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COMPANY REGISTRATION NUMBER: 06529299
A G Cranes Limited
Filleted Financial Statements
31 March 2024
A G Cranes Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
24,779
5,609
Current assets
Stocks
201,426
232,570
Debtors
6
279,819
113,415
Cash at bank and in hand
322,765
140,247
---------
---------
804,010
486,232
Creditors: amounts falling due within one year
7
400,229
355,121
---------
---------
Net current assets
403,781
131,111
---------
---------
Total assets less current liabilities
428,560
136,720
Creditors: amounts falling due after more than one year
8
14,574
Provisions
3,117
---------
---------
Net assets
410,869
136,720
---------
---------
Capital and reserves
Called up share capital
9
50
50
Capital redemption reserve
50
50
Profit and loss account
410,769
136,620
---------
---------
Shareholders funds
410,869
136,720
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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:
J Simpson
Director
Company registration number: 06529299
A G Cranes 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 Excalibur Offices Securehold Business Centre, Studley Road, Redditch, B98 7LG, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The prior period ended 31 March 2023 is a 13 month period and is not entirely comparable with the current year. The financial year was extended to 31 March in order to bring it into line with other companies within the group to which it now belongs.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
4,022
23,683
27,705
Additions
90
27,792
749
28,631
------
-------
-------
-------
At 31 March 2024
4,112
27,792
24,432
56,336
------
-------
-------
-------
Depreciation
At 1 April 2023
1,305
20,791
22,096
Charge for the year
1,028
6,948
1,485
9,461
------
-------
-------
-------
At 31 March 2024
2,333
6,948
22,276
31,557
------
-------
-------
-------
Carrying amount
At 31 March 2024
1,779
20,844
2,156
24,779
------
-------
-------
-------
At 31 March 2023
2,717
2,892
5,609
------
-------
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
212,791
88,859
Amounts owed by group undertakings
65,100
14,000
Other debtors
1,928
10,556
---------
---------
279,819
113,415
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
99,384
235,197
Accruals and deferred income
37,592
6,113
Corporation tax
86,223
28,486
Social security and other taxes
18,199
1,298
Obligations under finance leases and hire purchase contracts
4,401
Other creditors
154,430
84,027
---------
---------
400,229
355,121
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
14,574
-------
----
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.50 each
100
50
100
50
----
----
----
----
10. Summary audit opinion
The auditor's report dated 29 November 2024 was qualified on the following basis:
With reference to the opening stock with a carrying value of £212,703 at 31 March 2023 the audit evidence was limited in respect of valuation and completeness. Owing to the nature of the company's records, we were unable to obtain sufficient audit evidence regarding the cost price of the individual items of stock. The March 2023 accounts were also qualified with reference to long term contracts. Deferred income of £83,442 and amounts recoverable on contracts of £19,867 were unable to be verified due to the nature of the company's records. There was insufficient audit evidence as to the degree of completion of each contract ongoing at the year end. Since these opening balances enter into the determination of the financial performance, we were unable to determine whether adjustments might have been necessary in respect of the profit reported for the year in the income statement. With reference to stock with a carrying value of £201,426 as at 31 March 2024, the audit evidence was limited in respect of valuation. Owing to the nature of the company's records, we were unable to obtain sufficient audit evidence regarding the cost price of the individual items of stock. With reference to long term contracts, deferred income of £153,415 as at 31 March 2024 was unable to be verified due to the nature of the company's records. There was insufficient audit evidence as to the degree of completion of each contract ongoing at the year end. Otherwise we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. The senior statutory auditor was Stephen Allen ACA FCCA , for and on behalf of Allen, West and Foster .
11. Controlling party
The company is owned by Technical Cranes Limited, who owned 90% of the share capital at the beginning of the financial year acquired the remaining 10% of the share capital during the financial year. Technical Cranes Limited produces consolidated accounts for the group and its registered office is Meadowbank Industrial Estate, Harrison Street, Rotherham, England, S61 1EE. A copy of these accounts can be obtained from Companies House.