Company registration number 06433976 (England and Wales)
A.B.A CRANES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
A.B.A CRANES LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 6
A.B.A CRANES LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF A.B.A CRANES LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A.B.A Cranes Limited for the year ended 30 June 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of A.B.A Cranes Limited, as a body, in accordance with the terms of our engagement letter dated 20 October 2023. Our work has been undertaken solely to prepare for your approval the financial statements of A.B.A Cranes Limited and state those matters that we have agreed to state to the board of directors of A.B.A Cranes Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A.B.A Cranes Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that A.B.A Cranes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A.B.A Cranes Limited. You consider that A.B.A Cranes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of A.B.A Cranes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jerroms GCN Limited
20 October 2023
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
A.B.A CRANES LIMITED
STATEMENT OF FINANCIAL POSITION
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Current assets
Debtors
3
1,477,376
1,625,805
Cash at bank and in hand
39,993
95,717
1,517,369
1,721,522
Creditors: amounts falling due within one year
4
(909,347)
(1,059,260)
Net current assets
608,022
662,262
Creditors: amounts falling due after more than one year
5
(104,167)
(172,403)
Net assets
503,855
489,859
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
503,655
489,659
Total equity
503,855
489,859
The notes on pages 4 to 6 form part of these financial statements.
A.B.A CRANES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 3 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 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.
The 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.
The financial statements were approved by the board of directors and authorised for issue on 20 October 2023 and are signed on its behalf by:
Mrs P A Baggott
Director
Company registration number 06433976 (England and Wales)
A.B.A CRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
A.B.A Cranes Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Point, Second Floor, Mucklow Office Park, Mucklow Hill, Halesowen, West Midlands, England, B62 8DY.
1.1
Reporting period
The current accounting period covers the year to 30th June 2023, the comparatives are an 18 month period ended to 30th June 2022. As a result the comparative figures are not entirely comparable.
1.2
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 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.
1.3
Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.5
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
A.B.A CRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
62
62
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,304,553
1,400,953
Corporation tax recoverable
12,489
Other debtors
151,892
191,028
Prepayments and accrued income
20,931
21,335
1,477,376
1,625,805
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
62,500
58,735
Trade creditors
457,534
449,525
Corporation tax
15,377
Other taxation and social security
62,825
77,129
Other creditors
306,411
468,171
Accruals and deferred income
4,700
5,700
909,347
1,059,260
The following secured debts are included within creditors:
2023
2022
£
£
Factoring account
350,432
460,603
A.B.A CRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
4
Creditors: amounts falling due within one year
(Continued)
- 6 -
The amounts due to debt factor are secured by a fixed charge on purchased debts with fail to vest and a floating charge over all assets of the company dated 13 February 2008 in favour of HSBC Invoice Finance (UK) Limited.
5
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
104,167
172,403
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
7
Prior period adjustment
Adjustments to equity
1 January
30 June
2021
2022
£
£
Adjustments to prior year
Increase in share capital
100
100
Analysis of the effect upon equity
Share capital
100
100