Company registration number 09124127 (England and Wales)
HEATHROW CRANES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
HEATHROW CRANES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HEATHROW CRANES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,611,135
9,991,144
Current assets
Debtors
5
2,314,198
3,119,898
Cash at bank and in hand
737,111
540,150
3,051,309
3,660,048
Creditors: amounts falling due within one year
6
(3,960,325)
(4,483,337)
Net current liabilities
(909,016)
(823,289)
Total assets less current liabilities
8,702,119
9,167,855
Creditors: amounts falling due after more than one year
7
(111,261)
(615,384)
Provisions for liabilities
(984,129)
(757,088)
Net assets
7,606,729
7,795,383
Capital and reserves
Called up share capital
1,000
1
Profit and loss reserves
7,605,729
7,795,382
Total equity
7,606,729
7,795,383

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HEATHROW CRANES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
A Dravins
Director
Company registration number 09124127 (England and Wales)
HEATHROW CRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information

Heathrow Cranes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support from the directors.

The company has received assurances from directors that existing liabilities will not be called upon until Heathrow Cranes Limited is in a position to repay them. In addition, indications have been given that continued funding will be provided to support Heathrow Cranes Limited for the foreseeable future and to enable it to meet its day-to-day commitments from cash flows.

As a consequence, the director believes that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. In view of the above, and a t the time of approving the financial statements, t he director ha s a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continue s to adopt the going concern basis of accounting in preparing the financial statements.

If the company were unable to trade, adjustments would have to be made to reclassify fixed assets as current assets and to reclassify long term creditors as current liabilities, and to provide for further liabilities that might arise.

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is recognised at the fair value of the consideration received or receivable for cranes hire services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must always be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide crane hire services is recognised in the period in which the crane hire services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably;

- the costs incurred and the costs to complete the contract can be measured reliably

HEATHROW CRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% and 20% reducing balance basis
Fixtures, fittings & equipment
20% reducing balance
Race horse
Not depreciated
Motor vehicles
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

HEATHROW CRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

HEATHROW CRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
4

The company has outsourced its payroll and during the year all payroll costs, including directors' remuneration, were recharged from a related company

HEATHROW CRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Race horse
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2022
15,306,336
6,941
43,493
151,914
15,508,684
Additions
1,051,789
-
0
-
0
35,295
1,087,084
Disposals
(109,000)
-
0
-
0
(16,200)
(125,200)
At 31 January 2023
16,249,125
6,941
43,493
171,009
16,470,568
Depreciation and impairment
At 1 February 2022
5,450,562
1,172
-
0
65,806
5,517,540
Depreciation charged in the year
1,401,019
1,153
-
0
26,309
1,428,481
Eliminated in respect of disposals
(75,131)
-
0
-
0
(11,457)
(86,588)
At 31 January 2023
6,776,450
2,325
-
0
80,658
6,859,433
Carrying amount
At 31 January 2023
9,472,675
4,616
43,493
90,351
9,611,135
At 31 January 2022
9,855,774
5,769
43,493
86,108
9,991,144

Certain items of plant and machinery ha ve been pledged to secure finance lease borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity until the liability is settled.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,038,459
2,602,154
Other debtors
275,739
517,744
2,314,198
3,119,898
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,208,953
2,388,568
Taxation and social security
6,951
6,501
Other creditors
1,744,421
2,088,268
3,960,325
4,483,337
HEATHROW CRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
111,261
615,384

Included in other creditors falling due within and after more than one year, are obligations under finance leases amounting to £615,384 (2022: £1,119,507) which are secured - see Note 4.

8
Operating lease commitments
Lessee

The operating leases represent rentals payable by the company for properties utilised in the business owned by the directors. T he leases are typically negotiated over terms of two years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
1,107,436
1,478,965
2023-01-31 2022-02-01 false 04 October 2023 CCH Software CCH Accounts Production 2023.200 No description of principal activity A Dravins P Dravins 09124127 2022-02-01 2023-01-31 09124127 2023-01-31 09124127 2022-01-31 09124127 core:PlantMachinery 2023-01-31 09124127 core:FurnitureFittings 2023-01-31 09124127 core:ComputerEquipment 2023-01-31 09124127 core:MotorVehicles 2023-01-31 09124127 core:PlantMachinery 2022-01-31 09124127 core:FurnitureFittings 2022-01-31 09124127 core:ComputerEquipment 2022-01-31 09124127 core:MotorVehicles 2022-01-31 09124127 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 09124127 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 09124127 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 09124127 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 09124127 core:CurrentFinancialInstruments 2023-01-31 09124127 core:CurrentFinancialInstruments 2022-01-31 09124127 core:ShareCapital 2023-01-31 09124127 core:ShareCapital 2022-01-31 09124127 core:RetainedEarningsAccumulatedLosses 2023-01-31 09124127 core:RetainedEarningsAccumulatedLosses 2022-01-31 09124127 bus:Director1 2022-02-01 2023-01-31 09124127 core:PlantMachinery 2022-02-01 2023-01-31 09124127 core:FurnitureFittings 2022-02-01 2023-01-31 09124127 core:ComputerEquipment 2022-02-01 2023-01-31 09124127 core:MotorVehicles 2022-02-01 2023-01-31 09124127 2021-02-01 2022-01-31 09124127 core:PlantMachinery 2022-01-31 09124127 core:FurnitureFittings 2022-01-31 09124127 core:ComputerEquipment 2022-01-31 09124127 core:MotorVehicles 2022-01-31 09124127 2022-01-31 09124127 core:WithinOneYear 2023-01-31 09124127 core:WithinOneYear 2022-01-31 09124127 core:Non-currentFinancialInstruments 2023-01-31 09124127 core:Non-currentFinancialInstruments 2022-01-31 09124127 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 09124127 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 09124127 bus:FRS102 2022-02-01 2023-01-31 09124127 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 09124127 bus:Director2 2022-02-01 2023-01-31 09124127 bus:FullAccounts 2022-02-01 2023-01-31 xbrli:pure xbrli:shares iso4217:GBP