Company registration number 02210206 (England and Wales)
ABA CRANE HIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
ABA CRANE HIRE LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8
ABA CRANE HIRE LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF ABA CRANE HIRE 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 ABA Crane Hire 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 ABA Crane Hire 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 ABA Crane Hire Limited and state those matters that we have agreed to state to the board of directors of ABA Crane Hire 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 ABA Crane Hire Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that ABA Crane Hire 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 ABA Crane Hire Limited. You consider that ABA Crane Hire 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 ABA Crane Hire 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
ABA CRANE HIRE LIMITED
STATEMENT OF FINANCIAL POSITION
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,026,604
10,688,956
Current assets
Debtors
4
29,733
39,472
Cash at bank and in hand
613,621
551,047
643,354
590,519
Creditors: amounts falling due within one year
5
(1,935,309)
(1,799,752)
Net current liabilities
(1,291,955)
(1,209,233)
Total assets less current liabilities
9,734,649
9,479,723
Creditors: amounts falling due after more than one year
6
(5,116,436)
(5,284,851)
Provisions for liabilities
7
(1,386,038)
(969,782)
Net assets
3,232,175
3,225,090
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
3,231,975
3,224,890
Total equity
3,232,175
3,225,090
ABA CRANE HIRE 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 02210206 (England and Wales)
ABA CRANE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
ABA Crane Hire 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
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.
1.2
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.
1.3
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:
Freehold land and buildings
0%
Plant and equipment
5% on cost
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
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.
1.4
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 income statement 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.
ABA CRANE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.5
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 statement of financial position 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.
1.6
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.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
2
ABA CRANE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
14,095,545
25,561
411,805
14,532,911
Additions
888,582
1,006,960
192,479
2,088,021
Disposals
(1,858,617)
(218,133)
(2,076,750)
At 30 June 2023
888,582
13,243,888
25,561
386,151
14,544,182
Depreciation and impairment
At 1 July 2022
3,548,698
25,417
269,840
3,843,955
Depreciation charged in the year
862,756
27
38,441
901,224
Eliminated in respect of disposals
(1,057,208)
(170,393)
(1,227,601)
At 30 June 2023
3,354,246
25,444
137,888
3,517,578
Carrying amount
At 30 June 2023
888,582
9,889,642
117
248,263
11,026,604
At 30 June 2022
10,546,847
144
141,965
10,688,956
During the 2022 year, the directors reassessed the residual value of machines over 7 years old and accordingly made additional depreciation charges of £625,000 such that the carrying value of these machines more accurately reflects the market value.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,199
6,200
Other debtors
23,534
33,272
29,733
39,472
Amounts owed by related parties do not bear interest, are unsecured and repayable on demand.
ABA CRANE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
50,000
50,000
Obligations under finance leases
1,447,863
1,556,056
Other borrowings
125,400
Trade creditors
26,140
Taxation and social security
124,576
Government grants
9,523
9,524
Other creditors
146,227
180,672
Accruals and deferred income
5,580
3,500
1,935,309
1,799,752
Amounts owed by related parties do not bear interest, are unsecured and repayable on demand.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
120,833
170,833
Obligations under finance leases
4,746,122
5,008,081
Other borrowings
153,068
Government grants
96,413
105,937
5,116,436
5,284,851
Amounts included above which fall due after five years are as follows:
Payable by instalments
116,807
1,053,889
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,386,038
969,782
The deferred tax provision has arisen due to accelerated capital allowances less taxable losses carried forward.
8
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
ABA CRANE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
9
Prior period adjustment
Adjustments to equity
1 July
30 June
2021
2022
£
£
Adjustments to prior year
Increase in share capital
198
198
Analysis of the effect upon equity
Share capital
198
198