Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30falseOther specialised construction activities not elsewhere classifiedfalse2023-04-01false5050false 01978401 2023-04-01 2024-09-30 01978401 2022-04-01 2023-03-31 01978401 2024-09-30 01978401 2023-03-31 01978401 2022-04-01 01978401 5 2023-04-01 2024-09-30 01978401 5 2022-04-01 2023-03-31 01978401 d:Exceptional 2023-04-01 2024-09-30 01978401 d:Exceptional 2022-04-01 2023-03-31 01978401 e:Director1 2023-04-01 2024-09-30 01978401 e:Director2 2023-04-01 2024-09-30 01978401 e:Director3 2023-04-01 2024-09-30 01978401 e:RegisteredOffice 2023-04-01 2024-09-30 01978401 d:Buildings 2023-04-01 2024-09-30 01978401 d:Buildings 2024-09-30 01978401 d:Buildings 2023-03-31 01978401 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-09-30 01978401 d:PlantMachinery 2023-04-01 2024-09-30 01978401 d:PlantMachinery 2024-09-30 01978401 d:PlantMachinery 2023-03-31 01978401 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-09-30 01978401 d:MotorVehicles 2023-04-01 2024-09-30 01978401 d:MotorVehicles 2024-09-30 01978401 d:MotorVehicles 2023-03-31 01978401 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-09-30 01978401 d:OtherPropertyPlantEquipment 2023-04-01 2024-09-30 01978401 d:OtherPropertyPlantEquipment 2024-09-30 01978401 d:OtherPropertyPlantEquipment 2023-03-31 01978401 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-09-30 01978401 d:OwnedOrFreeholdAssets 2023-04-01 2024-09-30 01978401 d:CurrentFinancialInstruments 2024-09-30 01978401 d:CurrentFinancialInstruments 2023-03-31 01978401 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 01978401 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01978401 d:ReportableOperatingSegment1 2023-04-01 2024-09-30 01978401 d:ReportableOperatingSegment1 2022-04-01 2023-03-31 01978401 f:UnitedKingdom 2023-04-01 2024-09-30 01978401 f:UnitedKingdom 2022-04-01 2023-03-31 01978401 d:UKTax 2023-04-01 2024-09-30 01978401 d:UKTax 2022-04-01 2023-03-31 01978401 d:ShareCapital 2024-09-30 01978401 d:ShareCapital 2023-03-31 01978401 d:ShareCapital 2022-04-01 01978401 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-09-30 01978401 d:RetainedEarningsAccumulatedLosses 2024-09-30 01978401 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01978401 d:RetainedEarningsAccumulatedLosses 2023-03-31 01978401 d:RetainedEarningsAccumulatedLosses 2022-04-01 01978401 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 01978401 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01978401 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-09-30 01978401 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 01978401 e:OrdinaryShareClass2 2023-04-01 2024-09-30 01978401 e:OrdinaryShareClass2 2024-09-30 01978401 e:OrdinaryShareClass2 2023-03-31 01978401 e:OrdinaryShareClass3 2023-04-01 2024-09-30 01978401 e:OrdinaryShareClass3 2024-09-30 01978401 e:OrdinaryShareClass3 2023-03-31 01978401 e:FRS102 2023-04-01 2024-09-30 01978401 e:Audited 2023-04-01 2024-09-30 01978401 e:FullAccounts 2023-04-01 2024-09-30 01978401 e:PrivateLimitedCompanyLtd 2023-04-01 2024-09-30 01978401 2 2023-04-01 2024-09-30 01978401 4 2023-04-01 2024-09-30 01978401 g:PoundSterling 2023-04-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01978401









BRONZESHIELD LIFTING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

 
BRONZESHIELD LIFTING LIMITED
 
 
COMPANY INFORMATION


Directors
W C A Frost 
M Jones 
M J Stevens 




Registered number
01978401



Registered office
Crayford Mill
Thames Road

Crayford

Kent

DA1 4QH




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
BRONZESHIELD LIFTING LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12 - 13
Notes to the financial statements
 
14 - 26


 
BRONZESHIELD LIFTING LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report accompanying the financial statements for the period ended 30 September 2024.
The reason the Company extended its trading period to 18 months was because the manufacturing time had been increased due to the raw materials not readily available because of the effects of COVID 19 pandemic.

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and of its position at the year end.  Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The principal activity of the company is that of mobile crane and plant hire. Operating on either a contract lift basis or hire and managed basis, the company owns a fleet of telescopic cranes with lifting capacities of up to 500 tonnes.
As a result of the Company disposing fixed assets the Company was able to record a profit of 1.44m. After adjusting for non-trading items of bank interest receivable and rent receivable, the average net profit is £14,915 per month compared to £18,736 in the year to 31.3.2023.
Our business plan and the continued determined approach to carefully select the business activity and to then effectively manage this has ensured that we remain competitive; this approach has worked well and allowed us to maintain our client base and also to move forward and face the future with confidence. Maintaining high levels of repeat business across the whole client base remains one of the fundamental objectives of the directors and the management team. Continual monitoring and training all employees, which includes health and safety enables the company to perform at the highest level.

Principal risks and uncertainties
 
The key business risks and uncertainties affecting the company are considered to relate to competition from other national crane hire companies, the fluctuating price of petrol and diesel and the stability of the UK economy.
Financial key performance indicators
The gross profit margin has increased  to 28.3% (2023: 25.5%) 
The company’s principal financial instruments comprise bank facilities. The main purpose of these instruments is to fund the company’s operations.
Trade debtors are managed in respect of the credit and cash flow by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits.  Debtor days have decreased from 62 in 2023 to 49 in 2024.
We confirm there have been no subsequent events that would materially affect the financial statements which have not already been disclosed. We are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control. 

Page 1

 
BRONZESHIELD LIFTING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

Environment
 
The company recognises its responsibility to the environment and takes positive steps to address the environmental impact of its business operations. The company seeks to minimise adverse impacts by initiating plans to switch the entire Crane, HGV and Van fleet to run on HVO fuel and investing in new Stage V Emission Standard Cranes to replace less environmentally friendly machines.  


This report was approved by the board on 3 February 2025 and signed on its behalf.



M Jones
Director

Page 2

 
BRONZESHIELD LIFTING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the period ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the period, after taxation, amounted to £1,437,425 (2023 - £1,123,294).

Directors

The directors who served during the period were:

W C A Frost 
M Jones 
M J Stevens 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Page 3

 
BRONZESHIELD LIFTING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 3 February 2025 and signed on its behalf.
 





M Jones
Director

Page 4

 
BRONZESHIELD LIFTING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRONZESHIELD LIFTING LIMITED
 

Opinion


We have audited the financial statements of Bronzeshield Lifting Limited (the 'company') for the period ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 September 2024 and of its profit for the period 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
BRONZESHIELD LIFTING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRONZESHIELD LIFTING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 3, 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.


Page 6

 
BRONZESHIELD LIFTING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRONZESHIELD LIFTING LIMITED (CONTINUED)


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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• 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 discussion with directors and    other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the company, are as follows:
o Companies Act 2006.
o FRS102.
o GDPR
o Employment legislation
o Tax legislation
o        The Lifting Operations and Lifting Equipment Regulations 
o        Provision and Use of Work Equipment Regulations
o        The Construction Industry Training Board
o        NOCN Certification
• We assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management, reviewing board minutes and inspecting legal correspondence; 
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit 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 enquires of management as to where they consider there was susceptibility to fraud and their               knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,     were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business.
 
Page 7

 
BRONZESHIELD LIFTING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRONZESHIELD LIFTING LIMITED (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and 
• Posting of unusual journals or transactions.

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 Auditors' report.


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 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
3 March 2025
Page 8

 
BRONZESHIELD LIFTING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

Period ended 30 
September 
As restated year ended
 31 March 
2024
2023
Note
£
£

  

Turnover
 4 
12,558,248
8,078,676

Cost of sales
  
(9,007,439)
(6,021,060)

Gross profit
  
3,550,809
2,057,616

Administrative expenses
  
(2,707,588)
(1,606,013)

Exceptional income
 12 
851,472
887,619

Operating profit
 5 
1,694,693
1,339,222

Interest receivable and similar income
 9 
236,476
10,844

Interest payable and similar expenses
 10 
(9,608)
(6,993)

Profit before tax
  
1,921,561
1,343,073

Tax on profit
 11 
(484,136)
(219,779)

Profit for the financial period
  
1,437,425
1,123,294

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 26 form part of these financial statements.

Page 9

 
BRONZESHIELD LIFTING LIMITED
REGISTERED NUMBER: 01978401

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

30 September
31 March
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
8,089,218
7,962,305

Current assets
  

Stocks
 14 
40,383
48,733

Debtors: amounts falling due within one year
 15 
1,760,574
1,470,351

Cash at bank and in hand
 16 
7,434,692
6,210,909

  
9,235,649
7,729,993

Creditors: amounts falling due within one year
 17 
(938,311)
(772,994)

Net current assets
  
 
 
8,297,338
 
 
6,956,999

Total assets less current liabilities
  
16,386,556
14,919,304

Provisions for liabilities
  

Deferred tax
 18 
(1,852,755)
(1,822,928)

Dilapidation provision
 19 
(500,000)
(500,000)

Net assets
  
14,033,801
12,596,376


Capital and reserves
  

Called up share capital 
 20 
100,000
100,000

Profit and loss account
  
13,933,801
12,496,376

  
14,033,801
12,596,376


The financial statements were approved and authorised for issue by the board and were signed on its behalf by  




M Jones
Director

Date: 3 February 2025

The notes on pages 14 to 26 form part of these financial statements.

Page 10

 
BRONZESHIELD LIFTING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
100,000
12,496,376
12,596,376



Profit for the period
-
1,437,425
1,437,425


At 30 September 2024
100,000
13,933,801
14,033,801


The notes on pages 14 to 26 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
100,000
11,373,082
11,473,082



Profit for the year
-
1,123,294
1,123,294


At 31 March 2023
100,000
12,496,376
12,596,376


The notes on pages 14 to 26 form part of these financial statements.

Page 11

 
BRONZESHIELD LIFTING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

Period ended 30 
September 
As restated year ended
31 March 
2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
1,437,425
1,123,294

Adjustments for:

Depreciation of tangible assets
3,091,526
2,060,493

Profit on disposal of tangible assets
(851,472)
(887,619)

Interest paid
9,608
6,993

Interest received
(236,476)
(10,844)

Taxation charge
484,136
219,995

Decrease/(increase) in stocks
8,350
(23,559)

(Increase)/decrease in debtors
(290,223)
143,645

(Decrease) in creditors
(75,100)
(1,641)

Corporation tax (paid)/received
(212,814)
285,854

Net cash generated from operating activities

3,364,960
2,916,611


Cash flows from investing activities

Purchase of tangible fixed assets
(3,454,317)
(1,191,894)

Sale of tangible fixed assets
1,086,272
887,619

Interest received
236,476
10,844

HP interest paid
-
(418)

Net cash from investing activities

(2,131,569)
(293,849)
Page 12

 
BRONZESHIELD LIFTING LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

Period ended
30 September
Year ended
31 March

2024
2023

£
£



Cash flows from financing activities

Repayment of/new finance leases
-
(102,540)

Interest paid
(9,608)
(6,575)

Net cash used in financing activities
(9,608)
(109,115)

Net increase in cash and cash equivalents
1,223,783
2,513,647

Cash and cash equivalents at beginning of period
6,210,909
3,697,262

Cash and cash equivalents at the end of period
7,434,692
6,210,909


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
7,434,692
6,210,909

7,434,692
6,210,909


The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

1.


General information

The company, incorporated in England and Wales, has its registered office at Crayford Mill, Thames Road, Crayford, Kent, DA1 4QH.
The company's principal activity continued to be that of the hire of cranes.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 15

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:


Freehold property
-
straight line over 50 years
Plant and machinery
-
25% to 100% straight line
Motor vehicles
-
20% to 33% straight line
Mobile cranes
-
6.67% to 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies
No significant judgements have been made by management in the preparation of the financial statements. 
b) Key accounting estimates and assumptions
During the period there was a change in depreciation policy for fleet assets classified as 100-130 tonne, reducing from a 15 year straight line policy to a 10 year straight line policy. The overall effect to depreciation charged during the year was an increase from £256,512 to £1,005,652. Other key assumptions regarding the useful economic life of tangible fixed assets is further described in note 2.9 of the accounting policies.
Included within accruals is a £500,000 dilapidation provision; this is management's assessment of the liability payable when the demolition of a site building is required. There is current uncertainty as to the reliability of this estimate and at a future date the final cost may differ.   

Page 18

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

4.


Turnover

Period ended 30 
September
Year ended
31 March
2024
2023
£
£

Hire of cranes and related activities
12,558,248
8,078,676


Period ended 30 
September
Year ended
31 March
2024
2023
£
£

United Kingdom
12,558,248
8,078,676



5.


Operating profit

The operating profit is stated after charging:

Period ended 30 
September
Year ended
31 March
2024
2023
£
£

Depreciation of tangible fixed assets
3,091,526
2,060,493

Exchange differences
11,301
(29,780)

Defined contribution pension cost
72,715
48,342


6.


Auditors' remuneration

During the period, the company obtained the following services from the company's auditors:


Period ended 30 
September
Year ended
31 March
2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
16,275
15,250
Page 19

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Period ended 30 
September
Year ended
31 March
2024
2023
£
£

Wages and salaries
4,272,930
2,680,792

Social security costs
510,063
335,700

Cost of defined contribution scheme
72,715
48,342

4,855,708
3,064,834


The average monthly number of employees, including the directors, during the period was as follows:


  Period ended 30 
       September
       Year ended
        31 March
        2024
        2023
            No.
            No.







50
50


8.


Directors' remuneration

Period ended 30
September
Year ended
31 March
2024
2023
£
£

Directors' emoluments
511,232
323,712

Company contributions to defined contribution pension schemes
6,213
4,142

517,445
327,854


During the period retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £232,759 (2023 - £156,938).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

Page 20

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

9.


Interest receivable

Period ended 30 
September
Year ended
31 March
2024
2023
£
£


Bank interest receivable
236,476
10,844

236,476
10,844


10.


Interest payable and similar expenses

Period ended 30 
September
Year ended
31 March
2024
2023
£
£


Other loan interest payable
9,608
6,575

Finance leases and hire purchase contracts
-
418

9,608
6,993


11.


Taxation


Period ended 30 
September
Year ended
31 March
2024
2023
£
£

Corporation tax


Current tax on profits for the year
454,309
212,814


Total current tax
454,309
212,814

Deferred tax


Origination and reversal of timing differences
29,827
6,965

Total deferred tax
29,827
6,965


Tax on profit
484,136
219,779
Page 21

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

Period ended 30 
September
Year ended
31 March
2024
2023
£
£


Profit on ordinary activities before tax
1,921,561
1,343,073


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
480,390
255,184

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,356
1,294

Depreciation for year (lower than)/ in excess of capital allowances
184,431
124,984

Profit on sale of tangible fixed assets
(212,868)
(168,648)

Movement in deferred taxation
29,827
6,965

Total tax charge for the period/year
484,136
219,779


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


12.


Exceptional items

Period ended 30 
September
Year ended
31 March
2024
2024
£
£


Profit on disposal of fixed assets
(851,472)
(887,619)

(851,472)
(887,619)

Page 22

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

13.


Tangible fixed assets







Freehold property
Plant and machinery
Motor vehicles
Mobile cranes
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
685,448
70,671
1,461,154
27,154,472
29,371,745


Additions
-
-
212,837
3,241,480
3,454,317


Disposals
-
-
(193,079)
(3,008,731)
(3,201,810)



At 30 September 2024

685,448
70,671
1,480,912
27,387,221
29,624,252



Depreciation


At 1 April 2023
102,804
45,827
1,138,811
20,121,998
21,409,440


Charge for the period on owned assets
5,556
10,291
234,953
2,840,726
3,091,526


Disposals
-
-
(189,120)
(2,776,812)
(2,965,932)



At 30 September 2024

108,360
56,118
1,184,644
20,185,912
21,535,034



Net book value



At 30 September 2024
577,088
14,553
296,268
7,201,309
8,089,218



At 31 March 2023
582,644
24,844
322,343
7,032,474
7,962,305

Land and buildings includes an asset owned by the company with a net book value of £500,242, which   is not depreciated as it is land only.


14.


Stocks

30 September 
31 March
2024
2023
£
£

Raw materials and consumables
40,383
48,733

40,383
48,733


Page 23

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

15.


Debtors

30 September
31 March
2024
2023
£
£


Trade debtors
1,129,266
1,383,164

Other debtors
450,110
45,107

Prepayments and accrued income
181,198
42,080

1,760,574
1,470,351



16.


Cash and cash equivalents

30 September
31 March
2024
2023
£
£

Cash at bank and in hand
7,434,692
6,210,909

7,434,692
6,210,909



17.


Creditors: Amounts falling due within one year

30 September
31 March
2024
2023
£
£

Trade creditors
203,959
301,023

Corporation tax
454,309
212,814

Other taxation and social security
107,750
119,484

Other creditors
27,376
26,501

Accruals and deferred income
144,917
113,172

938,311
772,994


Page 24

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

18.


Deferred taxation






30 September 2024
31 March 2023


£

£






At beginning of year
(1,822,928)
(1,815,963)


Charged to profit or loss
(29,827)
(6,965)



At end of year
(1,852,755)
(1,822,928)

The provision for deferred taxation is made up as follows:

30 September
31 March
2024
2023
£
£


Accelerated capital allowances
(1,852,755)
(1,822,928)

(1,852,755)
(1,822,928)


19.


Provisions






Dilapidation Provision

£





At 1 April 2023
500,000



At 30 September 2024
500,000

Page 25

 
BRONZESHIELD LIFTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

20.


Share capital

30 September
31 March
2024
2023
£
£
Allotted, called up and fully paid



90,000 (2023 - 90,000) Ordinary 'A' shares of £1.00 each
90,000
90,000
10,000 (2023 - 10,000) Ordinary 'B' shares of £1.00 each
10,000
10,000

100,000

100,000



21.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £72,715 (2023: £48,342).


22.


Related party transactions

One director has an interest in premises occupied by the company, for which rent was paid of £250,000. (2023: £150,000).


23.


Controlling party

The ultimate controlling party is WCA Frost.

 
Page 26