Company registration number 05101808 (England and Wales)
SKYLINE ARCOMET LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SKYLINE ARCOMET LIMITED
COMPANY INFORMATION
Directors
Mr Philippe Cohet
Mr O Le Roy
(Appointed 30 April 2024)
Company number
05101808
Registered office
Ceme Business Campus
Marsh Way
Rainham
Essex
RM13 8EU
Auditor
Bishop Fleming LLP
1-3 College Yard
Worcester
Worcestershire
WR1 2LB
Business address
Ceme Business Campus
Marsh Way
Rainham
Essex
RM13 8EU
SKYLINE ARCOMET LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
SKYLINE ARCOMET LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the Year ended 31 December 2023.

Review of the business

2023 saw a reduction in trade due a reduction in the level of cranes being sold, with the business concentrating on its rental and service activities. The Directors are pleased to report the business remained profitable and further strengthened its Balance Sheet.

Key performance indicators

 

2023             2022

Turnover                 £11,712,070     £16,819,241

Gross Profit %                32.88%            28.08%

Admin Expenses %            31.85%            16.91%

Net Profit %                0.91%            9.40%

Current Ratio %                5.0            3.3

Debtor Days                67            61

Creditor Days                64            72

 

The fall in turnover relates to a reduction in crane sales activity, and the Directors are pleased to report the business core activity of crane rental grew in 2023, due to ongoing investment in its fleet, team and infrastructure.

 

This change of activity mix led to a strengthening of gross margin, in turn allowing the company to remain profitable, despite some significant non-recurring administration expenses.

Principal risks and uncertainties

In common with other businesses, the company aims to minimise financial risk. The company continues to operate and review specific policies, agreed by the board, to control and monitor risk. The primary areas of risk are as follows:

Credit risk:

 

The company's principal financial assets are contract debtors and other receivables. All new clients are referenced with reputable credit reporting agencies. Contract debtors are regularly reviewed and variance from agreed terms is reported immediately.

 

Liquidity risk:

 

The company maintains appropriate funding levels relative to the level of current and future requirements arising from the company's strategy. Cash flow forecasts are prepared on a daily/​weekly basis and are closely monitored. We maintain a proactive relationship with our preferred lenders to ensure transparency and appropriate levels of facilities are maintained. This is an area of detailed analysis on a very regular basis and we consider current arrangements are adequate. Overheads are still very well controlled and cashflow is monitored on a permanent and rolling basis to ensure cash is managed effectively.

 

Market risk:

 

The principal risk facing the business is the uncertainty of the UK economy. The previous sustained period of difficult market conditions has allowed the company to develop robust monitoring processes. We also recognise risk of large volumes of work can potentially be with a relatively small number of contractors, creating over­reliance from such customers. At the present time, our market intelligence indicates that there will be a continuing spread of contractors offering work to reduce any such risk to more than acceptable levels and at satisfactory profit levels. The company is also continuing to expand into new sectors.

 

 

SKYLINE ARCOMET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Development and Performance

The company will continue to consolidate its position in the market place. The company is hopeful it will remain profitable in the forthcoming period and there is a general expectation in the market a 2024 UK general election will lead to an increase in construction activity, increasing the companies trade further.

 

On behalf of the board

Mr O Le Roy
Director
23 September 2024
SKYLINE ARCOMET LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the Year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of the supply, maintenance, repair and sale of tower cranes.

Results and dividends

The results for the Year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend (2022: nil).

Directors

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

Mr Philippe Cohet
Mr Sven Vrancken
(Resigned 25 June 2024)
Mr K Tebbutt
(Resigned 30 November 2023)
L Gee-Nyland
(Resigned 30 September 2023)
Mr D Holder
(Appointed 1 February 2023 and resigned 27 March 2024)
Mr C N E McNiel
(Appointed 7 August 2023 and resigned 30 April 2024)
Mr O Le Roy
(Appointed 30 April 2024)
Post balance sheet events

The ongoing conflict between Russia and Ukraine continues to be monitored by the business, however currently there is no direct impact to the business.

Auditor

The auditor, Bishop Fleming LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 company’s auditor 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 company’s auditor is aware of that information.

Going Concern

The company’s business activity, together with the factors likely to affect its future development and position are set out on pages 1 and 2 of the Strategic Report.

The company has prepared a cash flow forecast for the period to 30 September 2025, being the going concern period.

 

The company’s forecast, taking account of reasonably possible changes in trading performance and the company’s current cash position, show that the company should be able to operate within the level of its current resources for the period to 30 September 2025.

 

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the period to 30 September 2025. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Director's Liabilities

The company has not granted any indemnity to its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006.

SKYLINE ARCOMET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
Mr O Le Roy
Director
23 September 2024
SKYLINE ARCOMET LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The directors acknowledge their responsibilities for preparing the Director's 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company and of the profit or loss of the company 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 company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 com company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under applicable law and regulations, the directors are also responsible for preparing a strategic report, directors’ report, that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website.

SKYLINE ARCOMET LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SKYLINE ARCOMET LIMITED
- 6 -
Opinion

We have audited the financial statements of Skyline Arcomet Limited (the 'company') for the Year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes 1 - 28, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 below. We are independent of the 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 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. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

SKYLINE ARCOMET LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKYLINE ARCOMET LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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, on page 5, 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 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 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.  The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows:

 

SKYLINE ARCOMET LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKYLINE ARCOMET LIMITED
- 8 -

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 a 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.

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.

David Butler
Senior Statutory Auditor
For and on behalf of Bishop Fleming LLP
26 September 2024
Chartered Accountants
Statutory Auditor
1-3 College Yard
Worcester
Worcestershire
WR1 2LB
SKYLINE ARCOMET LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Year
Year
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
11,712,070
16,819,241
Cost of sales
(7,861,053)
(12,096,780)
Gross profit
3,851,017
4,722,461
Administrative expenses
(3,730,624)
(2,843,345)
Other operating income
-
0
11,438
Operating profit
4
120,393
1,890,554
Interest receivable and similar income
7
303,536
299,230
Interest payable and similar expenses
8
(181,516)
(166,398)
Profit before taxation
242,413
2,023,386
Tax on profit
9
(135,410)
(442,291)
Profit for the financial Year
107,003
1,581,095

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SKYLINE ARCOMET LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
13,200,046
13,765,004
Investments
11
762,842
762,842
13,962,888
14,527,846
Current assets
Stocks
13
1,089,375
1,243,029
Debtors
14
13,323,999
13,575,214
Cash at bank and in hand
381,472
2,175,146
14,794,846
16,993,389
Creditors: amounts falling due within one year
15
(2,959,119)
(5,087,051)
Net current assets
11,835,727
11,906,338
Total assets less current liabilities
25,798,615
26,434,184
Creditors: amounts falling due after more than one year
16
(2,064,598)
(2,920,397)
Provisions for liabilities
18
(2,588,376)
(2,475,149)
Net assets
21,145,641
21,038,638
Capital and reserves
21
Called up share capital
20
4
4
Share premium account
5,574,973
5,574,973
Profit and loss reserves
15,570,664
15,463,661
Total equity
21,145,641
21,038,638
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr O Le Roy
Director
Company Registration No. 05101808
SKYLINE ARCOMET LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
4
5,574,973
13,882,566
19,457,543
Period ended 31 December 2022:
Profit and total comprehensive income
-
-
1,581,095
1,581,095
Balance at 31 December 2022
4
5,574,973
15,463,661
21,038,638
Period ended 31 December 2023:
Profit and total comprehensive income
-
-
107,003
107,003
Balance at 31 December 2023
4
5,574,973
15,570,664
21,145,641
SKYLINE ARCOMET LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(47,082)
1,481,290
Interest paid
(181,516)
(166,398)
Income taxes paid
(20,618)
(138,011)
Net cash (outflow)/inflow from operating activities
(249,216)
1,176,881
Investing activities
Purchase of tangible fixed assets
(426,746)
(902,816)
Proceeds from disposal of tangible fixed assets
392,070
285,889
Interest received
7,511
740
Net cash used in investing activities
(27,165)
(616,187)
Financing activities
Payment of finance leases obligations
(1,517,293)
(1,997,267)
Net cash used in financing activities
(1,517,293)
(1,997,267)
Net decrease in cash and cash equivalents
(1,793,674)
(1,436,573)
Cash at beginning of Year
2,175,146
3,611,719
Cash at end of Year
381,472
2,175,146
SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Skyline Arcomet Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ceme Business Campus, Marsh Way, Rainham, Essex, RM13 8EU.

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.

This 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:

 

 

Skyline Arcomet Limited is a wholly owned subsidiary of Uperio UK Limited and the results of both companies are included in the consolidated financial statements of Upscale Holding 1 SAS which are available from 19 Quai Perrache, 69 002 Lyon.

1.2
Going concern

The company’s business activity, together with the factors likely to affect its future development and position are set out on pages 1 and 2 of the Strategic Report.true

The company has prepared a cash flow forecast for the period to 30 September 2025, being the going concern period.

 

The company’s forecast, taking account of reasonably possible changes in trading performance and the company’s current cash position, show that the company should be able to operate within the level of its current resources for the period to 30 September 2025.

 

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the period to 30 September 2025. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.3
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 delivery 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.

1.4
Tangible fixed assets

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

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

Plant and machinery
20% & 4.67% on straight line
Fixtures, fittings & equipment
25% on reducing balance and 33.33% on straight line
Motor vehicles
25% on 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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
Cash at bank and in hand

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.

1.9
Financial instruments

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

 

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

 

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

SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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 company 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 company after deducting all of its liabilities.

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.

SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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 company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.12
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 statement of comprehensive income 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.

SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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 statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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.

1.14
Retirement benefits

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

1.15
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 the statement of comprehensive income so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

1.16
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 are included in the statement of comprehensive income for the period.

SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2
Judgements and key sources of estimation uncertainty

In preparing the financial statements management develops estimates and judgements that affect the reported amount of assets and liabilities, revenue and costs, and related disclosures of the financial statements. Actual results may differ from estimates under different assumptions and conditions.

 

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful lives of depreciable assets

Fixed assets are measured at cost net of depreciation. The latter is calculated by reference to the expected useful life of the fixed assets which is determined by reference to historical trends in asset disposal profit/loss transactions, prevailing market and economic trends, and general accounting practice.

Impairment assessment of Investments and Loans to group undertakings

Management assesses whether there are any impairment indicators and if so would prepare a discounted cash flow to assess whether an impairment provision was required.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Crane Hire
5,007,711
4,687,829
Sale of cranes and spare parts
3,762,910
8,869,169
Rental
-
12,416
Labour Service
2,941,449
3,249,827
11,712,070
16,819,241
2023
2022
£
£
Turnover analysed by geographical market
UK
11,526,575
16,650,599
Europe - Excluding UK
12,303
105,442
Rest of World
173,192
63,200
11,712,070
16,819,241
2023
2022
£
£
Other revenue
Interest income
303,536
299,230
SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
4
Operating profit
2023
2022
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange losses/(gains)
7,013
(20,110)
Fees payable to the company's auditor for the audit of the company's financial statements
30,050
47,742
Depreciation of owned tangible fixed assets
559,089
530,008
Depreciation of tangible fixed assets held under finance leases
402,964
369,654
Loss on disposal of tangible fixed assets
56,735
32,821
Operating lease charges
721,372
476,177
5
Employees

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

2023
2022
Number
Number
Directors
5
4
Administration
13
13
Site
19
21
Total
37
38

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,273,335
2,324,348
Social security costs
267,633
290,658
Pension costs
44,865
38,489
2,585,833
2,653,495
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
322,026
220,000
Company pension contributions to defined contribution schemes
8,823
1,321
330,849
221,321

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 1).

SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
- 21 -
Two (2022 - 2) of the directors are remunerated by other group companies.  The company is charged a management fee of £263,992 (2022 - £310,825) which includes remuneration for these directors but it is not possible to separately identify.
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
98,700
120,000

No director exercised share options or received shares for qualifying services in the current or prior period.

7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
7,486
641
Interest receivable from group companies
296,025
298,490
Other interest income
25
99
Total income
303,536
299,230
8
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
181,516
166,398
9
Taxation
2023
2022
£
£
Current tax
Group tax relief
22,183
113,012
Deferred tax
Origination and reversal of timing differences
113,227
329,279
Total tax charge
135,410
442,291
SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 22 -

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
242,413
2,023,386
Expected tax charge based on the standard rate of corporation tax in the UK of marginal rates (2022: 19.00%)
57,017
384,443
Tax effect of expenses that are not deductible in determining taxable profit
75,966
925
Effect of change in corporation tax rate
6,701
79,027
Depreciation on assets not qualifying for tax allowances
649
699
Permanent Capital allowances in excess of depreciation
(4,923)
(22,803)
Taxation charge for the period
135,410
442,291

Change in tax rates

Section 6 of the Finance Act 2021 (FA 2021) increased the main rate of corporation tax from 19% to 25%, with effect from the financial year beginning 1 April 2023. (as enacted by Finance Act 2021 on 24 May 2021). Deferred taxes on the balance sheet have been measured at 25% for both the current and comparative year.

10
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
16,985,664
130,576
451,897
17,568,137
Additions
840,703
4,822
375
845,900
Disposals
(790,463)
-
0
(8,316)
(798,779)
At 31 December 2023
17,035,904
135,398
443,956
17,615,258
Depreciation and impairment
At 1 January 2023
3,553,407
91,519
158,207
3,803,133
Depreciation charged in the Year
874,568
14,047
73,438
962,053
Eliminated in respect of disposals
(344,125)
-
0
(5,849)
(349,974)
At 31 December 2023
4,083,850
105,566
225,796
4,415,212
Carrying amount
At 31 December 2023
12,952,054
29,832
218,160
13,200,046
At 31 December 2022
13,432,257
39,057
293,690
13,765,004
SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Tangible fixed assets
(Continued)
- 23 -

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

2023
2022
£
£
Plant and machinery
6,586,740
7,064,637
Motor vehicles
11,618
228,824
6,598,358
7,293,461
11
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
12
762,842
762,842
12
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Highsparks T.C.S. Limited
Thorniehall Farm, Douglas, Lanarkshire, Scotland, ML11 0RL
Supply, maintenance and repair of tower cranes
Ordinary
100.00
13
Stocks
2023
2022
£
£
Cranes and accessories
1,089,375
1,243,029
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,153,815
2,814,623
Corporation tax recoverable
-
0
1,565
Amounts owed by group undertakings
10,575,822
10,284,523
Other debtors
394,606
426,303
Prepayments and accrued income
199,756
48,200
13,323,999
13,575,214
SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Debtors
(Continued)
- 24 -

Included within "Amounts owed by parent undertakings" at the year end is a loan to the parent company, Uperio UK Limited, to the sum of £9,705,663 (2022 - £9,464,410). The loan is repayable on demand with interest accruing at a rate of 3% per annum.

 

 

15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
17
1,233,038
1,475,378
Trade creditors
1,387,110
2,361,451
Amounts due to group undertakings
96,661
21,214
Amounts due to parent undertakings
31,728
935,273
Other taxation and social security
71,634
185,148
Other creditors
27,851
27,508
Accruals and deferred income
111,097
81,079
2,959,119
5,087,051
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
17
2,064,598
2,920,397
17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
1,383,574
1,648,140
In two to five years
2,328,123
3,255,679
3,711,697
4,903,819
Less: future finance charges
(414,061)
(508,044)
3,297,636
4,395,775

Finance lease payments represent rentals payable by the company 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.

SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated Capital Allowances
2,588,376
2,475,149
2023
Movements in the Year:
£
Liability at 1 January 2023
2,475,149
Charge to profit or loss
113,227
Liability at 31 December 2023
2,588,376

The deferred tax liability set out above is expected to reverse within future years and relates to accelerated capital allowances that are expected to mature within the same period.

 

The deferred tax liability is not expected reverse within the next 12 months due to ongoing investment and the continuation of accelerated capital allowances.

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,865
38,489

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
267 ordinary A shares of 1p each
2
2
178 ordinary B shares of 1p each
2
2
4
4

The A and B ordinary shares rank pari passu and confer full entitlements to dividends and voting and capital distributions.

SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
21
Equity reserve

Called-up share capital – represents the nominal value of shares that have been issued.

 

Share premium account – includes any premiums received on issue of share capital. Any

transaction costs associated with the issuing of shares are deducted from share premium.

 

Profit and loss account – includes all current and prior period retained profits and losses.

22
Financial commitments, guarantees and contingent liabilities

Following an HSE enquiry, the company could be subject to a fine as a result of the collapse of a tower crane during Storm Katie in 2016. However, the directors, based on legal advice obtained and their associated defence, do not believe that it is more likely than not that an economic outflow will result from this matter and hence have not provided for this as at 31 December 2023. The quantum of a potential fine, should the company be unsuccessful in its defence is also not known at this point in time.  

23
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
643,112
215,515
Between two and five years
2,135,489
125,135
2,778,601
340,650
24
Related party transactions

Remuneration of Key management personnel is considered to only be that of the directors and is therefore disclosed within note 6.

 

At the year end the company was owed £9,804,692 (2022 - £9,464,410) from its parent company Uperio UK Limited.

 

At the year end the company owed £31,728 (2022 - £935,273) to its Ultimate parent company Uperio Holdings SAS.

 

At the year end the company was owed £771,131 (2022 - £820,113) from its subsidiary company Highsparks TCS Limited. At the year end the company owed £96,661 (2022 - £21,214) to its subsidiary company Highsparks TCS Limited.

 

No related party transactions with other parties, other than directors, were carried out under conditions other than at arms-length. Advantage has been taken of the exemption to disclose intra-group transactions with wholly owned subsidiaries. As at the year end, all group companies are 100% owned by the ultimate parent company, which prepares publicly available and consolidated financial statements.

SKYLINE ARCOMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
25
Parent company and controlling party

The immediate parent undertaking is Uperio UK Limited which holds 100% of the ordinary shares of Skyline Arcomet Limited. The smallest group into which Skyline Arcomet Limited is consolidated is Uperio België, a company incorporated in Belgium and whose financial statements are available at Arcomet Group, Industrieweg 139, B-3583 Paal-Beringen, Belgium.

 

The ultimate and controlling parent undertaking is TowerBrook Capital Partners LP. The largest group into which the entity is consolidated is Upscale Holding 1 SAS, a company incorporated in France and whose financial statements are available at Quai Perrache 19, 69002 Lyon, France.

26
Analysis of changes in net debt
1 January 2023
Cash flows
New finance leases
Interest
31 December 2023
£
£
£
£
£
Cash at bank and in hand
2,175,146
(1,793,674)
-
-
381,472
Obligations under finance leases
(4,395,775)
1,698,809
(419,154)
(181,516)
(3,297,636)
(2,220,629)
(94,865)
(419,154)
(181,516)
(2,916,164)
27
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the Year after tax
107,003
1,581,095
Adjustments for:
Taxation charged
135,410
442,291
Finance costs
181,516
166,398
Investment income
(303,536)
(299,230)
Loss on disposal of tangible fixed assets
56,735
32,821
Depreciation and impairment of tangible fixed assets
962,053
899,662
Movements in working capital:
Decrease/(increase) in stocks
153,654
(823,008)
Decrease/(increase) in debtors
545,675
(1,039,160)
(Decrease)/increase in creditors
(1,885,592)
520,421
Cash (absorbed by)/generated from operations
(47,082)
1,481,290
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