Company registration number 10245117 (England and Wales)
TRIDENT LIFTING SOLUTIONS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
TRIDENT LIFTING SOLUTIONS LTD
COMPANY INFORMATION
Directors
G Boyle
C Conway
T Brown
(Appointed 13 December 2023)
S Nikudinski
(Appointed 13 December 2023)
E Nixon
(Appointed 13 December 2023)
Company number
10245117
Registered office
1 Hobbs House
Harrovian Business Village
Bessborough
Harrow
HA1 3EX
Auditor
Evans Mockler Limited
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
TRIDENT LIFTING SOLUTIONS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
TRIDENT LIFTING SOLUTIONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of business and prospects


The company’s principal activities continued to focus on the hire, operation, and sale of tower cranes and related lifting services within the UK construction industry.

During the year, Trident Lifting Solutions Ltd, along with its parent company, was acquired by Statom Tower Crane Holdings Limited. This acquisition has strengthened the board of directors and introduced additional economies of scale, further supporting the company’s growth objectives and resilience.

Despite challenging market conditions, turnover remained steady at £19.07 million (2023: £19.06 million), reflecting the stability of the business and the contributions of the senior management team.

Gross margin for the year was 25.1% (2023: 29.2%), reflecting pressures from rising costs in plant, labour, and transport. Nonetheless, the directors are satisfied with the company’s performance under current economic conditions.

Investment in the crane fleet continued, with older cranes being disposed of to maintain high standards of quality and reliability for customers. This ongoing commitment to asset quality is intended to support the company’s reputation for safety, service, and operational efficiency.

Key performance indicators

 

The Directors monitor the following key performance indictors below:

 

2024

2023

2022

 

£’000

£’000

£’000

Turnover

£19,073

£19,062

£17,081

Gross Profit

£4,782

£5,561

£4,719

Profit before Tax

£2,764

£3,606

£3,812

Shareholders’ Funds

£12,921

£10,416

£7,680

 

Forward order book

 

The company has secured a strong forward order book with a diversified client base that includes top-tier contractors. High levels of repeat business underscore Trident’s ability to meet client expectations and maintain competitive value. The company will continue targeting major, multi-crane rental contracts as well as smaller, single-crane projects across various sectors.

Risks and uncertainties

 

The UK construction industry has faced significant economic challenges this year, with high costs impacting development activities. Despite these pressures, the company anticipates greater cost stability and renewed growth in the coming years as economic conditions improve. Trident manages its exposure to risk by closely monitoring income, costs, and cash flows, which allows it to adapt to changing conditions and make informed strategic decisions.

 

Maintaining positive relationships with suppliers is crucial for timely project delivery. The company’s commitment to prompt payment supports these relationships, helping to ensure project certainty and uphold Trident’s strong reputation in the industry.

TRIDENT LIFTING SOLUTIONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Financial risks management and policies

 

The company closely manages its financial risks, particularly credit and liquidity risks. Credit risk is controlled through rigorous customer credit assessments, strict credit limits, and the use of credit insurance policies. While strong cash flow from a secured order book provides stability and flexibility, the directors remain committed to prudent cash management and regular monitoring of borrowing levels to maintain a balanced approach to financial leverage.

Research and development (R&D)

 

The company remains committed to the continuous development of its methods, systems, and processes through its R&D. Its focus on providing innovative robust processes and solutions with significant benefit including, safety, time, cost savings and improved quality to our clients.

Health and safety

Health and Safety remains our top priority to our staff, supply chain and our customers. Improvements in the company's processes, systems, key performance indicators, and the employment of health and safety professionals have assisted the company and the directors in understanding the key risks and areas for improvement. The company remains committed to working incident and injury free at its workplace.

Accreditations

The company holds accreditations in ISO 45001, ISO 14001, and ISO 9001, as well as certifications from Constructionline Gold, Achilles, and CHAS. These accreditations underscore Trident’s commitment to quality, safety, and environmental standards.

Sustainability

Sustainability is integral to the company's operations. Investments in sustainable plant and electric commercial vehicles highlight the company’s commitment to reducing its carbon footprint and minimising environmental impact, in alignment with industry standards and client expectations.

 

On behalf of the board

E Nixon
Director
20 December 2024
TRIDENT LIFTING SOLUTIONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

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

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

G Boyle
C Conway
T Brown
(Appointed 13 December 2023)
S Nikudinski
(Appointed 13 December 2023)
E Nixon
(Appointed 13 December 2023)
Auditor

Evans Mockler Limited were appointed as auditor to the company and is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
E Nixon
Director
20 December 2024
TRIDENT LIFTING SOLUTIONS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors are responsible for preparing the annual 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

TRIDENT LIFTING SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TRIDENT LIFTING SOLUTIONS LTD
- 5 -
Opinion

We have audited the financial statements of Trident Lifting Solutions Ltd (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

TRIDENT LIFTING SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TRIDENT LIFTING SOLUTIONS LTD (CONTINUED)
- 6 -
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:

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 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

TRIDENT LIFTING SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TRIDENT LIFTING SOLUTIONS LTD (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Mark Cook
Senior Statutory Auditor
For and on behalf of Evans Mockler Limited
20 December 2024
Chartered Certified Accountants
Statutory Auditor
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
TRIDENT LIFTING SOLUTIONS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
19,073,231
19,061,886
Cost of sales
(14,291,210)
(13,500,982)
Gross profit
4,782,021
5,560,904
Administrative expenses
(1,717,103)
(1,733,003)
Other operating income
-
0
46,989
Operating profit
4
3,064,918
3,874,890
Interest receivable and similar income
694,809
9,916
Interest payable and similar expenses
7
(995,722)
(279,026)
Profit before taxation
2,764,005
3,605,780
Tax on profit
8
(258,657)
(869,989)
Profit for the financial year
2,505,348
2,735,791

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TRIDENT LIFTING SOLUTIONS LTD
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
14,896,516
14,191,325
Current assets
Debtors falling due after more than one year
11
12,807,975
-
0
Debtors falling due within one year
11
3,929,427
5,890,122
Cash at bank and in hand
3,036,431
3,042,381
19,773,833
8,932,503
Creditors: amounts falling due within one year
12
(8,490,541)
(6,334,095)
Net current assets
11,283,292
2,598,408
Total assets less current liabilities
26,179,808
16,789,733
Creditors: amounts falling due after more than one year
13
(10,005,763)
(3,591,911)
Provisions for liabilities
Deferred tax liability
3,252,582
2,781,707
(3,252,582)
(2,781,707)
Net assets
12,921,463
10,416,115
Capital and reserves
Called up share capital
15
2
2
Profit and loss reserves
12,921,461
10,416,113
Total equity
12,921,463
10,416,115

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
E Nixon
Director
Company registration number 10245117 (England and Wales)
TRIDENT LIFTING SOLUTIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
2
7,680,322
7,680,324
Year ended 30 June 2023:
Profit and total comprehensive income
-
2,735,791
2,735,791
Balance at 30 June 2023
2
10,416,113
10,416,115
Year ended 30 June 2024:
Profit and total comprehensive income
-
2,505,348
2,505,348
Balance at 30 June 2024
2
12,921,461
12,921,463
TRIDENT LIFTING SOLUTIONS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
5,872,336
5,394,366
Interest paid
(995,722)
(279,026)
Income taxes refunded
241,664
17,221
Net cash inflow from operating activities
5,118,278
5,132,561
Investing activities
Purchase of tangible fixed assets
(539,827)
(784,003)
Proceeds from disposal of tangible fixed assets
792,603
180,518
Loans made to group entities
(12,117,564)
(10,000)
Loans made
(1,045,371)
Repayment of loans
1,045,371
Interest received
4,398
9,916
Net cash used in investing activities
(10,815,019)
(1,648,940)
Financing activities
Proceeds from borrowings
11,197,320
-
0
Repayment of borrowings
(1,437,550)
(180,000)
Payment of hire purcahse agreements
(4,068,979)
(3,167,804)
Net cash generated from/(used in) financing activities
5,690,791
(3,347,804)
Net (decrease)/increase in cash and cash equivalents
(5,950)
135,817
Cash and cash equivalents at beginning of year
3,042,381
2,906,564
Cash and cash equivalents at end of year
3,036,431
3,042,381
TRIDENT LIFTING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
1
Accounting policies
Company information

Trident Lifting Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Hobbs House, Harrovian Business Village, Bessborough, Harrow, HA1 3EX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% - 20% straight-line
Fixtures and fittings
20% straight-line
Motor vehicles
25% straight-line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TRIDENT LIFTING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

TRIDENT LIFTING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TRIDENT LIFTING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover

The turnover and profit before taxation are attributable to one principal activity, crane hire services and sales . Turnover is attributable to a single geographical market, United Kingdom.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(48,274)
(47,467)
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
15,000
Depreciation of owned tangible fixed assets
577,085
522,227
Depreciation of tangible fixed assets held under hire purchase contracts
1,031,536
841,657
Profit on disposal of tangible fixed assets
(537,484)
(82,179)
TRIDENT LIFTING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
5
Employees

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

2024
2023
Number
Number
Directors
5
2
Administration and maintenance
18
13
Total
23
15

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,599,468
1,231,238
Social security costs
54,711
43,906
1,654,179
1,275,144
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
350,000
348,484
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
175,000
174,242
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
791,349
43,398
Other finance costs:
Interest on finance leases and hire purchase contracts
204,373
235,628
995,722
279,026
TRIDENT LIFTING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(29,446)
Adjustments in respect of prior periods
(212,218)
(717)
Total current tax
(212,218)
(30,163)
Deferred tax
Origination and reversal of timing differences
470,875
900,152
Total tax charge
258,657
869,989

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,764,005
3,605,780
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
691,001
739,185
Tax effect of expenses that are not deductible in determining taxable profit
11,151
8,041
Tax effect of income not taxable in determining taxable profit
(134,371)
(11,512)
Unutilised tax losses carried forward
-
0
4,068
Group relief
(64,130)
-
0
Permanent capital allowances in excess of depreciation
(355,436)
(739,782)
Under/(over) provided in prior years
-
0
(717)
Deferred tax movement
470,875
900,152
Utilisation of losses carried back against prior years
(83,276)
(29,446)
Research and development tax relief
(277,157)
-
0
Taxation charge for the year
258,657
869,989
TRIDENT LIFTING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
16,973,400
55,392
665,798
17,694,590
Additions
2,513,034
82,393
53,976
2,649,403
Disposals
(426,616)
-
0
(26,433)
(453,049)
At 30 June 2024
19,059,818
137,785
693,341
19,890,944
Depreciation and impairment
At 1 July 2023
3,302,127
22,719
178,419
3,503,265
Depreciation charged in the year
1,466,919
11,696
130,006
1,608,621
Eliminated in respect of disposals
(91,025)
-
0
(26,433)
(117,458)
At 30 June 2024
4,678,021
34,415
281,992
4,994,428
Carrying amount
At 30 June 2024
14,381,797
103,370
411,349
14,896,516
At 30 June 2023
13,671,273
32,673
487,379
14,191,325

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
5,064,921
9,994,712
Motor vehicles
298,409
363,379
5,363,330
10,358,091
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,484,070
3,708,008
Corporation tax recoverable
-
0
29,446
Amounts owed by group undertakings
10,000
10,000
Other debtors
144,537
1,446,447
Prepayments and accrued income
1,290,820
696,221
3,929,427
5,890,122
TRIDENT LIFTING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Debtors
(Continued)
- 19 -
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
12,807,975
-
0
Total debtors
16,737,402
5,890,122
12
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
14
2,829,130
180,000
Obligations under hire purchase contracts
1,294,215
2,637,302
Trade creditors
3,442,995
1,953,380
Taxation and social security
253,748
572,637
Other creditors
180,360
15,979
Accruals and deferred income
490,093
974,797
8,490,541
6,334,095
13
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
14
7,455,640
345,000
Obligations under hire purchase contracts
2,550,123
3,246,911
10,005,763
3,591,911
14
Loans and overdrafts
2024
2023
£
£
Bank loans
9,020,011
525,000
Invoice finance facility
1,264,759
-
10,284,770
525,000
Payable within one year
2,829,130
180,000
Payable after one year
7,455,640
345,000
TRIDENT LIFTING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Loans and overdrafts
(Continued)
- 20 -

Bank loans, with a combined limit of £10,000,000, comprise two facilities of £9,000,000 and £1,000,000, repayable over 5 and 4 years, respectively, by instalments.

 

The bank loans and invoice finance facility are secured by a combination of fixed and floating charges over the group’s assets, along with the assignment of trade receivables.

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
16
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
295,138
289,580
Between two and five years
419,655
633,488
714,793
923,068
17
Related party transactions
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities controlled by key management
3,040,089
-
32,968
-

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities controlled by key management
145,403
-
2024
2023
Amounts due from related parties
£
£
Entities controlled by key management
620,387
-
TRIDENT LIFTING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
18
Directors' transactions

The company maintains a loan account with its directors. As at 30 June 2024 the company was owed £nil (2023: £1,045,371). The loan accounts are subject to an interest charge at 2.25% per annum and are repayable on demand.

19
Ultimate controlling party

Trident Holdings Ltd is the company's immediate parent company. The ultimate parent company is Statom Tower Crane Holdings Ltd .

 

The parent undertaking of the largest and smallest group of which the company is a member and consolidated financial statements are prepared is Statom Tower Crane Holdings Ltd. Copies of consolidated financial statements can be obtained from its registered office: Statom House, 795 London Road, Grays, Essex, United Kingdom, RM20 3LH.

20
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
2,505,348
2,735,791
Adjustments for:
Taxation charged
258,657
869,989
Finance costs
995,722
279,026
Investment income
(694,809)
(9,916)
Gain on disposal of tangible fixed assets
(537,484)
(82,179)
Depreciation and impairment of tangible fixed assets
1,608,621
1,363,884
Movements in working capital:
Decrease/(increase) in debtors
836,563
(862,282)
Increase in creditors
850,403
1,100,053
Cash generated from operations
5,823,021
5,394,366
21
Analysis of changes in net debt
1 July 2023
Net cash flows
30 June 2024
£
£
£
Cash at bank and in hand
3,042,381
(5,950)
3,036,431
Borrowings excluding overdrafts
(525,000)
(9,759,770)
(10,284,770)
Obligations under finance leases
(5,884,213)
2,039,875
(3,844,338)
(3,366,832)
(7,725,845)
(11,092,677)
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