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CRANE WORLDWIDE UK LIMITED





ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
CRANE WORLDWIDE UK LIMITED
 

COMPANY INFORMATION


Directors
M D Slaughter 
D M Ross (appointed 1 February 2024)
J J Crane (appointed 1 February 2024)
D A Burck (appointed 1 February 2024)




Company secretary
LC Secretaries Limited



Registered number
SC346327



Registered office
Johnstone House
52-54 Rose Street

Aberdeen

AB10 1HA




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
CRANE WORLDWIDE UK LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3
Directors' Responsibilities Statement
4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 26


 
CRANE WORLDWIDE UK LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Crane Worldwide UK Limited is a company incorporated in Scotland. The principal activity of the company is the provision of specialised global customised transportation and logistics services.

Business review
 
The turnover for the year was £77.4m (2022: £120.2m) which equated to an decrease of 36% on the prior year. The gross profit has decreased to £15.11m (2022: £16.64m). The directors remain confident about the company's future prospects.

Principal risks and uncertainties
 
Financial risk management
 
The company participates in the group's centralised treasury arrangements and so shares banking arrangements with its parent and fellow subsidiaries. This allows the group to manage the financial risks of changes in foreign currency.
 
Credit risk
 
The Company provides credit terms to many of its customers and there is an associated risk that they do not pay outstanding balances as they fall due.  The Company has implemented policies that require appropriate credit checks on potential customers before sales are made.  The amount of exposure to any customer is subject to a limit which is reviewed on an ongoing basis.
 
Information technology
 
Technology systems are important to the Company’s operations.  Loss of service of key IT systems could potentially affect the Company’s ability to fulfil Customer shipments and orders.  IT risks are assessed by senior management with the appropriate expertise and action plans are in place.

Financial key performance indicators
 
The directors of Crane Worldwide Logistics LLC manage the group's operations on a divisional basis. For this reason, the company's directors believe that analysis using key performance indicators for the company is not necessary or appropriate for an understanding of the development, performance or position of the business of Crane Worldwide UK Limited.

Employees
 
The company recognises the need for good communication and is committed to involving all employees in its development. Employees are kept informed of, consulted and encouraged to express their views on matters which are likely to affect their interest in and contribution to their Company, its profitability and performance.
It is the company's policy to give full consideration to suitable applications for employment by disabled persons. Where an employee becomes disabled whilst employed, arrangements are made whenever practicable to continue their employment or provide training for any other suitable positions. Disabled persons are eligible to participate in all career development opportunities available to staff. All employees are given opportunities to develop their expertise and knowledge and to qualify for promotion in furtherance of their careers.

Page 1

 
CRANE WORLDWIDE UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the company
 
Section 172 (1) (a) to (f) requires the company directors to consider, both individually and collectively, that they have acted in the way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole in the decisions taken during the current year. 
 
When making these decisions the directors have given regard to:
• The likely consequences of any decisions on the long-term;
• The interests of the company’s employees;
• The need to foster the company’s business relationships with suppliers, customers and others;
• The impact of the company’s operations on the community and environment;
• The desirability of the company maintaining a reputation for high standards of business conduct and;
• The need to act fairly between shareholders of the company
 
The majority of stakeholder engagement is carried out by the board of directors who meet on a regular basis. The board considers and discusses information from across the organisation to help it understand the impact of the company’s operations, and the interests and views of our key stakeholders. It also reviews strategy, financial and operational performance as well as information covering areas such as key risks, and legal and regulatory compliance.
As a result of these activities, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006.

Environmental factors

The company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The company has complied with all applicable legislation and regulations.


This report was approved by the board and signed on its behalf.



D A Burck
Director

Date: 22 October 2024

Page 2

 
CRANE WORLDWIDE UK LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Results and dividends

The profit for the year, after taxation, amounted to £2,027,099 (2022 - £3,857,664).

Directors

The directors who served during the year were:

C R Taylor (resigned 1 February 2024)
M D Slaughter 
B P Rice (resigned 1 February 2024)

Future developments

There are no future developments which require disclosure within the financial statements.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditor

The auditor, Anderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D A Burck
Director

Date: 22 October 2024

Page 3

 
CRANE WORLDWIDE UK LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Strategic Report, the Directors' 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:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

 
CRANE WORLDWIDE UK LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CRANE WORLDWIDE UK LIMITED
 

Opinion


We have audited the financial statements of Crane Worldwide UK 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 and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 contained within the Annual ReportOur 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.


Page 5

 
CRANE WORLDWIDE UK LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CRANE WORLDWIDE UK LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.


Page 6

 
CRANE WORLDWIDE UK LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CRANE WORLDWIDE UK LIMITED (CONTINUED)

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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. 
The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: 
 
Timing and completeness of revenue recognition;
Compliance with relevant laws and regulations which may impact on the financial statements and those that the company needs to comply with for the purpose of trading;
Management judgements applied in calculating provisions; and
Management override of controls to manipulate the Company’s key performance indicators to meet targets

We discussed these risks with client management, designed audit procedures to address these risks including:
 
Testing a sample of sales transactions to source documents and vouching recognition is in the correct period;
Reviewed internal documentation and correspondence with regulators for evidence or irregularities;
Consideration of the assumptions applied whether the judgements applied in calculation of provisions were appropriate;
Reviewed areas of judgement and tested a sample of journal entries for indicators of management bias; and
Performed analytical procedures to identify any unusual or unexpected relationships which may be an indication of material misstatement due to fraud.


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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 7

 
CRANE WORLDWIDE UK LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CRANE WORLDWIDE UK LIMITED (CONTINUED)

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 2006Our 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.





Derek Mair (Senior Statutory Auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

22 October 2024
Page 8

 
CRANE WORLDWIDE UK LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
77,415,794
120,198,728

Cost of sales
  
(62,310,113)
(103,559,580)

Gross profit
  
15,105,681
16,639,148

Administrative expenses
  
(12,305,114)
(11,752,175)

Operating profit
  
2,800,567
4,886,973

Interest payable and expenses
 8 
(137,950)
(288,720)

Profit before tax
  
2,662,617
4,598,253

Tax on profit
 9 
(635,518)
(740,589)

Profit for the year
  
2,027,099
3,857,664

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
CRANE WORLDWIDE UK LIMITED
REGISTERED NUMBER:SC346327

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
742,175
911,850

  
742,175
911,850

Current assets
  

Debtors: amounts falling due within one year
 12 
13,415,557
21,590,917

Cash at bank and in hand
 13 
1,458,835
1,171,385

  
14,874,392
22,762,302

Creditors: amounts falling due within one year
 14 
(8,704,655)
(18,813,855)

Net current assets
  
 
 
6,169,737
 
 
3,948,447

Total assets less current liabilities
  
6,911,912
4,860,297

Provisions for liabilities
  

Deferred tax
 16 
(175,239)
(150,723)

  
 
 
(175,239)
 
 
(150,723)

Net assets
  
6,736,673
4,709,574


Capital and reserves
  

Called up share capital 
 17 
1
1

Profit and loss account
  
6,736,672
4,709,573

  
6,736,673
4,709,574


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D A Burck
J J Crane
Director
Director


Date: 22 October 2024
Date:21 October 2024

The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
CRANE WORLDWIDE UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1
851,909
851,910


Comprehensive income for the year

Profit for the year
-
3,857,664
3,857,664



At 1 January 2023
1
4,709,573
4,709,574


Comprehensive income for the year

Profit for the year
-
2,027,099
2,027,099


At 31 December 2023
1
6,736,672
6,736,673


The notes on pages 12 to 26 form part of these financial statements.

Page 11

 
CRANE WORLDWIDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Crane Worldwide UK Limited is a private limited company registered in Scotland. The registered office address is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA.
The principal activity of the company is the provision of specialised global customised transportation and logistics services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of CWL Intermediate Holding Company LLC as at 31 December 2023 and these financial statements may be obtained from Corporation Trust Center 1209 Orange Street, Wilmington, DE 19801.

 
2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate workings capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 12

 
CRANE WORLDWIDE UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
5 years straight line
Office equipment
-
3 - 7 years straight line
Computer equipment
-
3 - 7 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 13

 
CRANE WORLDWIDE UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
CRANE WORLDWIDE UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


 
Page 15

 
CRANE WORLDWIDE UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

Pensions

Defined contribution pension plan
The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
CRANE WORLDWIDE UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Comprehensive Income date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements.
Taxation
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.
Impairment of debtors
The company makes an assessment of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider various factors including the ageing profile of debtors and historical experience.

Page 17

 
CRANE WORLDWIDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

The whole of the turnover is attributable to the provision of specialised global customised transportation and logistics services.
The company has not disclosed an analysis of turnover by geographical market since, in the opinion of the directors, it would be seriously prejudicial to do so.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
272,638
223,038

Exchange differences
(37,667)
74,012


6.


Auditor's remuneration

During the year, the company obtained the following services from the company's auditor:


2023
2022
£
£



Fees payable to the company's auditor for the audit of the company's financial statements
35,750
32,500

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 18

 
CRANE WORLDWIDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
7,062,639
6,529,274

Social security costs
859,950
788,873

Cost of defined contribution scheme
241,236
214,288

8,163,825
7,532,435


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Management
8
8



Operations
125
99



Sales
6
8



Administration
11
10

150
125


8.


Interest payable and similar expenses

2023
2022
£
£


On other loans
137,950
288,720

137,950
288,720

Page 19

 
CRANE WORLDWIDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
685,913
887,294

Adjustments in respect of previous periods
(74,911)
(136,329)


Total current tax
611,002
750,965

Deferred tax


Origination and reversal of timing differences
(45,849)
(10,376)

Adjustment in respect of prior periods
70,365
-

Total deferred tax
24,516
(10,376)


Taxation on profit on ordinary activities
635,518
740,589

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,662,617
4,598,253


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
626,263
873,668

Effects of:


Expenses not deductible for tax purposes
14,590
7,659

Adjustment to tax charge in respect of prior periods
(74,911)
(136,329)

Adjustment to tax charge in respect of prior periods - deferred tax
70,365
-

Fixed asset differences
1,924
(1,919)

Remeasurement of deferred tax for changes in tax rates
(2,713)
(2,490)

Total tax charge for the year
635,518
740,589

Page 20

 
CRANE WORLDWIDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
117,063



At 31 December 2023

117,063



Amortisation


At 1 January 2023
117,063



At 31 December 2023

117,063



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 21

 
CRANE WORLDWIDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Leasehold improvements
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
989,244
454,326
245,612
1,689,182


Additions
12,141
74,538
16,284
102,963



At 31 December 2023
1,001,385
528,864
261,896
1,792,145



Depreciation


At 1 January 2023
371,551
238,365
167,416
777,332


Charge for the year on owned assets
170,407
77,290
24,941
272,638



At 31 December 2023
541,958
315,655
192,357
1,049,970



Net book value



At 31 December 2023
459,427
213,209
69,539
742,175



At 31 December 2022
617,693
215,961
78,196
911,850




12.


Debtors

2023
2022
£
£


Trade debtors
5,589,866
11,632,182

Amounts owed by group undertakings
5,059,709
6,178,786

Other debtors
220,784
239,460

Prepayments and accrued income
2,545,198
3,540,489

13,415,557
21,590,917


Page 22

 
CRANE WORLDWIDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,458,835
1,171,385

1,458,835
1,171,385



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank and other borrowings
-
7,750,000

Trade creditors
3,145,260
3,048,046

Amounts owed to group undertakings
2,185,011
3,857,741

Corporation tax
546,596
585,815

Taxation and social security
474,569
539,299

Other creditors
44,985
-

Accruals and deferred income
2,308,234
3,032,954

8,704,655
18,813,855


Included within bank overdrafts is a drawdown facility balance of £Nil (2022 - £7,750,000). Interest is charged at 3% plus LIBOR on a daily rate calculation and will be payable at the end of each term up to three months. The facility is part of a Group banking facility for which a fellow group company, CWL Intermediate Holding Company LLC, is the principal party and guarantor to the facility agreement. During the year, this was repaid in full.

Page 23

 
CRANE WORLDWIDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,458,835
1,171,385

Financial assets that are debt instruments measured at amortised cost
12,699,001
21,052,007

14,157,836
22,223,392


Financial liabilities


Financial liabilities measured at amortised cost
(7,638,505)
(17,688,741)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings, accrued income and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, accruals, bank loans and amounts owed to group undertakings.

Page 24

 
CRANE WORLDWIDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Deferred taxation




2023
2022


£

£






At beginning of year
150,723
161,099


Charged to the profit or loss
24,516
(10,376)



At end of year
175,239
150,723

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
181,489
150,723

Short term timing differences
6,250
-

175,239
150,723


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



18.


Pension commitments

The company contributes to a group personal pension plan. The pension cost charge represents contributions payable by the company in the year which amounted to £241,236 (2022 - £214,888). There were £44,985 of pension contributions outstanding at year end (2022 - £Nil).

Page 25

 
CRANE WORLDWIDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


19.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
877,121
931,462

Later than 1 year and not later than 5 years
2,389,411
2,848,888

Later than 5 years
2,030,805
2,030,805

Total
5,297,337
5,811,155


20.


Related party transactions

Transactions
During the year the company was a wholly owned subsidiary of Crane Worldwide Group Cooperatief UA. The results of the company are included within the consolidated financial statements of CWL Intermediate Holding Company LLC. The company has taken advantage of Section 33 of FRS 102, which allows exemption from disclosure of related party transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group. 


21.


Controlling party

The company's immediate parent is Crane Worldwide Group Cooperatief UA, a company registered in the Netherlands.
Crane Worldwide Group Cooperatief UA is owned jointly by Crane Worldwide 1 B.V. and Crane Worldwide 2 B.V., both companies being registered in the Netherlands Antilles. The ultimate parent entity is CWL Parent.
The largest group in which the results of Crane Worldwide UK Limited are consolidated is that headed by CWL Intermediate Holding Company LLC.

Page 26