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Registered number: 02309389









ACCLAIM HANDLING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
ACCLAIM HANDLING LIMITED
 
 
COMPANY INFORMATION


Directors
I R Foxall 
C F Swift 
S D Woods 
S K Frost 




Company secretary
I R Foxall



Registered number
02309389



Registered office
Ellisam House
Purfleet Industrial Park

Purfleet

Essex

RM15 4YD




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
ACCLAIM HANDLING LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 26


 
ACCLAIM HANDLING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 30 April 2024.

Business review
 
The company is involved in the supply, hire and repair of materials handling and associated equipment to end users and operates from locations in Purfleet in Essex which is also the Head Office, plus regional depots at Norwich, Reading, Spalding, Kent, Liverpool, Rugby and Waterlooville in Hampshire along with a new addition in the year of a depot in Portsmouth. The new depot in Portsmouth was a strategic decision to gain better exposure along the south coast.
Acclaim Handling Ltd continues to be a dealer for STILL and HYUNDAI equipment and has now successfully integrated Lonking into the offering. This was as a result of general economic demand shifting to a cheaper alternative which we have swiftly managed to source and find the highest quality options but at the affordable prices customers are currently expecting. 
The company has returned another healthy increase in turnover up 5% from the prior year. This has been achieved through the company adapting to the market conditions above but also through the expansion into Portsmouth and Lonking. We continue to have a record number of salespersons, and we expect sales performance to continue an upward trajectory into the year ending 30 April 2025. As with last year sustaining the optimum level of engineering resource continues to be a challenge but we are proactive regarding recruitment and believe we offer an employment package that compares favourably with our competition. Our Engineer Apprenticeship Scheme continues to attract candidates which is essential as we seek to increase the engineer pool for the future. Due to the challenging market we have seen a reduction in the overall margin through wage pressures.
We have increased our marketing resource in order to broaden the customer base and market penetration particularly in the social media area. 

Principal risks and uncertainties
 
The principal risks and uncertainties facing the company are the state of the UK economy, weakness of the pound and competition from existing competitors.

Financial key performance indicators
 
Given the straight forward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 4 November 2024 and signed on its behalf.



S D Woods
Director

Page 1

 
ACCLAIM HANDLING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

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 judgments and accounting estimates that are reasonable and prudent;

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.

Results and dividends

The profit for the year, after taxation, amounted to £883,752 (2023 - £1,535,026).

During the year, dividends were voted of £198,766 (2023: £163,671).

Directors

The directors who served during the year were:

I R Foxall 
C F Swift 
S D Woods 
S K Frost 

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Page 2

 
ACCLAIM HANDLING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Post balance sheet events

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

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 4 November 2024 and signed on its behalf.
 





S D Woods
Director

Page 3

 
ACCLAIM HANDLING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCLAIM HANDLING LIMITED
 

Opinion


We have audited the financial statements of Acclaim Handling Limited (the 'company') for the year ended 30 April 2024, 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 30 April 2024 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 Auditors' 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.


Page 4

 
ACCLAIM HANDLING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCLAIM HANDLING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.


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 2, 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 5

 
ACCLAIM HANDLING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCLAIM HANDLING LIMITED (CONTINUED)


Auditors' 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 Auditors' 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate competence 
          capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and
          other management, and from our commercial knowledge and experience of the software and technology
          sector in which the company operates;
• The specific laws and regulations which we considered may have a direct material effect on the financial
          statements or the operations of the company, are as follows;
       o       Companies Act 2006
       o FRS102
       o      Health and Safety legislation
       o     Employment legislation
       o      Tax legislation 
• We assessed the extent of compliance with the laws and regulations identified above through making
        enquiries of management, reviewing board minutes and inspecting relevant legal and other 
 correspondence; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the
         audit as any further laws and regulation were identified. The audit team remained alert to instances of non
         compliance throughout the audit. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their
          knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
          regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;-
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,
          including certain year end accruals, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the
          company’s usual course of business
 
Page 6

 
ACCLAIM HANDLING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCLAIM HANDLING LIMITED (CONTINUED)



The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and 
• Posting of unusual journals or transactions.
 


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 Auditors' 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 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 Auditors' 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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

4 November 2024
Page 7

 
ACCLAIM HANDLING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,178,144
20,160,445

Cost of sales
  
(14,497,704)
(13,488,067)

Gross profit
  
6,680,440
6,672,378

Distribution costs
  
(795,755)
(760,310)

Administrative expenses
  
(4,586,026)
(3,961,795)

Other operating income
 5 
-
6,100

Operating profit
 6 
1,298,659
1,956,373

Interest receivable and similar income
 10 
34,294
12,800

Interest payable and similar expenses
 11 
(77,177)
(36,096)

Profit before tax
  
1,255,776
1,933,077

Tax on profit
 12 
(372,024)
(398,051)

Profit for the financial year
  
883,752
1,535,026

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 26 form part of these financial statements.

Page 8

 
ACCLAIM HANDLING LIMITED
REGISTERED NUMBER: 02309389

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
16,213,410
15,544,109

Investments
 15 
13,332
13,332

  
16,226,742
15,557,441

Current assets
  

Stocks
 16 
929,540
714,031

Debtors
 17 
7,205,189
3,205,436

Cash at bank and in hand
 18 
2,209,733
3,758,491

  
10,344,462
7,677,958

Creditors: amounts falling due within one year
 19 
(3,933,553)
(2,432,706)

Net current assets
  
 
 
6,410,909
 
 
5,245,252

Total assets less current liabilities
  
22,637,651
20,802,693

Creditors: amounts falling due after more than one year
 20 
(12,464,576)
(11,604,832)

Provisions for liabilities
  

Deferred tax
 22 
(1,204,191)
(1,059,763)

Other provisions
 23 
(145,800)
-

Net assets
  
8,823,084
8,138,098


Capital and reserves
  

Called up share capital 
 24 
50,200
50,200

Profit and loss account
  
8,772,884
8,087,898

  
8,823,084
8,138,098


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




S D Woods
Director

Date: 4 November 2024

The notes on pages 11 to 26 form part of these financial statements.

Page 9

 
ACCLAIM HANDLING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023
50,200
8,087,898
8,138,098



Profit for the year
-
883,752
883,752

Dividends: Equity capital
-
(198,766)
(198,766)


At 30 April 2024
50,200
8,772,884
8,823,084



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
50,200
6,716,543
6,766,743



Profit for the year
-
1,535,026
1,535,026

Dividends: Equity capital
-
(163,671)
(163,671)


At 30 April 2023
50,200
8,087,898
8,138,098


The notes on pages 11 to 26 form part of these financial statements.

Page 10

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The company, incorporated in England and Wales, has its registered office at Ellisam House, Purfleet Industrial Park, Purfleet, Essex, RM15 4YD. The company's principal activity continued to be that of the hire, sale and repair of forklift trucks and accessories. 

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 judgment 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);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Acclaim DMW Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

Page 11

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 12

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

The company operates 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 profit or loss 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.

 
2.9

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.

Page 13

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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, on the following bases.


Plant and machinery
-
25% straight line
Motor vehicles
-
10%-25% Straight line
Hire fleet
-
11%-20% 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.

 
2.12

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

Page 14

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

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.

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

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.

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 the deduction of all its liabilities.
 
Page 15

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


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.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The company has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.11 above. In addition the level of stock provision is considered a key assumption to the company's results. The total stock provision at the year end amounted to £309,339 (2023: £366,784). The provision is based on items of stock that have been held for over three years

Page 16

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Truck hire
10,402,915
10,325,927

Truck sales
3,556,753
3,764,125

Parts and servicing
5,617,790
4,723,725

Driver training
466,002
369,054

Transport
235,131
232,754

Webshop sales
899,553
744,860

21,178,144
20,160,445


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Government grants receivable
-
6,100

-
6,100



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
413,776
351,339


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
29,500
25,425
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 17

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,214,182
5,574,993

Social security costs
558,000
519,131

Cost of defined contribution scheme
377,431
217,696

7,149,613
6,311,820


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


        2024
        2023
            No.
            No.







Office and management
92
86



Hire fleet labour and engineers
59
57

151
143

Employees noted above are employed via a fellow subsidiary company Ellisam Holdings Limited with the cost recharged accordingly.


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
385,994
350,431

Company contributions to defined contribution pension schemes
178,595
56,789

564,589
407,220


During the year retirement benefits were accruing to 5 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £59,999 (2023 - £101,318).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £100,000 (2023 - £5,789).

Page 18

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
34,294
12,800

34,294
12,800


11.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
77,177
36,096

77,177
36,096


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
227,596
209,695


Deferred tax


Origination and reversal of timing differences
144,428
188,356


Tax on profit
372,024
398,051
Page 19

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,255,776
1,933,077


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
313,944
376,950

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,960
161

Capital allowances for year in excess of depreciation
(225)
(67,527)

Profit on disposal of fixed assets
(143,022)
(146,252)

Capital gains
54,939
46,363

Deferred tax
144,428
188,356

Total tax charge for the year
372,024
398,051


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends
198,766
163,671

198,766
163,671

Page 20

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Tangible fixed assets





Plant and machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 May 2023
756,992
2,483,884
34,591,521
37,832,397


Additions
58,782
695,289
4,381,535
5,135,606


Disposals
(96,384)
(211,515)
(2,349,604)
(2,657,503)



At 30 April 2024

719,390
2,967,658
36,623,452
40,310,500



Depreciation


At 1 May 2023
570,481
1,639,898
20,077,909
22,288,288


Charge for the year on owned assets
86,366
299,572
3,323,801
3,709,739


Charge for the year on financed assets
-
94,561
127,722
222,283


Disposals
(96,383)
(211,508)
(1,815,329)
(2,123,220)



At 30 April 2024

560,464
1,822,523
21,714,103
24,097,090



Net book value



At 30 April 2024
158,926
1,145,135
14,909,349
16,213,410



At 30 April 2023
186,511
843,986
14,513,612
15,544,109

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2024
2023
£
£



Motor vehicles
385,056
91,453

Hire stock
817,120
656,677

1,202,176
748,130

Page 21

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 May 2023
13,332



At 30 April 2024
13,332





16.


Stocks

2024
2023
£
£

Finished goods and goods for resale
929,540
714,031

929,540
714,031



17.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
4,268,988
1,450,000

4,268,988
1,450,000

Due within one year

Trade debtors
2,600,666
1,547,244

Other debtors
300
300

Prepayments and accrued income
335,235
207,892

7,205,189
3,205,436


Page 22

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,209,733
3,758,491

2,209,733
3,758,491



19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,774,979
1,014,817

Corporation tax
67,055
31,765

Other taxation and social security
608,466
554,583

Obligations under finance lease and hire purchase contracts
497,992
316,287

Other creditors
588,579
107,930

Accruals and deferred income
396,482
407,324

3,933,553
2,432,706



20.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
825,907
625,215

Amounts owed to group undertakings
11,638,669
10,979,617

12,464,576
11,604,832


Liabilities included within hire purchase contracts totalling £1,323,829 (2023: £941,502) are secured over the assets to which they relate.

Page 23

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
497,922
316,287

Between 1-5 years
825,907
625,215

1,323,829
941,502


22.


Deferred taxation




2024


£






At beginning of year
(1,059,763)


Charged to profit or loss
(144,428)



At end of year
(1,204,191)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,204,191)
(1,059,763)

(1,204,191)
(1,059,763)


23.


Provisions




Warranty

£





Charged to profit or loss
145,800



At 30 April 2024
145,800


24.


Share capital

2024
2023
£
£
Page 24

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.Share capital (continued)

Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1.00 each
50,000
50,000
100 (2023 - 100) Ordinary A shares of £1.00 each
100
100
100 (2023 - 100) Ordinary C shares of £1.00 each
100
100

50,200

50,200



25.


Pension commitments

The company operates defined contribution pension schemes for its employees and directors via fellow subsidiary Ellisam Holdings Limited. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £377,431 (2023: £217,696) . Contributions totalling £Nil  (2022: £Nil)  were payable to the funds at the balance sheet date.


26.


Commitments under operating leases

At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
32,574
44,135

Later than 1 year and not later than 5 years
29,860
62,434

62,434
106,569


27.


Related party transactions

The company is a wholly owned member of the group headed by Acclaim DMW Holdings Limited, the consolidated accounts of which are publicly available. Accordingly, the company has taken advantage of the exemption in FRS 102 Section 33.1A from disclosing transactions with members of the Acclaim DMW Holdings Limited group.
During the year dividends of £31,346 (2023: £40,822) were paid to directors. 

Page 25

 
ACCLAIM HANDLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

28.


Controlling party

The company's ultimate parent undertaking is Acclaim DMW Holdings Limited, a company registered in England and Wales, which is the head of the largest group for which consolidated accounts are available. Copies of these consolidated accounts can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The ultimate controlling party is Ms C Swift.

 
Page 26