Company registration number 05742586 (England and Wales)
FRANK BARNES (CRANE HIRE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FRANK BARNES (CRANE HIRE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
FRANK BARNES (CRANE HIRE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,080
1,358
Current assets
Debtors
5
188,708
165,338
Cash at bank and in hand
137,194
133,657
325,902
298,995
Creditors: amounts falling due within one year
6
(767,019)
(709,434)
Net current liabilities
(441,117)
(410,439)
Net liabilities
(440,037)
(409,081)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(440,038)
(409,082)
Total equity
(440,037)
(409,081)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
S Barnes
Director
Company registration number 05742586 (England and Wales)
FRANK BARNES (CRANE HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Frank Barnes (Crane Hire) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Robin Bank Works, Frederick Street, Darwen, BB3 1DY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

These accounts have been prepared on the going concern basis with the company receiving continued support from the ultimate parent company Frank Barnes (Darwen) Limited. At the time of preparing these accounts there has been no indication of this support being withdrawn in truethe foreseeable future.

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.

Rendering of services

Revenue from contracts for the provision of crane hire services is recognised on a straight line basis over the period of the hire contract.

1.4
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:

Fixtures, fittings & equipment
15% Straight line basis
Motor vehicles
25% Straight line basis

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.

FRANK BARNES (CRANE HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting end date, the company 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 and compared to the carrying amount in order to determine the extent of the impairment loss. Impairment losses are recognised in the profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.6
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.

1.7
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.

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.

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.

1.8
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.

FRANK BARNES (CRANE HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.9
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.

1.10
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 company’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 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

FRANK BARNES (CRANE HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
34,825
Depreciation and impairment
At 1 April 2023
33,467
Depreciation charged in the year
278
At 31 March 2024
33,745
Carrying amount
At 31 March 2024
1,080
At 31 March 2023
1,358
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
169,809
153,089
Other debtors
18,899
12,249
188,708
165,338
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
58,878
40,180
Amounts owed to group undertakings
680,185
652,617
Taxation and social security
12,539
7,974
Other creditors
15,417
8,663
767,019
709,434
FRANK BARNES (CRANE HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
680,185
652,617
8
Parent company

The ultimate parent company of Frank Barnes (Crane Hire) Limited is Frank Barnes (Darwen) Limited whose registered office is Albert Mill, Cross Street, Darwen, BB3 2PN.

2024-03-312023-04-01false03 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityD BarnesM BarnesS BarnesMs Gemma Barnesfalsefalse057425862023-04-012024-03-31057425862024-03-31057425862023-03-3105742586core:OtherPropertyPlantEquipment2024-03-3105742586core:OtherPropertyPlantEquipment2023-03-3105742586core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3105742586core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105742586core:CurrentFinancialInstruments2024-03-3105742586core:CurrentFinancialInstruments2023-03-3105742586core:ShareCapital2024-03-3105742586core:ShareCapital2023-03-3105742586core:RetainedEarningsAccumulatedLosses2024-03-3105742586core:RetainedEarningsAccumulatedLosses2023-03-3105742586bus:Director32023-04-012024-03-3105742586core:FurnitureFittings2023-04-012024-03-3105742586core:MotorVehicles2023-04-012024-03-31057425862022-04-012023-03-3105742586core:OtherPropertyPlantEquipment2023-03-3105742586core:OtherPropertyPlantEquipment2023-04-012024-03-3105742586core:WithinOneYear2024-03-3105742586core:WithinOneYear2023-03-3105742586core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-03-3105742586bus:PrivateLimitedCompanyLtd2023-04-012024-03-3105742586bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3105742586bus:FRS1022023-04-012024-03-3105742586bus:AuditExemptWithAccountantsReport2023-04-012024-03-3105742586bus:Director12023-04-012024-03-3105742586bus:Director22023-04-012024-03-3105742586bus:CompanySecretary12023-04-012024-03-3105742586bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP