REGISTERED NUMBER: 00598454 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2024 |
for |
Columbus McKinnon Corporation Ltd |
REGISTERED NUMBER: 00598454 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2024 |
for |
Columbus McKinnon Corporation Ltd |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
Columbus McKinnon Corporation Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS |
Our principal activities are the design, manufacture and sale of lifting clamps, the distribution of hoisting equipment and ancillary products, the design, manufacture and selling of load moving systems, the distribution of lift drives and equipment specific to the lift industry and the testing, servicing and inspection of lifting and lift equipment. |
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risk and uncertainties we face. |
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and profit margins. |
The key financial and other performance indicators during the year were as follows; |
2024 | 2023 | Change % |
£ | £ |
Turnover | 25,094 | 22,280 | 12.6 |
Operating profit | 4,079 | 3,136 | 30 |
Profit after tax | 3,962 | 2,523 |
Equity shareholders' funds | 9,677 | 8,699 | 11.2 |
Current assets as % current liabilities ('current ratio') |
242 |
224 |
18 |
Average number of employees |
Turnover has increased across the group by 12.6% during the year. This year's gross profit percentage is 30.6% compared to 28.6% at year end 2023. Operating profit has increased by 30% from £3,136,412 last year to £4,079,329 this year due to increased turnover and improved standard margin from the previous year, the group and parent company is now back to standard market trading; furthermore, profit before tax has increased from £3,121,481 last year to £4,155,323 this year. |
As for many companies of our size, the business environment in which we operate continues to be challenging. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. However, we will continue to show flexibility and respond to market conditions and opportunities as they arise. |
The group and the company has a stable cash flow and this expected to continue for the foreseeable future. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The operation of the group exposes it to a variety of financial risk including the effects of changes in market prices, foreign currency exchange rates, credit risks, energy prices and liquidity. The group complies with the appropriate procedures and risk management policies employed by the ultimate parent company and these factors are monitored at both local and corporate level. |
PRICE RISK |
The group's main cost relates to goods and raw materials. Even though there have been increases inflation and increased prices within this area, the group's margins are well within market standard, therefore, the directors do not feel there is any significant risk from increasing prices. |
FOREIGN CURRENCY RISK |
The group both buys and sells in foreign currency and where possible the group sells product under the purchasing currency thus reducing its exposure to foreign currency risk, post the Brexit referendum sterling has been under pressure and increased cost have resulting from the falling pound. |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
CREDIT RISK |
The group's policies are aimed to minimise credit losses. Only customers who demonstrate appropriate credit worthiness, including an equivalent credit rating are permitted deferred terms. All customers are monitored and regularly checked to ensure their credit worthiness is maintained. |
ENERGY PRICES |
The group and the parent company consumes significant amounts of energy and is exposed to prices risk arising from their consumption, principally gas and electricity. Agents are sourced to ensure the company achieves the most competitive prices available. |
LIQUIDITY |
The directors consider that the cash flow and liquidity risk that may face the company from time to time will be met by the group's own resources.The group has its main manufacturing facility in Chester and two further locations in Newtownabbey with subsidiary undertakings in Coleshill. These and other assets are subject to the normal business risks in the event of property damage or business interruption etc. |
BRITAIN'S DEPARTURE FROM THE EU |
Around 65% of the company stock is bought from the EU and USA. There will be risks of fluctuating exchange rates, along with the risk of possible delays in getting goods into the UK due to BREXIT. The company have introduced additional import and export procedures to elevate expected delays at UK ports. |
FUTURE DEVELOPMENTS |
The directors have considered the cash requirements of the business over the following 12 months from the date of this report and are satisfied that sufficient funds are available to meet the liabilities as they fall due. Accordingly, the financial statements have been prepared on the going concern basis. |
ON BEHALF OF THE BOARD: |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
The directors paid an interim dividend during the year ending 31 March 2024 of £2,985,000 (£74.62p per share) on the 20 September 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
GOING CONCERN |
The directors have prepared a forecast covering the forthcoming trading year and have forecasted that the company will continue to be profitable and generate a positive cash flow in the 12 months following the date of approval of the accounts. |
The company exceeded its long term business plan to the year 2024 and has set its plan for 2025 which is on track to exceed. It is currently revising its long term plan which will take the company to 2026 and beyond. The directors have reviewed this and all other factors to ensure that they are reasonably confident that the company is expected to be profitable and generate sufficient cash to meet its obligations and that the key underlying assumptions are still valid. Therefore, having considered all of the circumstances and information available to them at this time, the directors have prepared the accounts on a going concern basis. |
Enquires have been made to the directors of the company's parent company and the directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Columbus McKinnon Corporation group to continue as a going concern or its ability to continue with the current banking arrangements. |
There are no material uncertainties that directors are aware of arising from their assessment that may cast significant doubt on the company's ability to continue as a going concern and liquidity risk or other uncertainties and key assumptions (including the settlement terms of intercompany receivables and payables) concerning going concern necessary to draft the accounts giving a true and fair view. All such disclosures have been made in the statutory accounts where appropriate. |
EMPLOYEE INVOLVEMENT |
The group encourages employee involvement through communication and consultation on a wide range of issues. Planned regular communication takes place through micro meetings, general briefings and bulletins, which keeps employees aware of the matters within the company which include financial, economic and corporate factors affecting Columbus McKinnon Corporation Limited. |
DISABLED EMPLOYEES |
The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. |
Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and provide training and career development and promotion to disabled employees. |
CREDITORS' PAYMENT POLICY |
It is the group's policy that payments to suppliers are made in accordance with those terms and conditions agreed between the company and its suppliers, providing that all trading terms and conditions have been complied with as at 31 March 2024 and throughout the year. |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Report of the Directors |
for the Year Ended 31 March 2024 |
DISCLOSURE OF INFORMATION TO THE AUDITOR |
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the company's auditor, each director has taken all the steps that he/she is obliged to take as a director in order to make himself/herself aware of any relevant audit information and to establish that the auditor is aware of that information. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Haines Watts, 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 |
Columbus McKinnon Corporation Ltd |
Opinion |
We have audited the financial statements of Columbus McKinnon Corporation Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 Group 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 Group 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 |
Columbus McKinnon Corporation Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Statement of Directors' Responsibilities set out on page five, 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 group's and the parent 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 group or the parent 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- | Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- | Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- | Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations; |
- | Challenging assumptions and judgements made by management in its significant accounting estimates; |
- | Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. |
Our audit did not identify any significant matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls. |
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. |
Report of the Independent Auditors to the Members of |
Columbus McKinnon Corporation Ltd |
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 |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Consolidated Income Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 | 25,094,182 | 22,280,076 |
Cost of sales | 17,411,309 | 15,892,124 |
GROSS PROFIT | 7,682,873 | 6,387,952 |
Distribution costs | 725,684 | 819,361 |
Administrative expenses | 2,877,860 | 2,501,304 |
3,603,544 | 3,320,665 |
4,079,329 | 3,067,287 |
Other operating income | - | 69,125 |
OPERATING PROFIT | 7 | 4,079,329 | 3,136,412 |
Interest receivable and similar income | 98,131 | 7,455 |
4,177,460 | 3,143,867 |
Interest payable and similar expenses | 8 | 22,137 | 22,386 |
PROFIT BEFORE TAXATION | 4,155,323 | 3,121,481 |
Tax on profit | 9 | 193,004 | 598,400 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,962,319 | 2,523,081 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,962,319 | 2,523,081 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,962,319 |
2,523,081 |
Total comprehensive income attributable to: |
Owners of the parent | 3,962,319 | 2,523,081 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Consolidated Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | - | - |
Tangible assets | 13 | 827,720 | 889,836 |
Investments | 14 | - | - |
827,720 | 889,836 |
CURRENT ASSETS |
Stocks | 15 | 3,791,244 | 3,742,395 |
Debtors | 16 | 6,954,834 | 6,572,132 |
Cash at bank and in hand | 4,815,467 | 4,355,525 |
15,561,545 | 14,670,052 |
CREDITORS |
Amounts falling due within one year | 17 | 6,411,998 | 6,523,259 |
NET CURRENT ASSETS | 9,149,547 | 8,146,793 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
9,977,267 |
9,036,629 |
CREDITORS |
Amounts falling due after more than one year |
18 |
300,253 |
336,936 |
NET ASSETS | 9,677,014 | 8,699,693 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 40,001 | 40,001 |
Share premium | 20 | 3,990,849 | 3,990,849 |
Other reserves | 20 | 16,363 | 16,363 |
Retained earnings | 20 | 5,629,801 | 4,652,480 |
9,677,014 | 8,699,693 |
The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by: |
D J Murthi - Director |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Company Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Retained earnings | 20 |
Company's profit for the financial year | 3,240,804 | 2,370,151 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Share | Other | Total |
capital | earnings | premium | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 40,001 | 3,635,997 | 3,990,849 | 16,363 | 7,683,210 |
Changes in equity |
Dividends | - | (1,506,598 | ) | - | - | (1,506,598 | ) |
Total comprehensive income | - | 2,523,081 | - | - | 2,523,081 |
Balance at 31 March 2023 | 40,001 | 4,652,480 | 3,990,849 | 16,363 | 8,699,693 |
Changes in equity |
Dividends | - | (2,985,000 | ) | - | - | (2,985,000 | ) |
Total comprehensive income | - | 3,962,319 | - | - | 3,962,319 |
Balance at 31 March 2024 | 40,001 | 5,629,799 | 3,990,849 | 16,363 | 9,677,012 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 March 2024 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,930,118 | 2,902,757 |
Interest paid | (6,396 | ) | (4,858 | ) |
Interest element of hire purchase or finance lease rental payments paid |
(15,741 |
) |
(17,528 |
) |
Tax paid | (490,000 | ) | (268,650 | ) |
Net cash from operating activities | 3,417,981 | 2,611,721 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (74,000 | ) | (153,745 | ) |
Sale of tangible fixed assets | 2,830 | 1,412 |
Interest received | 98,131 | 7,455 |
Net cash from investing activities | 26,961 | (144,878 | ) |
Cash flows from financing activities |
Equity dividends paid | (2,985,000 | ) | (1,506,598 | ) |
Net cash from financing activities | (2,985,000 | ) | (1,506,598 | ) |
Increase in cash and cash equivalents | 459,942 | 960,245 |
Cash and cash equivalents at beginning of year |
2 |
4,355,525 |
3,395,280 |
Cash and cash equivalents at end of year | 2 | 4,815,467 | 4,355,525 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation | 4,155,323 | 3,121,481 |
Depreciation charges | 133,286 | 185,131 |
Finance costs | 22,137 | 22,386 |
Finance income | (98,131 | ) | (7,455 | ) |
4,212,615 | 3,321,543 |
Increase in stocks | (48,849 | ) | (402,905 | ) |
(Increase)/decrease in trade and other debtors | (382,700 | ) | 626,370 |
Increase/(decrease) in trade and other creditors | 149,052 | (642,251 | ) |
Cash generated from operations | 3,930,118 | 2,902,757 |
2. | 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 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 4,815,467 | 4,355,525 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 4,355,525 | 3,395,280 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,355,525 | 459,942 | 4,815,467 |
4,355,525 | 459,942 | 4,815,467 |
Total | 4,355,525 | 459,942 | 4,815,467 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Columbus McKinnon Corporation Limited is a private limited company limited by shares and incorporated in England. The company financial statements have been prepared in compliance with FRS 102 as it applies to the financial statements of the company for the year ended 31 March 2024. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated group financial statement consist of the financial statements of the parent company, , Columbus McKinnon Corporation Ltd, together with its subsidiary undertakings, Stahl Cranesystems Limited and Magnetek (UK) Limited. |
The financial statements for the parent company and both subsidiary companies have been drawn up to 31 March 2024.. |
Where necessary, adjustments have been made to the financial statements of the subsidiary undertakings to bring the accounting policies used and accounting periods in line with those used by the parent company. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Subsidiaries are consolidated in the group's financial statements from the date control commences until the date that control ceases. |
Judgements and key sources of estimated uncertainty |
The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported as assets and liabilities as at the balance sheet date and the amounts reported as revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. |
There are no critical judgements or estimations that management have made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The group's business activities, together with the factors likely to affect its future developments, its financial position, financial risk management objectives, details of its financial instruments and derivative activities and its exposures to the risks described in the Strategic Report. |
In preparing these consolidated financial statements, the Directors are required to prepare the financial statements on the going concern basis unless it is inappropriate to assume that the parent company and the group will continue in business. In satisfaction of this responsibility the director's have considered the group's ability to meet its liabilities as they fall due for a period of at least twelve months from the signing date of the financial statements. |
Due to the current inflation and rising costs globally, the Directors have made as assessment of the likely impact of increasing costs on the group based on the latest available information and government guidance. |
The parent company and the group continues to trade at its production facility, with no plans to stop production and to date, the group has not experienced any significant disruption from employee absence, supply chain or distribution networks and none is anticipated in the foreseeable future. |
At the current time, the group is trading well against forecasts prepared but the Directors acknowledge that there may be a reduction or delay in revenue over the coming months due to the prevailing economic conditions. Stress testing has been conducted and considered, taking into account the potential business disruptions and reductions in revenue over the coming months. |
The Directors have considered the cash requirements of the business for at least 12 months from the date of this report and are satisfied that sufficient funds are available to meet the liabilities as they fall due. Accordingly, the consolidated financial statements have been prepared on the going concern basis. |
Turnover |
Revenue recognition |
Revenue is recognised to the extent that the parent company and the group obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised. |
Sale of goods |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods. |
Revenue is recognised when the group's right to receive payment is established. |
Goodwill |
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated useful life. The goodwill has been fully amortised. |
Government grants |
Payments received from the government for furloughed employees are a form of grant. The grant money is receivable as compensation for expenses already incurred and is recognised as income in the same period as the related expenditure. |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on a straight line basis, each rate varies depending on the estimated useful life of the asset. |
Long leasehold land and buildings - over 40 years |
Plant and machinery - over 4 to 10 years |
Furniture, fittings and equipment - over 4 to 20 years |
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Stocks |
Stocks are stated st 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. |
At each reporting 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. |
Financial instruments |
The group 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 non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an assets carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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. |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Cash and cash equivalents |
Cash and cash equivalents 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 borrowing in current liabilities. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. |
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. |
Exchange gains and losses are recognised in the profit and loss account. |
Operating leases |
Rentals payable under operating leases are charged to the profit and loss on a straight line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation in which case the group recognises annual rental cost equal to the amount owed to the lessor. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Provision for liabilities |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will require to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risk and uncertainties surrounding the obligation. |
Where the effect of time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in the profit or loss in the period. |
The company recognises the provision of annual leave accrued by employees as a result of service rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at the fair value, net of transaction cost, and are measured subsequently at the amortised cost using the effective interest method. |
Functional currency, transactions and balance |
In the preparation of the financial statements the company has evaluated the primary environment that the entities operate and the functional currencies that influence the company’s key financial and operating activities and have determined that the financial statement be presented in pounds sterling (£). |
3. | DIVIDENDS |
Income received from investments is recognised when the right to receive payment is established. |
Equity dividends paid are recognised when they become legally payable. Interim equity dividends are recognised when paid. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
31.3.24 | 31.3.23 |
£ | £ |
United Kingdom | 19,027,866 | 16,998,635 |
Europe | 5,204,645 | 4,584,856 |
Rest of the world | 861,671 | 696,585 |
25,094,182 | 22,280,076 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
Wages and salaries | 3,027,521 | 3,209,448 |
Social security costs | 318,569 | 383,448 |
Other pension costs | 286,641 | 249,887 |
3,632,731 | 3,842,783 |
Average number of employees | 68 | 70 |
6. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Remuneration | 236,523 | 552,027 |
Company pension contributions to money purchase pension schemes | 13,443 | 20,410 |
During the year retirement benefits were accruing to one director (2023: 2) in respect of money purchase pension schemes. |
The highest paid director received remuneration of £159,662 (2023: £197,192). |
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,443 (2023: £20,410). |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery | 49,691 | 70,326 |
Depreciation - owned assets | 133,286 | 185,131 |
Auditors' remuneration | 64,133 | 59,050 |
Other non- audit services | 7,875 | 7,500 |
Foreign exchange differences | 28,609 | (11,978 | ) |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Interest payable | 6,396 | 4,858 |
Leasing | 15,741 | 17,528 |
22,137 | 22,386 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | 193,004 | 589,895 |
Deferred tax | - | 8,505 |
Tax on profit | 193,004 | 598,400 |
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: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax | 4,155,323 | 3,121,481 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
1,038,831 |
593,081 |
Effects of: |
Expenses not deductible for tax purposes | 13,927 | 2,058 |
Income not taxable for tax purposes | - | (163,326 | ) |
Adjustments to tax charge in respect of previous periods | (865,268 | ) | (7,506 | ) |
Deferred tax | - | 8,504 |
Fixed asset differences | - | 23 |
Tax loss CF | 5,514 | 2,815 |
Consolidated adjustments | - | 162,751 |
Total tax charge | 193,004 | 598,400 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
31.3.24 | 31.3.23 |
£ | £ |
shares of each |
Final | 2,985,000 | 1,506,598 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 93,653 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 | 93,653 |
NET BOOK VALUE |
At 31 March 2024 | - |
At 31 March 2023 | - |
13. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Long | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 688,049 | 1,479,124 | 1,345,982 | 79,166 | 3,592,321 |
Additions | 11,310 | 32,189 | 22,105 | 8,396 | 74,000 |
Disposals | - | (24,787 | ) | (41,071 | ) | - | (65,858 | ) |
At 31 March 2024 | 699,359 | 1,486,526 | 1,327,016 | 87,562 | 3,600,463 |
DEPRECIATION |
At 1 April 2023 | 444,635 | 964,933 | 1,220,412 | 72,505 | 2,702,485 |
Charge for year | 25,977 | 69,718 | 33,514 | 4,077 | 133,286 |
Eliminated on disposal | - | (23,762 | ) | (39,266 | ) | - | (63,028 | ) |
At 31 March 2024 | 470,612 | 1,010,889 | 1,214,660 | 76,582 | 2,772,743 |
NET BOOK VALUE |
At 31 March 2024 | 228,747 | 475,637 | 112,356 | 10,980 | 827,720 |
At 31 March 2023 | 243,414 | 514,191 | 125,570 | 6,661 | 889,836 |
Within plant and machinery are right of use assets relating soley to land and building leases with a net book value of £336,936. |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Unit 2 Forge Mills Park, Station Road, Coleshill, Warwickshire, B46 1JH |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Market House, 10 Market Walk, Saffron Walden, Essex, United Kingdom, CB10 1JZ |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
15. | STOCKS |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Stocks | 3,629,582 | 3,613,002 |
Work-in-progress | 161,662 | 129,393 |
3,791,244 | 3,742,395 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade debtors | 6,732,393 | 6,273,621 |
Amounts owed by group undertakings | - | - |
Other debtors | 17,548 | 16,244 |
Deferred tax asset | 70,133 | 71,333 | 25,582 | 26,783 |
Prepayments and accrued income | 134,760 | 210,934 |
6,954,834 | 6,572,132 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Deferred tax asset |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Deferred tax | 70,133 | 71,333 | 25,582 | 26,783 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade creditors | 3,079,943 | 3,617,649 |
Amounts owed to group undertakings | - | - |
Tax | 493,301 | 311,998 |
Social security and other taxes | 440,564 | 385,097 |
VAT | 318,297 | 168,711 | 318,297 | 168,711 |
Other creditors | 184,384 | 201,678 |
Accruals and deferred income | 1,074,024 | 987,146 |
No description | 821,485 | 850,980 | - | - |
6,411,998 | 6,523,259 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Other creditors | 300,253 | 336,936 |
19. | CALLED UP SHARE CAPITAL |
2024 | 2023 |
Allotted, called up and fully paid | No. | £ | No. | £ |
Ordinary shares of £1 each | 40,001 | 40,001 | 40,001 | 40,001 |
20. | RESERVES |
Group |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 4,652,482 | 3,990,849 | 16,363 | 8,659,694 |
Profit for the year | 3,962,319 | 3,962,319 |
Dividends | (2,985,000 | ) | (2,985,000 | ) |
At 31 March 2024 | 5,629,801 | 3,990,849 | 16,363 | 9,637,013 |
Columbus McKinnon Corporation Ltd (Registered number: 00598454) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
20. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2023 | 10,819,620 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2024 | 11,075,424 |
The following describes the nature and purpose of each reserve within equity: |
Reserve | Description and purpose |
Share capital Nominal value of shares issued |
Share premium | Amounts received upon issue over and above the nominal value of the share |
Profit and loss account | Cumulative profits or losses, net of dividends paid and other adjustments |
21. | ULTIMATE PARENT COMPANY |
Columbus McKinnon Corporation Ltd's ultimate parent undertaking and controlling party is Columbus McKinnon Corporation, a company registered in the USA. Copies of the group financial statements of Columbus McKinnon Corporation are available from Corporate Headquarters at 13320 Ballantyne Corporate Place, Charlotte, North Carolina, 28277. |
22. | RELATED PARTY DISCLOSURES |
As the company is a wholly owned subsidiary of Columbus McKinnon Corporation, the company has taken advantage of the exemption in FRS102 Section 33 Related Party Disclosures paragraph 33.7 and has not disclosed transactions with group undertakings. There were no other related party transactions. The group financial statements of Columbus McKinnon Corporation within which this company is included can be obtained from the address given in note 20. |
23. | POST BALANCE SHEET EVENTS |
The group is planning to restructure its trading operations in 2025, with the assets and trading operations of Stah CraneSystems Limited being transferred to its parent company, Columbus McKinnon Corporation Limited. |
As at the 01/12/2024 the subsidiary Magnetek UK Limited dissolved. |