Registered number:
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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BRONZESHIELD LIFTING LIMITED
COMPANY INFORMATION
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BRONZESHIELD LIFTING LIMITED
CONTENTS
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BRONZESHIELD LIFTING LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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.
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.
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.
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BRONZESHIELD LIFTING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 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.
The profit for the period, after taxation, amounted to £1,437,425 (2023 - £1,123,294).
The directors who served during the period were:
There have been no significant events affecting the company since the year end.
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BRONZESHIELD LIFTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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BRONZESHIELD LIFTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRONZESHIELD LIFTING LIMITED
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 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).
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.
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.
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BRONZESHIELD LIFTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRONZESHIELD LIFTING LIMITED (CONTINUED)
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 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.
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.
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.
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BRONZESHIELD LIFTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRONZESHIELD LIFTING LIMITED (CONTINUED)
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.
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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.
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 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
Date:
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BRONZESHIELD LIFTING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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BRONZESHIELD LIFTING LIMITED
REGISTERED NUMBER: 01978401
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
The notes on pages 14 to 26 form part of these financial statements.
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BRONZESHIELD LIFTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023
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BRONZESHIELD LIFTING LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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BRONZESHIELD LIFTING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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
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:
Functional and presentation currency
Transactions and balances
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (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:
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.
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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.
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
11.Taxation (continued)
There are no factors that may affect future tax charges.
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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BRONZESHIELD LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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).
The ultimate controlling party is WCA Frost.
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