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REGISTERED NUMBER: 05533774 (England and Wales)
















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for


Stahl CraneSystems Limited


Stahl CraneSystems Limited (Registered number: 05533774)







Contents of the Financial Statements

for the Year Ended 31 March 2024





Page



Company Information  

1



Strategic Report  

2



Report of the Directors  

4



Report of the Independent Auditors  

6



Income Statement  

9



Other Comprehensive Income  

10



Balance Sheet  

11



Statement of Changes in Equity  

12



Notes to the Financial Statements

13




Stahl CraneSystems Limited


Company Information

for the Year Ended 31 March 2024









DIRECTORS:

A S K Chintapalli


D J Murthi





SECRETARY:

A Baldwin





REGISTERED OFFICE:

Unit 2


Forge Mills Park


Station Road


Coleshill


Warwickshire


B46 1JH





REGISTERED NUMBER:

05533774 (England and Wales)





AUDITORS:

Haines Watts


Statutory Auditor


3rd Floor Pacific Chambers


11-13 Victoria Street


Liverpool


Merseyside


L2 5QQ





BANKERS:

Barclays Bank


1 Churchill Place


Canary Wharf


London E14 5HP


Stahl CraneSystems Limited (Registered number: 05533774)


Strategic Report

for the Year Ended 31 March 2024


The directors present their strategic report and the financial statements for the year ended 31 March 2024.


PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS

The principal activity of the company in the period under review was the design, manufacture and engagement of installation and servicing for hoist and crane structures, travelling, overhead, semi-portal jib cranes and crane systems for standard and hazardous environments. The company predominantly operates within the oil and gas sector.


Management are pleased with the result for the year to 31 March 2024.


During the pandemic the company saw large ongoing projects progress as normal through to completion. This helped the company to maintain healthy turnover levels throughout the COVID crisis.  However, the company also experienced customers delaying the planning and start of new project works and although activity on new projects resumed during 2023, the effect of this temporary delay was reflected in the 2023 turnover. During 2024 a number of the projects started last year were successfully completed and this drove an increase in turnover.


The company has continued to secure a number of high value orders throughout the year and as a result has entered the next financial year with a very strong order book.


The Directors are optimistic about trading for the year ahead.


Key performance indicators

Financial performance for the year has been analysed as follows:



2024


2023



Change



£   


£   


£   


%



Turnover


9,107


7,566


1,541


20.4%


Profit before tax


1,553


1,267


286


22.6%




Turnover in the year increased by £1,541k reflecting the delay of high value project works following the COVID pandemic.


Gross margins fell slightly during the year due to product mix. However, by continuing to keep a tight control on costs, the company has been able to maintain an operating profit of 16%.


There are no non-financial KPI's monitored by the company.



Stahl CraneSystems Limited (Registered number: 05533774)


Strategic Report

for the Year Ended 31 March 2024


PRINCIPAL RISKS AND UNCERTAINTIES

The company has in place procedures for identifying, assessing, monitoring and reporting risk. The company's policies and procedures allow it to be able to react suitably to any risks identified. It also helps the company to develop its long-term strategies by linking these factors into effective solutions.


The company's operations expose it to a number of financial risks that include credit risk and foreign exchange.


Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee. The policies set by the Board of Directors are implemented by the company's finance department as required.


Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the company's receivables are shown on the face of the balance sheet.


Foreign exchange risk

The company has a low level of transactions in foreign currency and therefore this is not considered a significant risk area for the business.


Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation by its operations, applying cash collection targets throughout the company.


ON BEHALF OF THE BOARD:






Director



21 March 2025


Stahl CraneSystems Limited (Registered number: 05533774)


Report of the Directors

for the Year Ended 31 March 2024


The directors present their report and financial statements for the year ended 31 March 2023.


GOING CONCERN

The company's business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives, details of its financial instruments and derivative activities and its exposures to the risks are described in the Strategic report on pages 2-3.


The 2024 economic climate remains uncertain due to recent energy prices, increased cost of living and economic uncertainty caused by the current war in Ukraine. However, the company continues to trade well, is locked into favourable energy prices until 2025 and has considerable financial resources available to it.  The company also benefits from having long-term trading relationships with a number of customers and suppliers across different geographic areas and industries. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.


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 financial statements have been prepared on the going concern basis.


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacturing of lifting and handling equipment.

DIVIDENDS

Results and dividends


The profit for the year after taxation amounted to £2,028,585 (2023 - profit of £1,024,331). The directors paid interim dividends amounting to £1,285,000 during the year (2023 - £856,597).  The directors do not Recommend the payment of a final dividend (2023 - £nil).


FUTURE DEVELOPMENTS

The company intends to continue operating in its current areas of business.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.


A S K Chintapalli

D J Murthi


POST BALANCE SHEET EVENTS

The company is planning to restructure its trading operations in 2025, with assets and trading operations being transferred to its parent company.


STATEMENT OF DIRECTORS' RESPONSIBILITIES


Stahl CraneSystems Limited (Registered number: 05533774)


Report of the Directors

for the Year Ended 31 March 2024


STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).  Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.


In preparing these financial statements, the directors are required to:

   - select suitable accounting policies and then apply them consistently;

   - make judgements and accounting estimates that are reasonable and prudent;

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


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.  They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

A resolution to reappoint Haines Watts Liverpool as auditors will be put to the members at the Annual General Meeting.


ON BEHALF OF THE BOARD:






D J Murthi - Director



21 March 2025


Report of the Independent Auditors to the Members of

Stahl CraneSystems Limited


Opinion

We have audited the financial statements of Stahl CraneSystems Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (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 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Stahl CraneSystems Limited



Matters on which we are required to report by exception

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


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

-

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

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements

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


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

Stahl CraneSystems Limited



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.





Michael Forshaw FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts

Statutory Auditor

3rd Floor Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ


21 March 2025


Stahl CraneSystems Limited (Registered number: 05533774)


Income Statement

for the Year Ended 31 March 2024


31.3.24

31.3.23



Notes

£

£


TURNOVER

3

9,106,719


7,566,081




Cost of sales

6,111,574


4,803,470



GROSS PROFIT

2,995,145


2,762,611




Administrative expenses

1,516,485


1,482,858



OPERATING PROFIT

1,478,660


1,279,753




Interest receivable and similar income

5

89,588


3,918



1,568,248


1,283,671




Interest payable and similar expenses

6

15,181


16,367



PROFIT BEFORE TAXATION

7

1,553,067


1,267,304




Tax on profit

8

(475,518

)

242,974



PROFIT FOR THE FINANCIAL YEAR

2,028,585


1,024,330




Stahl CraneSystems Limited (Registered number: 05533774)


Other Comprehensive Income

for the Year Ended 31 March 2024


31.3.24

31.3.23



Notes

£

£


PROFIT FOR THE YEAR

2,028,585


1,024,330





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

2,028,585


1,024,330




Stahl CraneSystems Limited (Registered number: 05533774)


Balance Sheet

31 March 2024


31.3.24

31.3.23



Notes

£

£

£

£

FIXED ASSETS

Tangible assets

11

347,977


378,842




CURRENT ASSETS

Stocks

12

1,177,810


914,940



Debtors

13

1,538,379


1,302,778



Cash at bank and in hand

2,929,075


2,411,288



5,645,264


4,629,006



CREDITORS

Amounts falling due within one year

14

3,489,465


3,210,976



NET CURRENT ASSETS

2,155,799


1,418,030



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,503,776


1,796,872




CREDITORS

Amounts falling due after more than one

year

15

300,253


336,936



NET ASSETS

2,203,523


1,459,936




CAPITAL AND RESERVES

Called up share capital

16

2


2



Retained earnings

17

2,203,521


1,459,934



2,203,523


1,459,936




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



Stahl CraneSystems Limited (Registered number: 05533774)


Statement of Changes in Equity

for the Year Ended 31 March 2024


Called up



share

Retained

Total


capital

earnings

equity



£

£

£

Balance at 1 April 2022

2


1,292,201


1,292,203




Changes in equity

Dividends

-


(856,597

)

(856,597

)


Total comprehensive income

-


1,024,330


1,024,330



Balance at 31 March 2023

2


1,459,934


1,459,936




Changes in equity

Dividends

-


(1,285,000

)

(1,285,000

)


Total comprehensive income

-


2,028,585


2,028,585



Balance at 31 March 2024

2


2,203,519


2,203,521




Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements

for the Year Ended 31 March 2024


1.

STATUTORY INFORMATION



Stahl CraneSystems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



Authorisation of financial statements & statement of compliance with frs101


The financial statements of Stahl CraneSystems Limited (the "Company") for the year ended 31 March 2024 were authorised for issue by the board of directors on ....................................... and the balance sheet was signed on the board's behalf by D J Murthi. Stahl CraneSystems Limited is a private company, limited by shares, and is incorporated and domiciled in England and Wales. The address of the registered office is given on the contents page and the nature of the company's operations and its principal activities are set out in the strategic report.



These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.



The results of Stahl CraneSystems Ltd for the year ended 31 March 2024 are included in the group financial statements of Columbus McKinnon Corporation which are available from their Corporate Headquarters at 13320 Ballantyne Corporate Place, Charlotte, North Carolina, 28277



The Company's financial statements are presented in Sterling and all values are rounded to the nearest pound (£) except when otherwise indicated.



Going concern


The Company's business activities together with the factors likely to affect its future development, its financial position, financial risk management objectives, details of its financial instruments and derivative activities and its exposures to the risks are described in the Strategic report on pages 2-3.



In preparing these financial statements, the directors are required to prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue in business. In satisfaction of this responsibility the directors have considered the company'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.



Since the year end the company has continued to deliver strong trading results and is currently exceeding its forecasted profitability.  However, the directors acknowledge that there may be unforeseen reductions or delays in revenue, or unexpected increase in costs should there be a significant change in availability of supplies or general economic conditions. Stress testing has been conducted and considered, taking into account potential business disruptions and reductions in revenue over the coming months.



The company has considerable financial resources together with long-term trading relationships with a number of customers and suppliers across different geographic areas and industries. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the continued uncertain economic outlook.



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 financial statements have been prepared on the going concern basis.



The principal accounting policies adopted by the Company are set out in note 2.


Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


2.

ACCOUNTING POLICIES - continued


Basis of preparation


The financial statements are prepared under the historical cost convention and in accordance with applicable accounting standards. These financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular, Financial Reporting Standard 101 "Reduced Disclosure Framework (FRS 101) and, the Companies Act 2006 (the Act). FRS 101 sets out a reduced disclosure framework for a "qualifying entity" as defined in the standard which addresses the financial reporting requirements and disclosure exemptions in the individual financial statements of qualifying entities that otherwise apply the recognition, measurement and disclosure requirements of EU-adopted IFRS.



The company is a qualifying entity for the purposes of FRS 101. Note 19 gives details of the company's ultimate parent and from where its group financial statements prepared in accordance with IFRS may be obtained.



The company has taken advantage of the following disclosure exemptions available under FRS 101:


(a) the requirements of IAS 7 Statement of Cash Flows; and


(b) the requirements of IFRS 7 Financial Instruments: Disclosures; and


(c) the requirements of IFRS 15 Revenue from Contracts with Customers disclosures; and


(d) the requirements of paragraph 17 of IAS 24 Related Party Disclosures; and


(e) the requirements in IAS 24 Related Party Disclosures in respect of related party transactions entered into between fellow group companies (the company has no other related party transactions); and


(f) the requirements of IAS 8 disclosures in respect of new standards and interpretations that have been issued but are not yet effective; and


(g) roll-forward reconciliations in respect of share capital (IAS 1)and


(h) the maturity analysis of lease liabilities, as required by paragraph 58 of IFRS 16 Leases, has not been disclosed separately as details of indebtedness required by Companies Act has been presented separately for lease liabilities in notes 13 and 14.



Judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Warranty provision:

Management judgment is required in assessing whether the criteria for recognising a provision has been met and for assessing the fair value of the provision required.

New standards, interpretations and amendments effective from 1 April 2021
There are no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 31 March 2024 which have had a material impact on the company.


Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


2.

ACCOUNTING POLICIES - continued



Revenue recognition

The Company has contracts with customers for standard products and custom engineered products and determines when and how to recognise revenue for each performance obligation based on the nature and type of contract following the five step approach detailed in IFRS 15.

Revenue from contracts with customers for standard products is recognised when legal title and significant risk and rewards has transferred to the customer, which is generally at the time of shipment. This is the point in time when control is deemed to transfer to the customer. Each standard product is deemed to be a single performance obligation and the amount of revenue recognised is based on the negotiated sales price.

The Company also sells custom engineered products which are contracts that are typically complete within 4 to 8 months. For custom engineered products, the transaction price is based upon the price stated in the contract. The Company generally recognises revenue for custom engineered products upon satisfaction of its performance obligation under the contract which typically coincides with project completion which is when the products are controlled by the customer.

Control is typically achieved when the customer has accepted the asset and significant risk and rewards have transferred to them. These contracts often require either up front or instalment payments. However, these types of contracts are generally accounted for as one performance obligation as the individual components of the project are highly interrelated with product functionality and are not separately identifiable. Performance obligations such as drawings, owner's manuals, and training services included in a contract are immaterial in the context of the contract and are therefore not recognised as a separate performance obligation.

While there is no alternative use for most custom engineered products, the Company typically does not have an enforceable right to payment (which must include a reasonable profit margin) for performance completed to date in order to meet the over time revenue recognition criteria. Therefore, under these circumstances the total contract price is recognised at a point in time (when the contract is complete).

Value Added Tax along with any other sales taxes collected are excluded from revenue.


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 the following bases.



Fixtures and fittings  - 20% straight-line (per annum)


Computer equipment - 33% straight-line (per annum)



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.



Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended.



The carrying values of fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively.



Fixed assets are de-recognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising from the de-recognition of the asset is included in the profit and loss statement in the period of de-recognition.


Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


2.

ACCOUNTING POLICIES - continued



Stocks


Stocks are stated at the lower of cost incurred in bringing each product to its present location and condition, and net realisable value as follows:



Raw materials, consumables and goods for resale - purchase cost on a first-in, first-out basis;


Work in progress and finished goods - cost of direct materials and services.



Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.



Current and deferred taxation

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the balance sheet date.

Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, with the following exceptions:
- When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised.

Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised, or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

The carrying amount of deferred income tax assets is reviewed at each balance sheet date. Deferred income tax assets and liabilities are offset, only if a legally enforcement right exists to set off current tax assets against current tax liabilities, the deferred income taxes relate to the same taxation authority and that authority permits the company to make a single net payment.

Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are credited or charged directly to equity. Otherwise income tax is recognised in the income statement.


Dividends payable

Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when they are paid. In the case of final dividends, this is when approved by the shareholders at Board meetings.


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.


Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period.


Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


2.

ACCOUNTING POLICIES - continued



Trade and other debtors

Trade debtors, which generally have 30-60 day terms, are recognised and carried at the lower of their original invoice value and recoverable amount. Provision for impairment is made through profit or loss when there is objective evidence that the Company will not be able to recover balances in full. Balances are written off when the probability of recovery is assessed as being remote.

Cash in hand and in bank
Cash and short term deposits in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity of three months or less.

Provisions
The company has recognised provisions for liabilities of uncertain timing or amount including those for warranty claims. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific to the liability.

Share capital
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.


Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


2.

ACCOUNTING POLICIES - continued



Leasing and hire purchase commitments

Rentals under operating leases are charged on a straight-line basis over the lease term.

Leases

Identifying Leases
The company accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria:
a) There is an identified asset;
b) The company obtains substantially all the economic benefits from use of the asset; and
c) The company has the right to direct use of the asset.

The company considers whether the supplier has substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease.

In determining whether the company obtains substantially all the economic benefits from use of the asset, the company considers only the economic benefits that arise use of the asset, not those incidental to legal ownership or other potential benefits.

In determining whether the company has the right to direct use of the asset, the company considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no significant decisions to be made because they are pre-determined due to the nature of the asset, the company considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a contract does not satisfy these criteria, the company applies other applicable IFRSs rather than IFRS 16.

All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
- Leases of low value assets; and
- Leases with a duration of 12 months or less.

Lease Measurement
Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the company's incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.

On initial recognition, the carrying value of the lease liability also includes:
- amounts expected to be payable under any residual value guarantee;
- the exercise price of any purchase option granted in favour of the company if it is reasonable certain to assess that option;
- any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised.

Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:
- lease payments made at or before commencement of the lease;
- initial direct costs incurred; and
- the amount of any provision recognised where the company is contractually required to dismantle, remove or restore the leased asset (typically leasehold dilapidations).



Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


2.

ACCOUNTING POLICIES - continued

Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.


Financial assets

Initial recognition and measurement
Financial assets are classified as financial assets at fair value through profit and loss, loans and receivables, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of its financial assets at initial recognition. The company does not have any hedging instruments for the year ended 31 March 2024.

Loans and receivables
Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are initially recognised at fair value and subsequently measured at amortised cost using the effective interest (EIR) method, less impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are integral part of the EIR. The EIR amortisation is included in finance revenue in the income statement in other operating expenses.

Impairment of financial assets
The Company recognises an allowance for expected credit losses ("ECLs") for all debt instruments not held at fair value through profit or loss. ECLs are recognised in two stages:
- for credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL);
- for those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the Company will be unable to collect all of the amounts due under the terms receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For trade receivables, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the Statement of comprehensive income. On confirmation that the trade receivable will not be collected, the gross carrying value of the asset is written off against associated provision.

Financial liabilities
Initial recognition and measurement
Financial liabilities are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs. The company does not have any hedging instruments for the year ended 31 March 2024.


Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


3.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the company.



An analysis of turnover by geographical market is given below:


31.3.24

31.3.23



£

£


United Kingdom

7,846,292


6,493,162




Europe

1,067,996


904,405




Rest of the world

192,431


168,514



9,106,719


7,566,081




4.

EMPLOYEES AND DIRECTORS



Staff costs:





2024


2023




£   


£   





Wages and salaries


985,062


1,142,917




Social security costs


90,276


134,540




Other pension costs


42,362


46,442





1,117,700


1,323,899





The average monthly number of employees during the year was made up as follows:






No,


No.





Sales and administration


15


17






Directors' remuneration:





2024


2023




£   


£   





Directors' emoluments


-


284,919




Company contributions to a defined contribution pension scheme


-


7,470





-


292,389






No,


No.





Members of defined contribution pension schemes


-


1





In respect of the 1 paid director, the aggregate remuneration for the year was £nil (2023 - £284,919) and the pension contributions paid in the year was £nil (2023 - £7,470). The remuneration relating to the other directors are borne by other undertakings within the group.


Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


5.

INTEREST RECEIVABLE AND SIMILAR INCOME


31.3.24

31.3.23



£

£


Deposit account interest

89,588


3,918




6.

INTEREST PAYABLE AND SIMILAR EXPENSES


31.3.24

31.3.23



£

£


Interest payable

316


108




Leasing

14,865


16,259



15,181


16,367




7.

PROFIT BEFORE TAXATION


This is stated after charging:

20242023
£   £   

Auditors' remuneration- audit28,80026,000
- non-audit 5,1005,000
Depreciation of tangible fixed assets - owned by
the company

- owned by the company

4,125

5,744
Depreciation of right of use assets35,13533,741
Operating lease rental- plant and machinery24,18434,629
Difference on foreign exchange31,6774,283

8.

TAXATION



Analysis of tax (income)/expense

31.3.24

31.3.23



£

£


Current tax:


Tax

(475,518

)

234,469





Deferred tax

-


8,505




Total tax (income)/expense in income statement

(475,518

)

242,974




Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


8.

TAXATION - continued



Factors affecting the tax expense


The tax assessed for the year is lower (2023 - higher) than the standard rate of corporation tax in the UK. The difference is explained below:


31.3.24

31.3.23



£

£


Profit before income tax

1,553,067


1,267,304




Profit multiplied by the standard rate of corporation tax in the UK of 25%

(2023 - 19%)  

388,267


240,788





Effects of:


Fixed asset differences  

-


22




Expenses not deductible for tax purposes  

1,483


289




Adjustments in respect of prior years  

(865,268

)

(6,054

)



Income not allowable for tax purposes  

-


(575

)



Deferred Tax  

-


8,504




for changes in tax rates



Tax (income)/expense

(475,518

)

242,974





Tax on profit


The tax charge is made up as follows:




2024


2023




£   


£   





Current tax:




UK corporation tax on the charge for the year


389,750


240,523




Adjustments in respect of previous years


(865,268

)

(6,054

)



Total current tax


(475,518

)

234,469




Deferred tax:




Origination and reversal of timing differences


-


538




Adjustments in respect of previous years


-


7,966




Effect of tax rate change on opening balance


-





-


8,504




Total deferred tax


(475,518

)

242,973




9.

DIVIDENDS


Dividends totalling of £1,285,000 (2023: £856,597) being £642,500 (2023: £428,299) per ordinary share were proposed and paid during the year.


Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


10.

OTHER FINANCIAL COMMITMENTS



At 31 March 2024 the company had future minimum lease payments commitments under non-cancellable operating leases as set out below:







2024


2023





Other


Other




£   


£   




Operating leases which expire:




Within one year


12,288


16,120




In two to five years


10,149


1,295





22,437


17,415





11.

TANGIBLE FIXED ASSETS

Fixtures


Plant and

and

Computer


machinery

fittings

equipment

Totals



£

£

£

£


COST


At 1 April 2023

526,392


40,218


79,166


645,776




Additions

-


-


8,396


8,396




At 31 March 2024

526,392


40,218


87,562


654,172




DEPRECIATION


At 1 April 2023

154,321


40,108


72,505


266,934




Charge for year

35,135


49


4,077


39,261




At 31 March 2024

189,456


40,157


76,582


306,195




NET BOOK VALUE


At 31 March 2024

336,936


61


10,980


347,977




At 31 March 2023

372,071


110


6,661


378,842





There are no fixed asset impairment losses under IAS 36 in the year (2023 - £Nil).



The net book value and depreciation charge for plant and machinery relates to the right of use assets which is solely land and buildings leases.


Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


12.

STOCKS

31.3.24

31.3.23



£

£


Stocks

1,016,148


785,547




Work-in-progress

161,662


129,393



1,177,810


914,940




In the opinion of the directors, there is no material difference between the carrying value of stocks and their replacement cost.

An impairment loss of £14,612 (2023: £9,317) was recognised in cost of sales against stock during the year due to slow moving and obsolete stock.

Stock recognised in cost of sales during the year as an expense totalled £5,600,919 (2023: £4,379,632).

13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


31.3.24

31.3.23



£

£


Trade debtors

1,424,723


1,176,903




Amounts owed by group undertakings

11,108


20,806




Deferred tax asset

44,551


44,550




Prepayments and accrued income

57,997


60,519



1,538,379


1,302,778




All amounts shown under debtors fall due for payment within one year.

The impairment loss reversal recognised in profit or loss for the year in respect of bad and doubtful trade debtors was £8,046 (2023: impairment loss £5,002).

Amounts owed by group undertakings are interest free and repayable on demand.

14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


31.3.24

31.3.23



£

£


Trade creditors

130,127


285,189




Amounts owed to group undertakings

1,087,172


845,792




Tax

212,642


144,575




Social security and other taxes

386,296


323,303




Lease liability

36,684


35,136




Accruals and deferred income

815,059


726,001




Contract liabilities

821,485


850,980



3,489,465


3,210,976




Amounts owed to group undertakings are interest free and repayable on demand. Trade payables are non-interest bearing and usually repayable between 30 and 60 days.


Stahl CraneSystems Limited (Registered number: 05533774)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


31.3.24

31.3.23



£

£


Lease liability

300,253


336,936





Of the above lease liability, £183,420 falls due for repayment within 1-5 years (2023: £176,970) and £116,832 falls due for repayment in over 5 years (2023: £159,966).


16.

CALLED UP SHARE CAPITAL




2024



2023




Allotted, called up and fully paid:


No.


£   


No.


£   





Ordinary shares of £1 each


2


2


2


2




17.

RESERVES


The following describes the nature and purpose of each reserve within equity:

ReserveDescription and purpose

Share capitalNominal value of share capital subscribed for
Profit and loss accountCumulative profits or losses, net of dividends paid and other adjustments

18.

PENSION COMMITMENTS


A defined contribution pension scheme is operated by the company on behalf of the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund amounted to £44,362 (2023 - £46,442). Contributions amounting to £nil (2023 - £nil) were payable to the fund and included in creditors.

19.

ULTIMATE PARENT COMPANY



At 31 March 2024 the company's immediate parent undertaking is Columbus McKinnon Corporation Limited.



The company'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.


20.

RELATED PARTY TRANSACTIONS



The company has taken advantage of the exemption conferred by FRS 101 paragraph 8(j) and 8(k) not to disclose key management personnel compensation or transactions and amounts due to and from fellow group companies that are wholly owned by the ultimate parent company, Columbus McKinnon Corporation.