Company registration number 10244324 (England and Wales)
STREET CRANEXPRESS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
STREET CRANEXPRESS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
S J Eastwood
S Vickers
M Street
Mr J Eastwood
Company number
10244324
Registered office
73 Tyler Street
Sheffield
South Yorkshire
S9 1GL
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Bankers
Yorkshire Bank
157 Bradfield Road
Sheffield
South Yorkshire
S6 2LY
STREET CRANEXPRESS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 27
STREET CRANEXPRESS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Review of the business

The principal activities of the company during the year were the maintenance, servicing, repairing and modernisation of overhead cranes, and the installation of new hoists and lifting equipment.

 

The profit and loss account I set out on page 7 to the financial statements. Turnover for the year was £10,396,000 (2022: £8,429,000). The company has managed to improve its gross profit margins despite the current economic climate through various improvements both internally and operationally. Net profit margins have also improved as a result of strict controls on the fixed cost base whilst increasing output and efficiency.

 

As at 31 March 2023 Shareholders’ funds were £5,026,000 (2022: £3,706,000) which the Directors feel demonstrates the continued strengthening of the company balance sheet and stable financial position. This has been achieved through strict working capital controls and cash generated from operating activities.

 

The key performance indicators for the year were:

 

2023

2022

Turnover

£10,395,650

£8,428,593

Gross profit

£4,430,065

£3,389,930

Profit after tax

£1,384,028

£758,831

Shareholders’ funds

£5,026,903

£3,706,541

 

The health and safety of all employees and customers is of paramount importance to the business and the Directors ensure this is at the forefront of everything we do. The company operates under robust health and safety policies and procedures and is committed to the continual monitoring and improvement of this system.

Principal risks and uncertainties

As with other businesses of our size and complexity, we face the ongoing risk of changing economic trading conditions impacting our customer base. The company mitigates this by maintaining a diverse customer base ensuring that we are not overly exposed to any one market segment. The company also operates strict credit control procedures to reduce the impact of potential bad debts.

 

The company operates an active program of business development to ensure we continue to increase the overall customer base, as well as placing significant importance on maintaining the highest levels of customer service to maintain our current customer base.

On behalf of the board

S J Eastwood
Director
31 October 2023
STREET CRANEXPRESS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company is that of a holding company for a group that provides overhead crane maintenance, servicing and modernisation and the installation of new hoists and lifting equipment.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £63,666. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S J Eastwood
S Vickers
M Street
Mr J Eastwood
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

STREET CRANEXPRESS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
On behalf of the board
S J Eastwood
Director
31 October 2023
STREET CRANEXPRESS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STREET CRANEXPRESS HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Street CraneXpress Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

STREET CRANEXPRESS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STREET CRANEXPRESS HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

STREET CRANEXPRESS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STREET CRANEXPRESS HOLDINGS LIMITED
- 6 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

 

 

To address the risks of fraud through management bias and override controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Winwood (Senior Statutory Auditor)
For and on behalf of BHP LLP
1 November 2023
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
STREET CRANEXPRESS HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
10,395,650
8,428,593
Cost of sales
(5,965,585)
(5,038,663)
Gross profit
4,430,065
3,389,930
Administrative expenses
(2,803,018)
(2,454,513)
Other operating income
1,500
5,500
Operating profit
4
1,628,547
940,917
Interest receivable and similar income
8
95,835
5,857
Profit before taxation
1,724,382
946,774
Tax on profit
9
(340,354)
(187,943)
Profit for the financial year
1,384,028
758,831
Profit for the financial year is all attributable to the owners of the parent company.
STREET CRANEXPRESS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
£
£
Profit for the year
1,384,028
758,831
Other comprehensive income
-
-
Total comprehensive income for the year
1,384,028
758,831
Total comprehensive income for the year is all attributable to the owners of the parent company.
STREET CRANEXPRESS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
344,667
388,667
Tangible assets
12
127,518
46,088
Investments
13
475
475
472,660
435,230
Current assets
Stocks
15
586,005
561,984
Debtors
16
2,543,279
2,173,490
Cash at bank and in hand
4,915,766
3,085,938
8,045,050
5,821,412
Creditors: amounts falling due within one year
17
(3,473,807)
(2,550,101)
Net current assets
4,571,243
3,271,311
Total assets less current liabilities
5,043,903
3,706,541
Provisions for liabilities
Deferred tax liability
18
17,000
-
0
(17,000)
-
Net assets
5,026,903
3,706,541
Capital and reserves
Called up share capital
20
18,002
18,002
Merger reserve
22
31,998
31,998
Profit and loss reserves
4,976,903
3,656,541
Total equity
5,026,903
3,706,541
The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
31 October 2023
S J Eastwood
Director
STREET CRANEXPRESS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
18,002
18,002
Current assets
Debtors
16
360,332
296,666
Creditors: amounts falling due within one year
17
(360,332)
(296,666)
Net current assets
-
-
Net assets
18,002
18,002
Capital and reserves
Called up share capital
20
18,002
18,002

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £63,666 (2022 - £56,666 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
31 October 2023
S J Eastwood
Director
Company registration number 10244324 (England and Wales)
STREET CRANEXPRESS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
18,002
31,998
2,954,376
3,004,376
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
758,831
758,831
Dividends
10
-
-
(56,666)
(56,666)
Balance at 31 March 2022
18,002
31,998
3,656,541
3,706,541
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
1,384,028
1,384,028
Dividends
10
-
-
(63,666)
(63,666)
Balance at 31 March 2023
18,002
31,998
4,976,903
5,026,903
STREET CRANEXPRESS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
18,002
-
0
18,002
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
56,666
56,666
Dividends
10
-
(56,666)
(56,666)
Balance at 31 March 2022
18,002
-
0
18,002
Year ended 31 March 2023:
Profit and total comprehensive income
-
63,666
63,666
Dividends
10
-
(63,666)
(63,666)
Balance at 31 March 2023
18,002
-
0
18,002
STREET CRANEXPRESS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
2,099,778
1,168,576
Income taxes paid
(187,943)
(94,195)
Net cash inflow from operating activities
1,911,835
1,074,381
Investing activities
Purchase of tangible fixed assets
(114,176)
(12,309)
Proceeds from disposal of tangible fixed assets
-
5,518
Interest received
95,835
5,857
Net cash used in investing activities
(18,341)
(934)
Financing activities
Dividends paid to equity shareholders
(63,666)
(56,666)
Net cash used in financing activities
(63,666)
(56,666)
Net increase in cash and cash equivalents
1,829,828
1,016,781
Cash and cash equivalents at beginning of year
3,085,938
2,069,157
Cash and cash equivalents at end of year
4,915,766
3,085,938
STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information

Street CraneXpress Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 73 Tyler Street, Sheffield, England, S9 1GL.

 

The group consists of Street CraneXpress Holdings Limited and all of its subsidiaries.

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.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The directors applied the merger accounting method on the basis that the relative rights of the shareholders were preserved during the restructure in which Street CraneXpress Holdings Limited acquired Street CraneXpress Limited. Accordingly, under the merger accounting method, the assets and liabilities of Street CraneXpress Limited have been carried at their book value and all profits before and after the transaction continue to be consolidated.

 

The consolidated group financial statements consist of the financial statements of the parent company Street CraneXpress Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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 equipment
10-33% straight line
Fixtures and fittings and equipment
20-25% straight line
Motor vehicles
20-25% straight line

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 recognised in the profit and loss account.

STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

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

STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
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 group’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.

STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
1.14
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.

1.15
Retirement benefits

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

1.16
Leases

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 leased asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

There are no key accounting estimates or judgements.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Crane maintenance, servicing and installation sales
10,395,650
8,428,593
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
10,395,650
8,428,593
2023
2022
£
£
Other revenue
Interest income
95,835
5,857
Grants received
1,500
5,500
STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(1,500)
(5,500)
Depreciation of owned tangible fixed assets
32,746
20,968
Profit on disposal of tangible fixed assets
-
(2,986)
Amortisation of intangible assets
44,000
44,000
Operating lease charges
223,901
228,648
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
10,000
7,500
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Direct
38
37
-
-
Administration
18
15
-
-
Management
7
7
4
4
Total
63
59
4
4

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,770,088
2,226,642
-
0
-
0
Social security costs
323,139
243,670
-
-
Pension costs
195,061
162,548
-
0
-
0
3,288,288
2,632,860
-
0
-
0
STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
120,955
95,404
Company pension contributions to defined contribution schemes
17,265
6,597
138,220
102,001
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
95,835
5,857
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
319,354
187,943
Deferred tax
Origination and reversal of timing differences
21,000
-
0
Total tax charge
340,354
187,943

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,724,382
946,774
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
327,633
179,887
Tax effect of expenses that are not deductible in determining taxable profit
891
1,018
Fixed asset differences
6,937
7,944
Remeasurement of deferred tax for changes in tax rates
5,086
(956)
Movement in deferred tax not recognised
(193)
50
Taxation charge
340,354
187,943
STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
63,666
56,666
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
880,000
Amortisation and impairment
At 1 April 2022
491,333
Amortisation charged for the year
44,000
At 31 March 2023
535,333
Carrying amount
At 31 March 2023
344,667
At 31 March 2022
388,667
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
681,966
159,639
83,844
925,449
Additions
850
-
0
113,326
114,176
At 31 March 2023
682,816
159,639
197,170
1,039,625
Depreciation and impairment
At 1 April 2022
647,355
148,162
83,844
879,361
Depreciation charged in the year
12,626
4,277
15,843
32,746
At 31 March 2023
659,981
152,439
99,687
912,107
Carrying amount
At 31 March 2023
22,835
7,200
97,483
127,518
At 31 March 2022
34,611
11,477
-
0
46,088
The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.
STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
18,002
18,002
Listed investments
475
475
-
0
-
0
475
475
18,002
18,002
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2022 and 31 March 2023
475
Carrying amount
At 31 March 2023
475
At 31 March 2022
475

The listed investments are held at cost. The market value of the listed investments at the year end was £5,945 (2022: £7,400).

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
18,002
Carrying amount
At 31 March 2023
18,002
At 31 March 2022
18,002
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Street CraneXpress Limited
73 Tyler Street, Sheffield, S9 1GL
Ordinary
100.00
STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
89,008
121,617
-
-
Finished goods and goods for resale
496,997
440,367
-
0
-
0
586,005
561,984
-
-
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,440,224
2,121,038
-
0
-
0
Amounts owed by group undertakings
-
-
360,332
296,666
Other debtors
49,088
23,009
-
0
-
0
Prepayments and accrued income
53,967
25,443
-
0
-
0
2,543,279
2,169,490
360,332
296,666
Deferred tax asset (note 18)
-
0
4,000
-
0
-
0
2,543,279
2,173,490
360,332
296,666
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
549,860
409,381
-
0
-
0
Corporation tax payable
319,306
187,895
-
0
-
0
Other taxation and social security
433,398
250,150
-
-
Other creditors
1,325,938
1,036,398
360,332
296,666
Accruals and deferred income
845,305
666,277
-
0
-
0
3,473,807
2,550,101
360,332
296,666
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
17,000
-
-
4,000
STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
18
Deferred taxation
(Continued)
- 25 -
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 April 2022
(4,000)
-
Charge to profit or loss
21,000
-
Liability at 31 March 2023
17,000
-
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
195,061
162,548

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
18,000
18,000
18,000
18,000
Ordinary B of £1 each
1
1
1
1
Ordinary C of £1 each
1
1
1
1
18,002
18,002
18,002
18,002
STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
21
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
376,496
374,106
-
-
Between two and five years
452,534
534,158
-
-
829,030
908,264
-
-
22
Related party transactions

In respect of bank facilities, a debenture creating a fixed and floating charge exists over the assets of SCE Industries Limited, BXH Limited and Street CraneXpress Limited. A Cross Company Guarantee exists between each of these companies and two Counter Indemnities.

 

Sales to companies under common control totaled £27,106.

 

Purchases and recharges paid to companies under common control totaled £908,192

23
Merger reserve

The directors applied the merger accounting method on the basis that the relative rights of the shareholders were preserved during the restructure in which Street CraneXpress Holdings Limited acquired Street CraneXpress Limited. Accordingly, under the merger accounting method, the assets and liabilities of Street CraneXpress Limited have been carried at their book value and all profits before and after the transaction continue to be consolidated.

 

As pre acquisition reserves are not recognised when merger accounting is applied, a merger reserve was created.

STREET CRANEXPRESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,384,028
758,831
Adjustments for:
Taxation charged
340,354
187,943
Investment income
(95,835)
(5,857)
Gain on disposal of tangible fixed assets
-
(2,986)
Amortisation and impairment of intangible assets
44,000
44,000
Depreciation and impairment of tangible fixed assets
32,746
20,968
Movements in working capital:
Increase in stocks
(24,021)
(176,264)
(Increase)/decrease in debtors
(373,789)
18,060
Increase in creditors
792,295
323,881
Cash generated from operations
2,099,778
1,168,576
25
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
3,085,938
1,829,828
4,915,766
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