be consistent within the
industry.
Average values are a characteristic profile of the
company.
Average Values
Turnover Per Employee (£)
Turnover
Number of Employees
This is a crude measure of productivity.
Average Wage (£)
Employee Remuneration
Number of Employees
This is a crude measure better between years for a given firm than
between firms since it is open to distortions caused by large payments
to directors.
Growth In Turnover (%)
Changes In Turnover x 100%
Base Year Turnover
This ratio measures the extent to which a firm is maintaining its financial
position given the recent economic climate.
Change In Employees (%)
Change In Employees (%)
Base Year Number of Employees
This ratio measures the increase in number of employees in
comparison to previous years.
712 | Chapter Five Terms & Ratios
November 2014 Edition
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Appendix Additional Companies
Company Name
A1 Loo Hire-Wokingham Limited
Ace Loos Limited
A D Modular Limited
Air Force Dome Limited
Alpha Building Components Limited
Bam Plant Limited
Borderloos Limited
C & R Building Systems Limited
Calder Cabins Limited
David Johnston Environmental Services Limited
Essex Mobile Toilets Limited
Exhibitions Net Limited
G.H.Sanderson & Sons Limited
Gibsons Loos Limited
Global Mtm Limited
Greenline (N. I.) Limited
Igloos Ltd.
Interlink Building Systems Limited
Kyoob Space Limited
Marchant Walker Limited
Meridian Loos Limited
Nethercote Grounds Limited
Pasuda Services Limited
Pennine Services Limited
Polyjohn (Uk) Limited
Portable Architecture Limited
Portable Parts Limited
Posh Loos (Uk) Limited
Prestige Toilet Hire Ltd
Quickway Buildings Limited
Ravenstock Msg Limited
Ravenstock Tam (Hire) Limited
Roancabin Building Systems Limited
Rovacabin Limited
Sherwood Portable Accommodation Limited
Speedy Space Ltd.
Temporary Toilets Limited
Tingdene Homes Limited
Tyco Integrated Systems Limited
Walter Page(Safeway's)limited
Wight Event Toilets Limited
Wyseproperty
November 2014 Edition
Page
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
Appendix Additional Companies | 713