Company registration number 12980586 (England and Wales)
CRANE GROUP HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
CRANE GROUP HOLDINGS LTD
COMPANY INFORMATION
Directors
A J Duffin
P W Everitt
M R J Mourant
C M Walker
Secretary
M R J Mourant
Company number
12980586
Registered office
3 Watling Drive
Sketchley Meadows
Hinckley
Leicestershire
LE10 3EY
Auditor
Spencer Gardner Dickins Audit LLP
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
CRANE GROUP HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
CRANE GROUP HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 November 2023.

BUSINESS REVIEW

Crane Group Holdings Ltd delivered continued growth in 2023 with sales up 25% year on year. The gross profit margin on those sales also improved, generating a 29% increase in Gross Profit.

 

During the year Crane GmbH in Germany grew its operations providing Service and Calibration facilities in Europe with the focus firmly on increased sales activity.

 

The company is maintaining an extensive program of research and development and has invested further to build the strength of the Engineering and R&D functions. The directors consider that this strategy will put the company in a good position to take advantage of future opportunities in due course.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are of the opinion that the Group has adopted a thorough risk management process that involves the formal review of all the risks identified below. The board monitors and reviews risks on a regular basis, in order to mitigate each risk area

Currency risk

The Group is exposed to translation and transaction foreign exchange risk. The Group seeks to manage this risk by entering forward exchange contracts, as appropriate, to mitigate the risk of exchange rate movements.

Interest rate risk

The Group's exposure to market risk for changes in interest rates relates primarily to the Group's bank arrangements. These contracts are entered into on commercial terms. In addition, the Group seeks to invest its cash resources risk free at the best interest rate available.

Credit risk

The Group trades only with recognised, creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms are subject to vetting procedures. In addition, receivable balances are monitored on an on-going basis with the result that the Group's exposure to bad debts is not significant.

Economic downturn

The success of the Group is reliant on consumer and industrial spending. An economic downturn, resulting in reduction of consumer spending power may have a direct impact on the income achieved by the Group. In response to this risk, senior management monitors the economic conditions.

People

The success of the Group is largely dependent upon the recruitment and retention of our employees.

Going concern

The directors believe that it is appropriate to adopt the going concern basis of accounting in preparing the consolidated financial statements.

The directors have prepared monthly cash flow forecasts for the Group to 31 August 2025 and tested these for reasonably possible alternative scenarios.

Based on this, the Group will have sufficient liquidity to meet its liabilities as they fall due and the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

CRANE GROUP HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
FINANCIAL KEY PERFORMANCE INDICATORS

The key financial performance indicators of the Group are gross margin and operating profit and are monitored on a monthly basis. The directors are satisfied with the levels achieved for the period ended 30 November 2022:

2023 2022

                 £         £    

Gross profit          4,814,893     3,735,396         

Gross margin          66%     64%     

Operating profit          1,121,585     411,570             

Operating margin 15% 7%

On behalf of the board

A J Duffin
Director
23 July 2024
CRANE GROUP HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the group during the year was that of the design and manufacture of a comprehensive range of torque control and measurement equipment.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. 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:

A J Duffin
P W Everitt
M R J Mourant
C M Walker
Auditor

In accordance with the company's articles, a resolution proposing that Spencer Gardner Dickins Audit LLP be reappointed as auditor of the group will be put at a General Meeting.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of performance.

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.

On behalf of the board
A J Duffin
Director
23 July 2024
CRANE GROUP HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -

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.

CRANE GROUP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRANE GROUP HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of Crane Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 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:

CRANE GROUP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRANE GROUP HOLDINGS LTD
- 6 -
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.

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

CRANE GROUP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRANE GROUP HOLDINGS LTD
- 7 -

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.

Debra Knighton FCCA (Senior Statutory Auditor)
For and on behalf of Spencer Gardner Dickins Audit LLP
2 August 2024
Chartered Accountants
Statutory Auditor
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
CRANE GROUP HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
7,277,915
5,835,677
Cost of sales
(2,463,022)
(2,100,282)
Gross profit
4,814,893
3,735,395
Administrative expenses
(3,723,253)
(3,395,852)
Other operating income
29,946
72,027
Operating profit
4
1,121,586
411,570
Interest receivable and similar income
8
13,584
67
Interest payable and similar expenses
9
(64,916)
(43,689)
Amounts written off investments
10
-
(1,000)
Profit before taxation
1,070,254
366,948
Tax on profit
11
(255,735)
(29,260)
Profit for the financial year
29
814,519
337,688
Profit for the financial year is all attributable to the owners of the parent company.
CRANE GROUP HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
814,519
337,688
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(106,369)
197,406
Total comprehensive income for the year
708,150
535,094
Total comprehensive income for the year is all attributable to the owners of the parent company.
CRANE GROUP HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
597,577
592,852
Current assets
Stocks
17
1,657,837
1,479,901
Debtors
18
1,033,469
1,039,309
Cash at bank and in hand
1,507,673
2,068,345
4,198,979
4,587,555
Creditors: amounts falling due within one year
19
(1,156,521)
(1,143,229)
Net current assets
3,042,458
3,444,326
Total assets less current liabilities
3,640,035
4,037,178
Creditors: amounts falling due after more than one year
20
(1,023,468)
(2,166,072)
Provisions for liabilities
Deferred tax liability
24
37,311
-
0
(37,311)
-
Net assets
2,579,256
1,871,106
Capital and reserves
Called up share capital
28
948
948
Share premium account
29
103,391
103,391
Other reserves
29
(288)
(288)
Profit and loss reserves
29
2,475,205
1,767,055
Total equity
2,579,256
1,871,106

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

The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
23 July 2024
A J Duffin
Director
Company registration number 12980586 (England and Wales)
CRANE GROUP HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
4,038,081
4,038,081
Current assets
Debtors
18
1,944,814
1,944,814
Cash at bank and in hand
288
288
1,945,102
1,945,102
Creditors: amounts falling due within one year
19
(3,169,368)
(2,010,017)
Net current liabilities
(1,224,266)
(64,915)
Total assets less current liabilities
2,813,815
3,973,166
Creditors: amounts falling due after more than one year
20
(895,499)
(1,990,000)
Net assets
1,918,316
1,983,166
Capital and reserves
Called up share capital
28
948
948
Share premium account
29
103,391
103,391
Profit and loss reserves
29
1,813,977
1,878,827
Total equity
1,918,316
1,983,166

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £64,850 (2022 - £43,133 loss).

The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
23 July 2024
A J Duffin
Director
Company registration number 12980586 (England and Wales)
CRANE GROUP HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 December 2021
948
103,391
(288)
1,231,961
1,336,012
Year ended 30 November 2022:
Profit for the year
-
-
-
337,688
337,688
Other comprehensive income:
Currency translation differences
-
-
-
197,406
197,406
Total comprehensive income for the year
-
-
-
535,094
535,094
Balance at 30 November 2022
948
103,391
(288)
1,767,055
1,871,106
Year ended 30 November 2023:
Profit for the year
-
-
-
814,519
814,519
Other comprehensive income:
Currency translation differences
-
-
-
(106,369)
(106,369)
Total comprehensive income for the year
-
-
-
708,150
708,150
Balance at 30 November 2023
948
103,391
(288)
2,475,205
2,579,256
CRANE GROUP HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 December 2021
948
103,391
1,921,960
2,026,299
Year ended 30 November 2022:
Loss and total comprehensive income for the year
-
-
(43,133)
(43,133)
Balance at 30 November 2022
948
103,391
1,878,827
1,983,166
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
(64,850)
(64,850)
Balance at 30 November 2023
948
103,391
1,813,977
1,918,316
CRANE GROUP HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
1,048,858
359,504
Interest paid
(64,917)
(43,689)
Income taxes paid
(157,000)
(5,506)
Net cash inflow from operating activities
826,941
310,309
Investing activities
Purchase of tangible fixed assets
(152,224)
(47,599)
Interest received
13,584
67
Net cash used in investing activities
(138,640)
(47,532)
Financing activities
Repayment of borrowings
(1,142,604)
(91,004)
Net cash used in financing activities
(1,142,604)
(91,004)
Net (decrease)/increase in cash and cash equivalents
(454,303)
171,773
Cash and cash equivalents at beginning of year
2,068,345
1,698,859
Effect of foreign exchange rates
(106,369)
197,713
Cash and cash equivalents at end of year
1,507,673
2,068,345
CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 15 -
1
Accounting policies
Company information

Crane Group Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3 Watling Drive, Sketchley Meadows, Hinckley, Leicestershire, LE10 3EY.

 

The group consists of Crane Group Holdings Ltd 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, modified to include certain financial instruments at fair value. 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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Crane Group Holdings Ltd 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 30 November 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.

1.4
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.

1.5
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.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.7
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. Negative goodwill is written off in the year that it materialises.

 

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.

1.8
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
50 years from date of purchase
Plant and equipment
2 - 5 years from date of purchase
Fixtures and fittings
5 - 15 years from date of purchase
Motor vehicles
3 - 4 years from date of purchase

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.

1.9
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.

1.10
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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.11
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.13
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.

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.

1.14
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.

CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.15
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 if, and only if, there is 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.

1.16
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.

The company operates an employee benefit trust (EBT) and has de facto control of the shares held by the trust and bears their benefits and risks. The group and company records assets and liabilities of the trust as its own. Consideration paid by the EBT scheme for shares of the company is deducted from equity. Finance costs and administrative expenses incurred by the company in relation to the EBT are recognised on an accruals basis.

1.17
Retirement benefits

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

1.18
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.

CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 20 -

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.

1.19
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.

1.20
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 group’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.

Critical judgements
Stock obsolescence provisions

At each balance sheet date the directors assess stock for obsolescence. Due to the size and nature of stock this is a key accounting estimate.

 

The provision is calculated based on an estimate of the remaining life of stock held at the balance sheet date.

Warranty provision

Management estimation is required to determine the amounts of provision required for use of product warranties based upon prior year usage of warranties and management knowledge of products.

CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 21 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
5,693,752
4,445,550
Rendering of services
1,584,163
1,390,127
7,277,915
5,835,677
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
1,287,626
1,312,360
Europe
1,219,103
676,621
Rest of the World
4,771,186
3,846,696
7,277,915
5,835,677
2023
2022
£
£
Other revenue
Interest income
13,584
67
Grants received
2,412
8,324
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(72,208)
219,795
Government grants
(2,412)
(8,324)
Depreciation of owned tangible fixed assets
83,298
102,101
Depreciation of tangible fixed assets held under finance leases
55,430
-
Profit on disposal of tangible fixed assets
-
(20,000)
Operating lease charges
156,686
131,965
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
7,250
2,905
Audit of the financial statements of the company's subsidiaries
26,400
26,630
33,650
29,535
For other services
Taxation compliance services
2,550
5,630
CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
5
Auditor's remuneration
(Continued)
- 22 -
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
Production
30
23
-
-
Administrative
39
43
4
4
Total
69
66
4
4

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,752,179
2,440,304
-
0
-
0
Social security costs
205,537
171,750
-
-
Pension costs
65,513
57,592
-
0
-
0
3,023,229
2,669,646
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
296,506
294,670
Company pension contributions to defined contribution schemes
25,342
23,572
321,848
318,242

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
85,558
91,519
Company pension contributions to defined contribution schemes
2,317
2,254
CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 23 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
13,584
67
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
-
168
Interest on finance leases and hire purchase contracts
-
385
Other interest
64,916
43,136
Total finance costs
64,916
43,689
10
Amounts written off investments
2023
2022
£
£
Other gains and losses
-
(1,000)
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
162,388
107,237
Adjustments in respect of prior periods
-
0
(33,739)
Total current tax
162,388
73,498
Deferred tax
Origination and reversal of timing differences
93,347
(44,238)
Total tax charge
255,735
29,260
CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
11
Taxation
(Continued)
- 24 -

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
1,070,254
366,948
Expected tax charge based on the standard rate of corporation tax in the UK of 23.00% (2022: 19.00%)
246,158
69,720
Tax effect of expenses that are not deductible in determining taxable profit
5,866
829
Unutilised tax losses carried forward
-
0
8,195
Change in unrecognised deferred tax assets
(28,117)
20,878
Adjustments in respect of prior years
-
0
(33,739)
Permanent capital allowances in excess of depreciation
(445)
(10,566)
Research and development tax credit
(46,113)
(81,984)
Effect of overseas tax rates
78,386
55,686
Deferred tax adjustments in respect of prior years
-
0
241
Taxation charge
255,735
29,260
12
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 December 2022 and 30 November 2023
(281,284)
Amortisation and impairment
At 1 December 2022 and 30 November 2023
(281,284)
Carrying amount
At 30 November 2023
-
0
At 30 November 2022
-
0
The company had no intangible fixed assets at 30 November 2023 or 30 November 2022.

The negative goodwill was in relation to the acquisition of Crane Group Limited.

CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
191,398
537,115
74,050
10,957
813,520
Additions
-
0
139,858
12,366
-
0
152,224
Disposals
-
0
(202,753)
(79,487)
-
0
(282,240)
Exchange adjustments
(11,239)
(11,046)
-
0
(361)
(22,646)
At 30 November 2023
180,159
463,174
6,929
10,596
660,858
Depreciation and impairment
At 1 December 2022
28,653
159,702
24,886
7,427
220,668
Depreciation charged in the year
5,009
115,462
15,575
2,682
138,728
Eliminated in respect of disposals
-
0
(202,753)
(79,487)
-
0
(282,240)
Exchange adjustments
(4,121)
(9,543)
-
0
(211)
(13,875)
At 30 November 2023
29,541
62,868
(39,026)
9,898
63,281
Carrying amount
At 30 November 2023
150,618
400,306
45,955
698
597,577
At 30 November 2022
162,745
377,413
49,164
3,530
592,852
The company had no tangible fixed assets at 30 November 2023 or 30 November 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
198,120
253,550
-
0
-
0
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
4,038,081
4,038,081
CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
14
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2022 and 30 November 2023
4,038,081
Carrying amount
At 30 November 2023
4,038,081
At 30 November 2022
4,038,081
15
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Crane Group Limited
1
Ordinary
100.00
-
Crane Electronics Group Limited
1
Preference & Ordinary
100.00
-
Crane Electronics Limited
1
Ordinary
100.00
-
Crane Electronics Inc*
2
Ordinary
-
100.00
Task Engineering (Peckleton) Limited
1
Ordinary
100.00
-
Crane Electronics GmbH*
3
Ordinary
-
100.00

Registered office addresses (all UK unless otherwise indicated):

1
3 Watling Drive, Sketchley Meadows, Hinckley, Leicestershire, LE10 3EY
2
1260 11th Street West, Milan, Illinois, 61264, USA
3
Im rank 5, 73655 Pluderhausen

*held indirectly through Crane Electronics Limited

 

Industrial Measurements Limited was struck off the company register on 1 March 2022.

16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
13,972
-
-
-
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
-
71,262
-
-
CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
16
Financial instruments
(Continued)
- 27 -

Financial instruments include financial liabilities on forward foreign exchange contracts. The prior year figures have been amended to properly disclose the fair value of the financial liability. Previously, the entire transaction associated with the forward contract had been disclosed on the balance sheet rather than the underlying value of the contract. Profit and net assets were unaffected by this amendment.

17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,030,747
822,223
-
-
Work in progress
260,679
204,322
-
-
Finished goods and goods for resale
366,411
453,356
-
0
-
0
1,657,837
1,479,901
-
-
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
830,628
739,795
-
0
-
0
Corporation tax recoverable
-
0
725
-
0
-
0
Amounts owed by group undertakings
-
-
1,944,030
1,944,030
Derivative financial instruments
13,972
-
-
-
Other debtors
57,211
51,820
784
784
Prepayments and accrued income
131,658
179,744
-
0
-
0
1,033,469
972,084
1,944,814
1,944,814
Deferred tax asset (note 24)
-
0
62,225
-
0
-
0
1,033,469
1,034,309
1,944,814
1,944,814
Amounts falling due after more than one year:
Other debtors
-
0
5,000
-
0
-
0
Total debtors
1,033,469
1,039,309
1,944,814
1,944,814

Amounts owed by group undertakings are unsecured, interest free and repayable on demand (company only).

CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 28 -
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
22
49,887
49,887
-
0
-
0
Other borrowings
21
80,811
80,811
-
0
-
0
Trade creditors
463,411
324,683
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,161,642
1,998,063
Corporation tax payable
70,925
72,451
-
0
-
0
Other taxation and social security
53,787
62,428
-
-
Derivative financial instruments
-
0
71,262
-
0
-
0
Government grants
25
-
0
4,997
-
0
-
0
Other creditors
13,370
46,876
-
0
-
0
Accruals and deferred income
424,330
429,834
7,726
11,954
1,156,521
1,143,229
3,169,368
2,010,017

Hire purchase liabilities which are secured on the assets to which they relate.

 

Amounts owed to group undertakings are unsecured, interest free and repayable on demand (company only).

20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Convertible loans
23
895,499
1,990,000
895,499
1,990,000
Obligations under finance leases
22
127,969
176,072
-
0
-
0
1,023,468
2,166,072
895,499
1,990,000

Hire purchase liabilities which are secured on the assets to which they relate.

21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
80,811
80,811
-
0
-
0
Payable within one year
80,811
80,811
-
0
-
0

The bank loans are secured by a fixed and floating charge over all assets and a cross guarantee across all group companies and carry an interest rate of 4.99%. Other loans are unsecured and interest free.

 

On 27 November 2020, following the restructuring of the group, an unlimited guarantee was given across all group companies.

CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 29 -
22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
49,887
49,887
-
0
-
0
In two to five years
127,969
176,072
-
0
-
0
177,856
225,959
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Convertible loan notes
Group
Company
2023
2022
2023
2022
£
£
£
£
Liability component of convertible loan notes
895,499
1,990,000
895,499
1,990,000

The net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity.

The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Balance Sheet represents the effective interest rate less interest paid to that date.

The effective rate of interest is 1.34%.

The equity component of the convertible loan notes has been credited to the equity reserve.

24
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
91,833
-
-
(20,184)
Other timing differences
(13,000)
-
-
35,766
Deferred tax on PURP adjustment
(41,522)
-
-
39,153
Transferred on acquisition
-
-
-
7,490
37,311
-
-
62,225
CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
24
Deferred taxation
(Continued)
- 30 -
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 December 2022
(62,225)
-
Charge to profit or loss
99,536
-
Liability at 30 November 2023
37,311
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

25
Government grants
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
-
4,997
-
-
26
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
65,513
57,592

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.

27
Share-based payment transactions

On 30 October 2023 a share based payment plan was established by Crane Group Holdings Limited. Under this plan certain key employees of the group were granted options over shares in Crane Group Holdings Limited at an exercise price of £0.1250 per share. The options should vest on sale or listing of the company to the extent that relevant performance conditions have been met and are also dependent on the overall value of the company at the time.

CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
27
Share-based payment transactions
(Continued)
- 31 -
Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 December 2022
-
-
-
-
Granted
1,658,678
-
0.13
-
Outstanding at 30 November 2023
1,658,678
-
-
-
Exercisable at 30 November 2023
-
-
-
-
28
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of 0.01p each
2,875,650
2,875,650
288
288
Ordinary of 0.01p each
6,602,500
6,602,500
660
660
9,478,150
9,478,150
948
948
29
Reserves
Share premium

Share premium contains the excess paid for shares over the nominal value.

 

Profit & loss account

The profit and loss account contains all current and prior period retained profit and losses.

 

Other reserves

Other reserves represents shares that the Crane Trustee Limited Employee Benefit Trust holds in Crane Group Holdings Ltd.

CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 32 -
30
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
121,293
113,027
-
-
Between two and five years
345,239
360,794
-
-
In over five years
178,750
270,188
-
-
645,282
744,009
-
-
31
Intermediary

The parent company of the group is a sponsoring entity for the intermediary Crane Trustee Limited Employee Benefit Trust. The assets and liabilities of the intermediary are presented within the results of the sponsoring entity and any transactions between both entities have been voided for the purpose of the financial statements.

The inclusion of the intermediary has resulted in the following adjustments to the group figures:

 

- £288 decrease in other reserves

32
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
814,519
337,688
Adjustments for:
Taxation charged
255,735
29,260
Finance costs
64,916
43,689
Investment income
(13,584)
(67)
Gain on disposal of tangible fixed assets
-
(20,000)
Depreciation and impairment of tangible fixed assets
138,728
102,101
Foreign exchange gains on cash equivalents
8,772
(19,404)
Other gains and losses
-
1,000
Movements in working capital:
Increase in stocks
(177,936)
(302,337)
(Increase)/decrease in debtors
(57,110)
232,526
Increase/(decrease) in creditors
14,818
(44,952)
Cash generated from operations
1,048,858
359,504
CRANE GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 33 -
33
Analysis of changes in net funds/(debt) - group
1 December 2022
Cash flows
New finance leases
Other non-cash changes
30 November 2023
£
£
£
£
£
Cash at bank and in hand
2,068,345
(560,672)
-
-
1,507,673
Borrowings excluding overdrafts
(80,811)
-
-
-
(80,811)
Obligations under finance leases
(225,959)
71,703
(23,600)
-
(177,856)
Convertible loan notes
(1,990,000)
3,084,501
-
(1,990,000)
(895,499)
(228,425)
2,595,532
(23,600)
(1,990,000)
353,507
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