REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2024 |
for |
John Sutch Cranes Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2024 |
for |
John Sutch Cranes Limited |
John Sutch Cranes Limited (Registered number: 07960996) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
John Sutch Cranes Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
BANKERS: |
99-101 Lord Street |
Liverpool |
L2 6PG |
John Sutch Cranes Limited (Registered number: 07960996) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Capital redemption reserve | 12 |
Retained earnings | 12 | 991,924 | 935,544 |
The financial statements were approved by the Board of Directors and authorised for issue on |
John Sutch Cranes Limited (Registered number: 07960996) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
John Sutch Cranes Limited is a |
The presentational currency of the financial statements is the Pound Sterling. Monetary amounts in these financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Turnover |
Turnover represents amounts receivable for services provided during the year net of VAT and trade discounts. |
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 |
Tangible fixed assets are initially measured at costs and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Items of crane equipment purchased at a cost of more than £1,000 each are capitalised and depreciated, otherwise their costs are immediately written off as revenue expenditure. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | 25% on cost |
Plant and machinery | 25% on cost |
Computer equipment | 25% on cost |
Motor vehicles | 25% on cost |
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. |
John Sutch Cranes Limited (Registered number: 07960996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
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, 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 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 are 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 as transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
John Sutch Cranes Limited (Registered number: 07960996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 future cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
Derecognition of financial assets |
Financial instruments 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. |
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. |
John Sutch Cranes Limited (Registered number: 07960996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Deferred tax |
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. |
Group relief |
Since more than 75% of the ordinary share capital of the company is owned and controlled by its parent company, J S Fleet Services Limited, both companies are eligible for group relief of losses. Under this arrangement, tax losses of one company are surrendered and offset against the taxable profits of the other company so as to minimise the total amount of corporation tax payable by the group companies. |
No payment is made between the companies in respect of group relief. |
John Sutch Cranes Limited (Registered number: 07960996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
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 are included in the profit and loss account for the period. |
Leases |
Leases are classified as finance leases whenever the terms of the leases transfer substantially all of the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. Te related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term o the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
Retirement benefits |
The company operates a defined pension contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
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 expenses when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Distributions to equity holders |
Dividends to the company's shareholders are recognised as a liability in the financial statements in the period in which they are approved and are recorded in the statement of changes in equity. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
John Sutch Cranes Limited (Registered number: 07960996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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. |
The net book value of assets held under finance leases amounts to £128,017 (2023: £169,452). |
John Sutch Cranes Limited (Registered number: 07960996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Other debtors |
Deferred tax asset | - | 9,440 |
Prepayments and accrued income |
7. | CASH AT BANK |
31.5.24 | 31.5.23 |
£ | £ |
Bank account no. 2 | - | 371 |
Bank account no. 4 | - | 155,463 |
Cash at bank and in hand 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. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Finance leases (see note 10) |
Trade creditors |
Social security and other taxes |
VAT | - | 41,900 |
Other creditors |
Accruals and deferred income |
The bank overdraft of £358,954 (2023 - £219,127) is secured by way of fixed floating charge dated 23 March 2022 on the assets of the company and by a Limited Guarantee given by the director's Mr J & Mrs E Sutch to the value of £250,000. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Finance leases (see note 10) |
Amounts owed to group undertakings |
John Sutch Cranes Limited (Registered number: 07960996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
31.5.24 | 31.5.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
31.5.24 | 31.5.23 |
£ | £ |
Within one year |
Between one and five years |
The aggregate obligations (current and non-current) of £85,375 (2023 - £174,979) under finance leases and hire purchase agreements are secured against the assets to which they relate. The maturity of the obligations is disclosed above. |
Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayments basis and no arrangements have been entered into for contingent rental payments. |
11. | CALLED UP SHARE CAPITAL |
Called up share capital represents the nominal value of shares that have been issued. |
12. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2023 | 935,581 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 May 2024 | 991,962 |
Retained earnings includes all current and prior period retained profits and losses. |
Capital redemption reserve includes the nominal value of shares repurchased and still held at the end of the year. |
John Sutch Cranes Limited (Registered number: 07960996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Dividends totalling £240,645 (2023 - £212,814) were paid in the year in respect of shares held by the company's directors. |
At 31 May 2024, the Director's of the company had made interest free loans to the company amounting to £Nil (2023 - £Nil). |
At 31 May 2024, the Director's of the company had received interest free loans from the company amounting to £39,267 (2023 - £38,767). |
15. | RELATED PARTY DISCLOSURES |
The parent company of John Sutch Cranes Limited is J S Fleet Limited. |
In the year, J S Fleet Limited charged rent of £144,000 (2023 - £144,000) and made sales of £2,260,000 (2023 - £2,200,000) to John Sutch Cranes Limited. |
Included in creditors is the sum of £1,154,893 (2023 - £674,211) owed to the parent company. |
J S Fleet Services Limited is the parent company of John Sutch Cranes Limited. The smallest group for which consolidated accounts are prepared which include John Sutch Cranes is J S Fllet Services Limited. J S Fleet Services Limited is a company incorporated in England & Wales whose accounts are publicly available. Copies of those accounts are available from the registered office which is 1 Bridle Road, Bootle, Merseyside, L30 4UG. |
At 31 May 2024, included in Debtors is the sum of £4,556 (2023 - £3,298) and Creditors of £Nil (2023 - £384) relating to interest free loans to certain Shareholders of the company. |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr J & Mrs E Sutch. |
After the year end, J Sutch Holdings Limited became the new ultimate parent company. It was incorporated on 19 March 2024. |