REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
SOUTHERN CRANES & ACCESS LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
SOUTHERN CRANES & ACCESS LTD |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 8 |
Balance Sheet | 9 |
Cash Flow Statement | 10 |
Notes to the Financial Statements | 11 |
SOUTHERN CRANES & ACCESS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their strategic report for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
This financial year has seen improvement with increased turnover attributable to growth in the construction sector in general and our own investment into new machinery such as the Roto Telehandlers and Spider Cranes. |
We have continued with our current replacement programme maintaining our modern fleet of machines. We will continue to expand in the coming year. |
1. Gross profit which has risen to £6,135,121 (35%) from £5,794,879 (35%). |
2. Results before tax have risen to a profit of £2,551,999 from £2,467,376. |
We have continued with our commitment to health and safety best practice throughout our business as we seek to improve the services we deliver and maintain our low accident frequency rate. It is our belief that a good strong health and safety performance is key to achieving an efficient and cost-effective business environment. |
PRINCIPAL RISKS AND UNCERTAINTIES |
In recent years, there has been a growing concern about the environmental impact of traditional heavy oil powered vehicles as well as a UK government commitment to phase out the sale of these vehicles by 2035. As a result, Southern Cranes and Access is investing in improving its environmental credentials in alternative modes of powered plant, equipment and transport that are more eco-friendly. |
Although it is not possible to replace all our existing fleet with electric or alternative fuelled equipment, we have made a considerable investment into electric powered cranes. |
The electric powered spider cranes, also known as mini-cranes, are a type of compact lifting equipment that has become increasingly popular due to their ability to lift heavy loads in confined spaces as well as being particularly useful for construction and maintenance projects in urban areas where space is limited. These compliment our mobile tower cranes that can run on both their existing diesel engines but also on a mains electrical supply when operating on site. |
However, these investments into electric vehicles alone will not provide a meaningful benefit if we consume fossil fuels to recharge them, so as part of this, company strategy involves investigating and sourcing alternative energy supply with the company exploring installation of photovoltaic solar panels to capture the sun's energy and convert it into electricity. |
This year we also made an investment in new machines to revitalise our existing fleet with new greener, more efficient models where there are no opportunities to invest in electric powered plant. |
To further add to this, we have diversified the business strategy, expanding into the film and media sector with an investment in Rotating Telescopic Handlers. These Rotating Telehandlers (Roto) offer continuous 360-degree reach capabilities combined with impressive load heights, efficient load handling and incredible versatility combining the advantages of a telehandler, a crane and an access platform in one unit. |
ON BEHALF OF THE BOARD: |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their report with the financial statements of the company for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of both operated and non-operated cranes and access equipment for hire. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2024 was £267,291 (2023: £368,906). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
The directors believe the company is exposed to normal levels of price risk, credit and interest rate risk, liquidity risk and cash flow risks and manage these through standard risk management objectives and policies without the use of hedging or other advanced financial instruments. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company's business activities, along with relevant factors likely to affect its future development and position, are set out in the strategic report. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
AUDITORS |
The auditors, Lewis Brownlee (Chichester) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SOUTHERN CRANES & ACCESS LTD |
Opinion |
We have audited the financial statements of Southern Cranes & Access Ltd (the 'company') for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Financial Statements, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SOUTHERN CRANES & ACCESS LTD |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page three, 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 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. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation and the Health and Safety at Work Act; |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, where applicable; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SOUTHERN CRANES & ACCESS LTD |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
- | assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and |
- | investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | enquiring of management as to actual and potential litigation and claims; and |
- | reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors, where applicable. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,708,232 | 2,653,406 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
3,097,314 | 2,950,348 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 9 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 16 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Other reserves | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 25 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Net capital repayments on HP contracts | ( |
) | ( |
) |
Amount introduced by directors | 243,772 | 1,389 |
Amount withdrawn by directors | (151,644 | ) | (42,824 | ) |
Net advances from related parties |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | (322,283 | ) | 740,933 |
Cash and cash equivalents at beginning of year |
26 |
2,542,019 |
1,801,086 |
Effect of foreign exchange rate changes | 15,459 | - |
Cash and cash equivalents at end of year | 26 |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Southern Cranes & Access Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling (£), which is also the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about Southern Cranes and Access Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the exemption under Section 405 of the Companies Act 2006 not to prepare consolidated financial statements. |
Significant judgements and estimates |
Application of the accounting policies in the preparation of the financial statements requires the directors to apply judgement involving assumptions and estimates concerning future results and other developments, including the likelihood, timing or amount of future transactions or events. There can be no assurance that actual results will not materially differ from those estimates. |
Estimates and underlying expectations are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. |
The directors have made the following judgements: |
- Determine the rates of depreciation on cranes in plant and machinery. The policy not to depreciate cranes below 30% of cost and to reduce the depreciation rate to 10% if over 3 years is based on the knowledge of the directors of the economic viability and expected future financial performance of the asset. |
- Determine whether leases entered into by the company are operating leases or finance leases/hire purchase contracts. These decisions depend on an assessment of whether the risk and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are addressed below: |
Useful economic lives of plant and machinery: |
The annual depreciation charge for plant and machinery is sensitive to changes in the estimated useful economic lives and residual values of the assets. Tangible fixed assets are depreciated over their useful lives taking into account residual value, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. These factors contain a degree of estimation, this being the remaining life of the asset based on the current condition and residual values based on future market conditions. See the 'Tangible fixed assets' note for the carrying amount of plant and machinery, and 'Tangible fixed assets' accounting policy for the depreciation policy used. |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year arising from ordinary activities of the business. The revenue streams are: equipment hire with operator, equipment hire without operator, contract lift work, and the re-hire of cranes. |
Revenue comprises the agreed fees, plus any additional variations, and is recognised over the period that the service relates to. The revenue is recognised when it is probable that the company will receive the consideration due under the transaction. |
Rental income is recognised in the period to which it relates. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life: |
Freehold property | - | at varying rates on cost |
Short leasehold | - | in accordance with property lease |
Plant and machinery | - | at varying rates on cost between 20% - 36% |
Fixtures and fittings | - | 25% on cost |
Motor vehicles | - | 25% on cost |
Cranes which are included in plant and machinery are depreciated, after estimated residual values, at 12.5% on cost reducing to 10% on cost if over 3 years old. |
Land is not depreciated. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Assets are reviewed for any impairment to their value to below cost, and written down accordingly if appropriate. |
Stocks |
Stocks are consumable items valued at cost less any provision required for obsolescence and damage. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account using the sum of digits method. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Financial instruments |
Trade and other debtors |
Trade and other debtors are initially measured at cost and thereafter stated at amortised cost using the effective interest method, less any impairment except where the effect of discounting would be immaterial. In such cases the debtors are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at cost and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Sundry receipts | 327,588 | 281,094 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Operational staff | 72 | 66 |
Administrative staff | 30 | 31 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
The directors are considered to be the only key management personnel. |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Auditors' remuneration for non-audit services |
Under-provision of auditors' remuneration for non-audit services |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other interest paid |
Hire purchase interest |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Deferred tax |
Tax on profit |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Impact of super deduction | - | (539,964 | ) |
Adjustment to deferred tax in respect of previous periods | (61,728 | ) | - |
Total tax charge | 592,920 | 96,379 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary A shares of £1 each |
Interim |
Ordinary B shares of £1 each |
Interim |
10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
11. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
12. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Winterfields Farm, Wiggonholt, Pulborough, West Sussex, RH20 2EJ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Southern Contract Lifting Ltd was dormant throughout the years ended 30 April 2024 and 30 April 2023. |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 4,399 | - |
Corporation tax |
VAT |
Prepayments and accrued income |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 17) |
Other loans (see note 17) |
Hire purchase contracts (see note 18) |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' current accounts | 161,795 | 65,268 |
Accruals and deferred income |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 18) |
The balances under hire purchase contracts are secured on the assets concerned. |
17. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Other loans |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 10,963,179 | 11,439,295 |
Hire purchase liabilities are secured over the assets to which they relate. |
There is a charge over all of the assets of the company as they have been pledged as security in respect of the company's banking facilities. |
20. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 2,653,398 | 2,060,478 |
Deferred tax |
£ |
Balance at 1 May 2023 |
Charge to Statement of Comprehensive Income during year |
Balance at 30 April 2024 |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
The deferred tax liability is made up of the following components: |
£ |
Accelerated capital allowances | 5,121,498 |
Tax losses carried forward | (2,465,887 | ) |
Unpaid employer pension contributions | (2,213 | ) |
2,653,398 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary B | £1 | 140 | 140 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 700 | 700 |
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to vote at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets. |
22. | RESERVES |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 May 2023 | 10,634,090 |
Profit for the year | - | - |
Dividends | ( |
) | - | - | ( |
) |
At 30 April 2024 | 12,325,878 |
23. | PENSION COMMITMENTS |
The company operates a defined contribution scheme. At the balance sheet date, outstanding pension contributions were £18,599 (2023: £18,912). |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
24. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owed £232,479 (2023: £252,635) to a company under common control. No interest was charged on the loan during the current or previous year. During the year, the company made sales of £47,562 (2023: £132,710) to and purchases of £472,434 (2023: £315,952) from the company under common control. |
At the balance sheet date, the company owed £62,000 (2023: £62,000) to its subsidiary Southern Contract Lifting Ltd. The company acquired the net assets of the subsidiary as a result of the merger between the two companies. No interest was charged on the loan in the current or previous year. |
During the year, directors were made advances of £98,173 (2023: £Nil) and made repayments of £93,774 (2023: £Nil). Directors’ current account balances at the balance sheet date are shown in notes 14 and 15, all balances have no fixed terms of repayment and interest is charged at the HMRC official rate or at 2% above the HMRC official rate. |
25. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Foreign exchange (gains)/losses | (140,725 | ) | 159,145 |
Finance costs | 545,315 | 482,972 |
Finance income | (61,494 | ) | (15,848 | ) |
5,518,072 | 5,185,575 |
Decrease/(increase) in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
26. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30/4/24 | 1/5/23 |
£ | £ |
Cash and cash equivalents | 2,272,484 | 2,559,966 |
Bank overdrafts | ( |
) | ( |
) |
2,235,195 | 2,542,019 |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 2,559,966 | 1,842,713 |
Bank overdrafts | ( |
) | ( |
) |
2,542,019 | 1,801,086 |
SOUTHERN CRANES & ACCESS LTD (REGISTERED NUMBER: 03462517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
27. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
Foreign | non-cash |
At 1/5/23 | Cash flow | exchange | changes | At 30/4/24 |
£ | £ | £ | £ | £ |
Net cash |
Cash at bank | 2,559,966 | (287,482 | ) | - | 2,272,484 |
Bank overdrafts | (17,947 | ) | (19,342 | ) | - | (37,289 | ) |
2,542,019 | (306,824 | ) | - | 2,235,195 |
Debt |
Finance leases | (11,439,295 | ) | 5,152,161 | 125,267 | (4,801,312 | ) | (10,963,179 | ) |
Debts falling due |
within 1 year | (345 | ) | 345 | - | - | - |
(11,439,640 | ) | 5,152,506 | 125,267 | (4,801,312 | ) | (10,963,179 | ) |
Total | (8,897,621 | ) | 4,845,682 | 125,267 | (4,801,312 | ) | (8,727,984 | ) |
28. | MAJOR NON-CASH TRANSACTIONS |
During the year the company has acquired tangible fixed assets totalling £4,801,312 (2023: £6,298,059) under hire purchase contracts. |