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COMPANY REGISTRATION NUMBER: 09299633
Davies Crane Hire Holdings Limited
Financial Statements
31 March 2024
Davies Crane Hire Holdings Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
Davies Crane Hire Holdings Limited
Officers and Professional Advisers
The board of directors
Mr D M Davies
Mrs G P Davies
Mr N Davies
Registered office
Pensarn Works
Pensarn
Carmarthen
Dyfed
Wales
SA31 2NG
Auditor
James & Uzzell Ltd
Chartered Certified Accountants & Statutory Auditor
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Davies Crane Hire Holdings Limited
Strategic Report
Year ended 31 March 2024
The directors presents his strategic report for the year ended 31st March 2024. REVIEW OF BUSINESS The directors undertake a detailed analysis of the group's position during the year and at the year end using turnover and profitability as the key performance indicators as detailed below.
Principal risks and uncertainties
The principal risks and uncertainties faced by the group are the general economic background. The group addresses this risk through management of resources to ensure they are able to satisfy market demands. In addition to this, the group operates in a very competitive market and has secured its position and good reputation by providing a quality service.
Development and performance
The results for the year and the financial position at the year end were considered satisfactory by the directors. The directors continue to identify growth strategies and improve the efficiency of the business operations.
Financial key performance indicators
The groups key performance indicators are revenue, margin, costs and cash flow. These allow the board to monitor the growth as well as the profitability of the group against internal and external factors that affect the business
2024 2023
£ £
Turnover 13,496,264 10,257,426
Gross Profit % 42 42
Net Profit 3,799,431 3,605,336
This report was approved by the board of directors on 29 November 2024 and signed on behalf of the board by:
Mr N Davies
Davies Crane Hire Holdings Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the group for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
Mr D M Davies
Mrs G P Davies
Mr N Davies
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The directors aim to maintain the management policies which have resulted in the group's steady trading in recent years and continue to focus on sustained profitability and growth within its existing core operations.
Financial instruments
The group operates a number of risk management policies designed to minimise it's exposure to financial risk.
Liquidity and cash flow risk
The group produces detailed monthly management accounts and forecasts, which enables the directors to monitor the cash position and to ensure there is sufficient liquidity and cash flow to minimise the risk of the group being unable to pay its debts as they fall due.
Credit risk
The group operates a number of policies and controls to minimise credit risk. All customers are subject to a detailed credit review prior to any terms being agreed. The directors must authorise any larger value contracts and the group will only conduct business with customers deemed to be credit worthy.
Price risk
The group actively manages price risk by agreeing terms with suppliers prior to entering into any transactions with customers.
Qualifying indemnity provision
The Articles of Association of the Company contain an indemnity in favour of all the Directors of the Company that, subject to law, indemnifies the Directors, out of the assets of the Company, from any liability incurred by them in defending any proceedings in which judgement is given in their favour (or otherwise disposed of without any finding or admission of any material breach of duty on their part).
Disclosure of information in the strategic report
The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. Disclosure of information to the auditors
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 29 November 2024 and signed on behalf of the board by:
Mr N Davies
Davies Crane Hire Holdings Limited
Independent Auditor's Report to the Members of Davies Crane Hire Holdings Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Davies Crane Hire Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and 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 group and the parent 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 company 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, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We obtained an understanding of the legal regulatory frameworks that are applicable to the group and determined that the most significant of those relate to the reporting framework (United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Stand as applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)) and the relevant tax compliance regulations, principally relating to those issued by HMRC. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being the General Data Protection Regulation, and those laws and regulations relating to health and safety and employee matters. - We understood how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and by understanding the entity level controls implemented by those charged with governance. - We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered where the significant estimates and judgements are in the financial statements. We assessed the programmes and controls that the Group has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures including testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. - Based on this understanding we designed our audit procedures to identify non compliance with such laws and regulations. Our procedures involved, journal entry testing, with a focus on manual journals or unusual transactions based on our understanding of the business, together with review of health and safety records and ensuring compliance certificates are all up to date with no evidence of non compliance. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alison Jayne Uzzell FCCA
(Senior Statutory Auditor)
For and on behalf of
James & Uzzell Ltd
Chartered Certified Accountants & Statutory Auditor
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
29 November 2024
Davies Crane Hire Holdings Limited
Consolidated Statement of Comprehensive Income
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
13,496,264
10,257,426
Cost of sales
( 7,810,344)
( 5,957,849)
-------------
-------------
Gross profit
5,685,920
4,299,577
Administrative expenses
( 1,675,851)
( 669,843)
Other operating income
5
6,836
182,331
------------
------------
Operating profit
6
4,016,905
3,812,065
Interest payable and similar expenses
10
( 217,474)
( 206,729)
------------
------------
Profit before taxation
3,799,431
3,605,336
Tax on profit
11
( 810,024)
( 460,662)
------------
------------
Profit for the financial year and total comprehensive income
2,989,407
3,144,674
------------
------------
All the activities of the group are from continuing operations.
Davies Crane Hire Holdings Limited
Consolidated Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Negative goodwill
13
( 621,232)
Tangible assets
14
22,050,465
19,236,978
-------------
-------------
22,050,465
18,615,746
Current assets
Stocks
16
32,268
46,197
Debtors
17
3,221,983
2,247,659
Cash at bank and in hand
1,290,321
2,985,483
------------
------------
4,544,572
5,279,339
Creditors: amounts falling due within one year
18
1,812,578
3,157,655
------------
------------
Net current assets
2,731,994
2,121,684
-------------
-------------
Total assets less current liabilities
24,782,459
20,737,430
Creditors: amounts falling due after more than one year
19
4,210,640
3,431,029
Provisions
Taxation including deferred tax
21
3,877,963
3,067,939
-------------
-------------
Net assets
16,693,856
14,238,462
-------------
-------------
Capital and reserves
Called up share capital
24
155,103
155,103
Profit and loss account
25
16,538,753
14,083,359
-------------
-------------
Shareholders funds
16,693,856
14,238,462
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr N Davies
Mr N Davies
Director
Company registration number: 09299633
Davies Crane Hire Holdings Limited
Company Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
391,656
399,815
Investments
15
155,003
155,003
---------
---------
546,659
554,818
Current assets
Debtors
17
10,600,574
8,745,325
Cash at bank and in hand
1,057
-------------
------------
10,601,631
8,745,325
-------------
------------
Net current assets
10,601,631
8,745,325
-------------
------------
Total assets less current liabilities
11,148,290
9,300,143
-------------
------------
Capital and reserves
Called up share capital
24
155,103
155,103
Profit and loss account
25
10,993,187
9,145,040
-------------
------------
Shareholders funds
11,148,290
9,300,143
-------------
------------
The profit for the financial year of the parent company was £ 2,382,159 (2023: £ 1,674,576 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr N Davies
Mr N Davies
Director
Company registration number: 09299633
Davies Crane Hire Holdings Limited
Consolidated Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2022
155,103
11,818,305
11,973,408
Profit for the year
3,144,674
3,144,674
---------
-------------
-------------
Total comprehensive income for the year
3,144,674
3,144,674
Dividends paid and payable
12
( 879,620)
( 879,620)
---------
-------------
-------------
Total investments by and distributions to owners
( 879,620)
( 879,620)
At 31 March 2023
155,103
14,083,359
14,238,462
Profit for the year
2,989,407
2,989,407
---------
-------------
-------------
Total comprehensive income for the year
2,989,407
2,989,407
Dividends paid and payable
12
( 534,013)
( 534,013)
----
---------
---------
Total investments by and distributions to owners
( 534,013)
( 534,013)
---------
-------------
-------------
At 31 March 2024
155,103
16,538,753
16,693,856
---------
-------------
-------------
Davies Crane Hire Holdings Limited
Company Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2022
155,103
8,350,084
8,505,187
Profit for the year
1,674,576
1,674,576
---------
------------
------------
Total comprehensive income for the year
1,674,576
1,674,576
Dividends paid and payable
12
( 879,620)
( 879,620)
---------
------------
------------
Total investments by and distributions to owners
( 879,620)
( 879,620)
At 31 March 2023
155,103
9,145,040
9,300,143
Profit for the year
2,382,159
2,382,159
---------
------------
------------
Total comprehensive income for the year
2,382,159
2,382,159
Dividends paid and payable
12
( 534,012)
( 534,012)
----
---------
---------
Total investments by and distributions to owners
( 534,012)
( 534,012)
---------
-------------
-------------
At 31 March 2024
155,103
10,993,187
11,148,290
---------
-------------
-------------
Davies Crane Hire Holdings Limited
Consolidated Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
2,989,407
3,144,674
Adjustments for:
Depreciation of tangible assets
1,166,607
897,059
Amortisation of intangible assets
( 621,232)
( 621,231)
Interest payable and similar expenses
217,474
206,729
Loss/(gains) on disposal of tangible assets
2,218
( 191,301)
Tax on profit
810,024
460,662
Accrued (income)/expenses
( 1,407,202)
1,402,220
Changes in:
Stocks
13,929
( 8,888)
Trade and other debtors
( 974,324)
7,353
Trade and other creditors
36,920
( 886,607)
------------
------------
Cash generated from operations
2,233,821
4,410,670
Interest paid
( 217,474)
( 206,729)
------------
------------
Net cash from operating activities
2,016,347
4,203,941
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 398,332)
( 3,131,753)
Proceeds from sale of tangible assets
60,484
728,616
------------
------------
Net cash used in investing activities
( 337,848)
( 2,403,137)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 183,333)
( 50,000)
Payments of finance lease liabilities
( 2,656,315)
( 1,538,263)
Dividends paid
( 534,013)
( 879,620)
------------
------------
Net cash used in financing activities
( 3,373,661)
( 2,467,883)
------------
------------
Net decrease in cash and cash equivalents
( 1,695,162)
( 667,079)
Cash and cash equivalents at beginning of year
2,985,483
3,652,562
------------
------------
Cash and cash equivalents at end of year
1,290,321
2,985,483
------------
------------
Davies Crane Hire Holdings Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pensarn Works, Pensarn, Carmarthen, Dyfed, SA31 2NG, Wales.
2. Statement of compliance
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The nature of the group's operations and principal activities are those of crane hire. The reporting period of these financial statements and its comparative period is twelve months. The Group consolidated financial statements include the financial statements of this company along with its subsidiaries, together with the Group's share of the results of associates made up to 31st March 2024. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the group and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.
Impairment of intangible assets and goodwill
The group considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.
Impairment of debtors
The group makes and estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes.
Going concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Impairment of investments
The assessment of investment values may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Going concern
The group meets its day-to-day working capital requirements through its bank facilities. After making enquiries, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group's forecasts and projections, show that the group should be able to operate within the level of its current facilities. Therefore the group continues to adopt the going concern basis in preparing its financial statements.
Cash and cash equivalents
Cash and cash equivalents includes cash in had, deposits held at call with bank, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Consolidation
The consolidated financial statements incorporate the financial statements of Davies Crane Hire Holdings Limited , and its subsidiary undertakings for the year ended 31 March 2024. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Groups accounting policies when preparing the consolidated financial statements. An associate is an entity, being neither a subsidiary nor a joint venture, in which the Group holds a long-term interest and where the Group has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting. Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively. Where control of a subsidiary is lost, the gain or loss, is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss on disposal includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified. Where control of a subsidiary is achieved in stages, the initial acquisition that gave control is accounted for as a business combination. Thereafter where the Group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit ot loss arising on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group's interests in the entity. Goodwill arising on consolidation, representing the excess of the fair values of the consideration given over the fair values of the identifiable net assets acquired, is capitalised. Uniform accounting policies have been used throughout the group. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services When the outcome of a transaction can be estimated reliably, turnover from hire of cranes is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest and dividends receivable Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. Leases Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill and business combinations
Business combinations are accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction. Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination. On acquisition of a business, fair values are attributed to the unidentifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities. Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the Group's interest in the identifiable net assets, liabilities and contingent liabilities acquired. On acquisition, goodwill is allocated to cash-generating units (CGUs) that are expected to benefit from the combination. Goodwill is amortised over its expected useful life. Where Group is unable to make reliable estimate of useful life, goodwill is amortised its useful life, 10 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.
Amortisation
Negative goodwill is arising from the consolidation of the group is amortised over its useful life estimated at 10 years.
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant & Machinery
-
15% straight line
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
Cranes & Equipment
-
10 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
4. Turnover
Turnover arises from:
2024
2023
£
£
Crane hire
13,496,264
10,257,426
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Other operating income
6,836
182,331
-------
---------
6. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
( 621,232)
( 621,231)
Depreciation of tangible assets
1,166,607
897,059
Loss/(gains) on disposal of tangible assets
2,218
( 191,301)
Impairment of trade debtors
1,005
(281,418)
Operating lease rentals
24,318
4,593
Foreign exchange differences
( 2,683)
370
------------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
31,250
29,500
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
75
64
Administrative staff
10
10
----
----
85
74
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
4,529,723
3,368,596
Social security costs
507,877
397,127
Other pension costs
105,545
83,663
------------
------------
5,143,145
3,849,386
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
8,909
16,589
Company contributions to defined contribution pension plans
345
240
-------
--------
9,254
16,829
-------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
3
3
----
----
Directors remuneration includes amounts paid by subsidiaries
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
4,442
Interest on obligations under finance leases and hire purchase contracts
217,474
202,287
---------
---------
217,474
206,729
---------
---------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
810,024
460,662
---------
---------
Tax on profit
810,024
460,662
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Profit on ordinary activities before taxation
3,799,431
3,605,336
------------
------------
Profit on ordinary activities by rate of tax
949,858
901,334
Effect of expenses not deductible for tax purposes
( 154,753)
( 47,825)
Effect of capital allowances and depreciation
( 402,993)
( 1,254,184)
Utilisation of tax losses
( 392,112)
400,675
Deferred tax
810,024
460,662
------------
------------
Tax on profit
810,024
460,662
------------
------------
Factors that may affect future tax expense
There are no tax rate changes proposed that would have an effect on the calculation of deferred tax.
12. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
534,012
879,620
---------
---------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
( 6,212,311)
------------
Amortisation
At 1 April 2023
( 5,591,079)
Charge for the year
( 621,232)
------------
At 31 March 2024
( 6,212,311)
------------
Carrying amount
At 31 March 2024
------------
At 31 March 2023
( 621,232)
------------
The company has no intangible assets.
14. Tangible assets
Group
Freehold buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
407,974
788,004
126,193
1,500,756
24,903,282
27,726,209
Additions
37,920
14,542
698,689
3,291,645
4,042,796
Disposals
( 483)
( 7,575)
( 108,294)
( 116,352)
---------
---------
---------
------------
-------------
-------------
At 31 Mar 2024
407,974
825,441
133,160
2,091,151
28,194,927
31,652,653
---------
---------
---------
------------
-------------
-------------
Depreciation
At 1 Apr 2023
8,159
335,473
109,391
862,820
7,173,388
8,489,231
Charge for the year
8,159
81,742
7,461
271,985
797,260
1,166,607
Disposals
( 6,250)
( 47,400)
( 53,650)
---------
---------
---------
------------
-------------
-------------
At 31 Mar 2024
16,318
417,215
110,602
1,087,405
7,970,648
9,602,188
---------
---------
---------
------------
-------------
-------------
Carrying amount
At 31 Mar 2024
391,656
408,226
22,558
1,003,746
20,224,279
22,050,465
---------
---------
---------
------------
-------------
-------------
At 31 Mar 2023
399,815
452,531
16,802
637,936
17,729,894
19,236,978
---------
---------
---------
------------
-------------
-------------
Company
Freehold buildings
£
Cost
At 1 April 2023 and 31 March 2024
407,974
---------
Depreciation
At 1 April 2023
8,159
Charge for the year
8,159
---------
At 31 March 2024
16,318
---------
Carrying amount
At 31 March 2024
391,656
---------
At 31 March 2023
399,815
---------
The net book value of land and buildings comprises:
2024 2023
£ £
Freehold 391,656 399,815
--------- ---------
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
155,003
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 1 April 2023 and 31 March 2024
155,003
---------
At 31 March 2023
155,003
---------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Davies Crane Hire Limited
Ordinary
100
Davies Crane Hire Plant Limited
Ordinary
100
All companies have the same registered office as the Holding company.
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
32,268
46,197
--------
--------
----
----
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
3,107,343
1,947,941
Amounts owed by group undertakings
10,598,971
8,743,722
Prepayments and accrued income
77,003
210,893
Directors loan account
1,603
1,603
1,603
1,603
Other debtors
36,034
87,222
------------
------------
-------------
------------
3,221,983
2,247,659
10,600,574
8,745,325
------------
------------
-------------
------------
18. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
50,000
Trade creditors
228,732
278,109
Accruals and deferred income
45,147
1,452,349
Social security and other taxes
175,229
117,347
Obligations under finance leases and hire purchase contracts
1,270,007
1,194,802
Other creditors
93,463
65,048
------------
------------
----
----
1,812,578
3,157,655
------------
------------
----
----
The aggregate of secured liabilities falling due within one year is £1,270,007 (2023: £1,244,802) Obligations under finance leases and hire purchase contracts are secured by related assets.
19. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
133,333
Obligations under finance leases and hire purchase contracts
4,210,640
3,297,696
------------
------------
----
----
4,210,640
3,431,029
------------
------------
----
----
The aggregate of secured liabilities falling due after one year is £4,210,640 (2023: £3,431,029) Obligations under finance leases and hire purchase contracts are secured by related assets.
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
1,270,007
1,194,802
Later than 1 year and not later than 5 years
4,210,640
3,297,696
------------
------------
----
----
5,480,647
4,492,498
------------
------------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 1 April 2023
3,067,939
Additions
810,024
------------
At 31 March 2024
3,877,963
------------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 21)
3,877,963
3,067,939
------------
------------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
3,877,963
3,067,939
------------
------------
----
----
The expected net reversal of deferred tax assets and liabilities in 2024 is £766,985. This primarily relates to the reversal of timing differences on capital allowances.
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 105,545 (2023: £ 83,663 ).
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
155,102
155,102
155,102
155,102
Ordinary A shares of £ 1 each
1
1
1
1
---------
---------
---------
---------
155,103
155,103
155,103
155,103
---------
---------
---------
---------
25. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
26. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
2,985,483
(1,695,162)
1,290,321
Debt due within one year
(1,244,802)
(25,205)
(1,270,007)
Debt due after one year
(3,431,029)
(779,611)
(4,210,640)
------------
------------
------------
( 1,690,348)
( 2,499,978)
( 4,190,326)
------------
------------
------------
27. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
9,400
18,800
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28. Directors' advances, credits and guarantees
At the year end there was a balance owing from the directors of £1,603 (2023: £1,603). No interest was charged on any outstanding balance.
Davies Crane Hire Holdings Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2024
29. Related party transactions
Group
During the year the group entered into transactions with related parties as follows: Key Management personnel
2024 2023
£ £
rent paid 22,500
No interest was charged on any outstanding balance.
30. Controlling party
The company is controlled by Mr D M Davies, by virtue of his shareholding.