Company registration number 15069675 (England and Wales)
STATOM TOWER CRANE HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
STATOM TOWER CRANE HOLDINGS LTD
COMPANY INFORMATION
Directors
T Brown
(Appointed 14 August 2023)
S Nikudinski
(Appointed 14 August 2023)
E Nixon
(Appointed 14 August 2023)
Company number
15069675
Registered office
Statom House
795 London Road
Grays
Essex
RM20 3LH
Auditor
Evans Mockler Limited
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
STATOM TOWER CRANE HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
STATOM TOWER CRANE HOLDINGS LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the period ended 30 June 2024.

Review of business and prospects

In December 2023, the group acquired Trident Holdings Ltd together with its wholly owned subsidiary,Trident Lifting Solutions Ltd. This acquisition marked the commencement of the group's operations, positioning it as a key player in the hire, operation, and sale of tower cranes and related lifting services within the UK construction industry.

 

The acquisition provided the foundation for the group’s strategic direction and operational capabilities and the group now benefits from the established reputation, operational expertise, and robust client relationships of its subsidiary, Trident Lifting Solutions Ltd.

 

Since the acquisition date, turnover for the group reached £12.44 million, with a gross margin of 24.8%. The directors are satisfied with this performance and reflects the group’s operational efficiency and the resilience of its core business despite ongoing cost pressures in the UK construction sector.

 

The group has initiated strategic investments in its crane fleet, ensuring its assets meet the highest standards of quality, safety, and reliability. This focus supports its reputation for operational excellence and strengthens its competitive position in the marketplace.

Key performance indicators

The Directors monitor the following key performance indicators below:

 

2024

 

 

 

£’000

 

 

Turnover

£12,441

 

 

Gross Profit

£3,095

 

 

Profit before Tax

£701

 

 

Shareholders’ Funds

£621

 

 

Forward order book

The group has secured a strong forward order book, with contracts spanning major multi-crane projects and smaller bespoke projects across various sectors. Repeat business from key clients highlights the group’s ability to deliver value and meet expectations in a competitive market.

Risks and uncertainties

The UK construction sector remains challenging due to macroeconomic pressures such as inflation and increased borrowing costs. The group manages its exposure to risk through vigilant monitoring of income, costs, and cash flows. By maintaining strong relationships with suppliers and ensuring timely project delivery, the group safeguards its reputation and operational stability.

Financial risks management and policies

The group actively manages financial risks, particularly credit and liquidity risks. Credit risk is mitigated through thorough client credit checks and monitoring payment terms. The group’s prudent cash flow management, supported by secured contracts, ensures financial stability. Borrowing levels are reviewed regularly to maintain a sustainable capital structure.

STATOM TOWER CRANE HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
Research and development (R&D)

Innovation remains a cornerstone of the group’s strategy. The group continues to invest in R&D to develop robust processes and solutions that enhance safety, quality, and efficiency, delivering tangible value to clients.

 

Health and Safety

Health and safety are critical to the group’s operations. Continuous improvements in processes, systems, and staff training, alongside enhanced reporting mechanisms, demonstrate the group’s commitment to maintaining an incident- and injury-free workplace.

 

Sustainability

Sustainability is central to the group’s ethos and its fleet of electric commercial vehicles and sustainable assets reflect its commitment to reducing environmental impact, aligning with industry standards and client expectations.

 

Accreditations

The group holds certifications in ISO 45001, ISO 14001, and ISO 9001, along with industry-recognised accreditations such as Constructionline Gold, Achilles, and CHAS. These accreditations affirm the group’s dedication to quality, safety, and environmental sustainability.

On behalf of the board

E Nixon
Director
20 December 2024
STATOM TOWER CRANE HOLDINGS LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -

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

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

T Brown
(Appointed 14 August 2023)
S Nikudinski
(Appointed 14 August 2023)
E Nixon
(Appointed 14 August 2023)
Auditor

The auditor, Evans Mockler Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to 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 of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
E Nixon
Director
20 December 2024
STATOM TOWER CRANE HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -

The directors are responsible for preparing the Annual 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATOM TOWER CRANE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STATOM TOWER CRANE HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of Statom Tower Crane Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

STATOM TOWER CRANE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STATOM TOWER CRANE HOLDINGS LTD
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

STATOM TOWER CRANE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STATOM TOWER CRANE HOLDINGS LTD
- 7 -

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Cook
For and on behalf of
20 December 2024
Evans Mockler Limited
Chartered Certified Accountants
Statutory Auditor
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
STATOM TOWER CRANE HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
- 8 -
Period
ended
30 June
2024
Notes
£
Turnover
3
12,440,726
Cost of sales
(9,346,045)
Gross profit
3,094,681
Administrative expenses
(1,387,209)
Operating profit
4
1,707,472
Interest receivable and similar income
4,398
Interest payable and similar expenses
7
(1,011,178)
Profit before taxation
700,692
Tax on profit
8
(79,832)
Profit for the financial period
19
620,860
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
STATOM TOWER CRANE HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
Notes
£
£
Fixed assets
Goodwill
9
3,366,657
Tangible assets
10
16,190,988
19,557,645
Current assets
Debtors
13
3,919,427
Cash at bank and in hand
3,038,381
6,957,808
Creditors: amounts falling due within one year
14
(9,504,641)
Net current liabilities
(2,546,833)
Total assets less current liabilities
17,010,812
Creditors: amounts falling due after more than one year
15
(13,137,270)
Provisions for liabilities
Deferred tax liability
17
3,252,582
(3,252,582)
Net assets
620,960
Capital and reserves
Called up share capital
18
100
Profit and loss reserves
19
620,860
Total equity
620,960

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
20 December 2024
E Nixon
Director
Company registration number 15069675 (England and Wales)
STATOM TOWER CRANE HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
Notes
£
£
Fixed assets
Investments
11
16,117,564
Current assets
-
Creditors: amounts falling due within one year
14
(1,009,600)
Net current liabilities
(1,009,600)
Total assets less current liabilities
15,107,964
Creditors: amounts falling due after more than one year
15
(15,939,482)
Net liabilities
(831,518)
Capital and reserves
Called up share capital
18
100
Profit and loss reserves
19
(831,618)
Total equity
(831,518)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £831,618.

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
20 December 2024
E Nixon
Director
Company registration number 15069675 (England and Wales)
STATOM TOWER CRANE HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 30 June 2024:
Profit and total comprehensive income
-
620,860
620,860
Issue of share capital
18
100
-
100
Balance at 30 June 2024
100
620,860
620,960
STATOM TOWER CRANE HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 30 June 2024:
Profit and total comprehensive income
-
(831,618)
(831,618)
Issue of share capital
18
100
-
100
Balance at 30 June 2024
100
(831,618)
(831,518)
STATOM TOWER CRANE HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024
- 13 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
3,441,976
Interest paid
(879,672)
Income taxes refunded
212,218
Net cash inflow/(outflow) from operating activities
2,774,522
Investing activities
Purchase of tangible fixed assets
(290,368)
Proceeds from disposal of tangible fixed assets
12,200
Purchase of subsidiaries, net of cash acquired
(11,235,227)
Interest received
4,398
Net cash used in investing activities
(11,508,997)
Financing activities
Proceeds from issue of shares
100
Proceeds from borrowings
14,605,510
Repayment of borrowings
(1,187,386)
Payment of hire purchase agreements
(1,645,368)
Net cash generated from/(used in) financing activities
11,772,856
Net increase in cash and cash equivalents
3,038,381
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
3,038,381
STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information

Statom Tower Crane Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Statom Tower Crane Holdings Ltd and all of its subsidiaries.

1.1
Reporting period

The company was incorporated in August 2023. These financial statements have been prepared for the period from incorporation to 30 June 2024, covering a period of 10 months. The company has adopted a reporting date of 30 June to align with the operational and reporting cycles of its subsidiaries.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

In accordance with Section 408 of the Companies Act 2006, the parent company has elected not to present its individual profit and loss account as part of these financial statements.

 

The parent company has also taken advantage of the disclosure exemptions permitted under FRS 102 in the preparation of its individual financial statements. As a qualifying entity and part of a group that prepares and publishes publicly available consolidated financial statements, the parent company has not presented a statement of cash flows in its individual financial statements.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Statom Tower Crane Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. 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 that control commences until the date that control ceases.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% to 20% straight-line
Fixtures and fittings
20% straight-line
Motor vehicles
25% straight-line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 20 -
3
Turnover

The turnover and profit before taxation are attributable to one principal activity, crane hire services and sales . Turnover is attributable to a single geographical market, United Kingdom.

4
Operating profit
2024
£
Operating profit for the period is stated after charging/(crediting):
Exchange gains
(55,536)
Fees payable to the group's auditor for the audit of the group's financial statements
2,700
Depreciation of owned tangible fixed assets
512,402
Depreciation of tangible fixed assets held under hire purchase contracts
562,304
Profit on disposal of tangible fixed assets
(10,625)
Amortisation of intangible assets
208,554
5
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
2,700
Audit of the financial statements of the company's subsidiaries
17,000
19,700
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2024
2024
Number
Number
Directors
5
3
Administration and maintenance
18
-
Total
23
3
STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2024
£
£
Wages and salaries
937,509
-
0
Social security costs
34,586
-
972,095
-
0
7
Interest payable and similar expenses
2024
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
772,319
Other interest on financial liabilities
131,507
903,826
Other finance costs:
Interest on finance leases and hire purchase contracts
107,352
Total finance costs
1,011,178
8
Taxation
2024
£
Current tax
Adjustments in respect of prior periods
(212,218)
Deferred tax
Origination and reversal of timing differences
292,050
Total tax charge
79,832
STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
8
Taxation
(Continued)
- 22 -

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2024
£
Profit before taxation
700,692
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
175,173
Tax effect of expenses that are not deductible in determining taxable profit
11,151
Group relief
(64,130)
Permanent capital allowances in excess of depreciation
(26,118)
Amortisation on assets not qualifying for tax allowances
52,139
Deferred tax movement
292,050
Utilisation of losses carried back against prior years
(83,276)
Research and development tax relief
(277,157)
Taxation charge
79,832
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 14 August 2023
-
0
Additions - business combinations
3,575,211
At 30 June 2024
3,575,211
Amortisation and impairment
At 14 August 2023
-
0
Amortisation charged for the period
208,554
At 30 June 2024
208,554
Carrying amount
At 30 June 2024
3,366,657
The company had no intangible fixed assets at 30 June 2024.
STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 23 -
10
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 14 August 2023
-
0
-
0
-
0
-
0
Additions
713,538
77,527
-
0
791,065
Business combinations
15,930,000
33,718
488,086
16,451,804
Disposals
7,632
-
0
-
0
7,632
At 30 June 2024
16,651,170
111,245
488,086
17,250,501
Depreciation and impairment
At 14 August 2023
-
0
-
0
-
0
-
0
Depreciation charged in the period
990,096
7,875
76,735
1,074,706
Eliminated in respect of disposals
(15,193)
-
0
-
0
(15,193)
At 30 June 2024
974,903
7,875
76,735
1,059,513
Carrying amount
At 30 June 2024
15,676,267
103,370
411,351
16,190,988
The company had no tangible fixed assets at 30 June 2024.

The net carrying value of tangible fixed assets includes the following in respect of assets held under hire purchase contracts.

Group
Company
2024
2024
£
£
Plant and equipment
5,413,818
-
0
Motor vehicles
314,050
-
0
5,727,868
-

As part of the acquisition of Trident Holdings Ltd and its subsidiaries, the fair value of the plant and equipment was assessed to exceed the net book value by £1,390,850. This adjustment has been recognised as an increase in the cost of plant and equipment during the period and is included in the total cost of tangible fixed assets at 30 June 2024.

11
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
12
-
0
16,117,564
STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
11
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 14 August 2023
-
Additions
16,117,564
At 30 June 2024
16,117,564
Carrying amount
At 30 June 2024
16,117,564
12
Subsidiaries

As at 30 June 2024, the company owns 100% of the ordinary share capital of Trident Holdings Ltd.

 

Trident Holdings Ltd, in turn, owns 100% of the ordinary share capital of its subsidiaries: Trident Lifting Solutions Ltd and Trident Cranes Ltd.

 

The registered office for Trident Holdings Ltd and its subsidiaries is: 1 Hobbs House, Bessborough Road, Harrow, England, HA1 3EX.

13
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
2,484,070
-
0
Other debtors
144,537
-
0
Prepayments and accrued income
1,290,820
-
0
3,919,427
-
14
Creditors: amounts falling due within one year
Group
Company
2024
2024
Notes
£
£
Bank loans
16
2,829,130
-
0
Obligations under hire purchase contracts
1,294,215
-
0
Trade creditors
3,442,995
-
0
Other taxation and social security
253,748
-
Other creditors
180,360
-
0
Accruals and deferred income
1,504,193
1,009,600
9,504,641
1,009,600
STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 25 -
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2024
Notes
£
£
Bank loans and overdrafts
16
7,455,640
-
0
Obligations under hire purchase contracts
2,550,123
-
0
Other borrowings
16
2,131,507
14,939,482
Accruals and deferred income
1,000,000
1,000,000
13,137,270
15,939,482
16
Loans and overdrafts
Group
Company
2024
2024
£
£
Bank loans
9,020,011
-
0
Invoice finance facility
1,264,759
-
0
Loans from group undertakings
-
0
12,807,975
Loans from related parties
2,131,507
2,131,507
12,416,277
14,939,482
Payable within one year
2,829,130
-
0
Payable after one year
9,587,147
14,939,482

Bank loans, with a combined limit of £10,000,000, comprise two facilities of £9,000,000 and £1,000,000, repayable over 5 and 4 years, respectively, by instalments.

 

The bank loans and invoice finance facility are secured by a combination of fixed and floating charges over the group’s assets, along with the assignment of trade receivables.

Loans from group undertakings are unsecured and have no fixed repayment terms.

 

Loans from related parties are unsecured and repayable in December 2028.

 

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
2024
Group
£
Accelerated capital allowances
3,252,582
STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
17
Deferred taxation
(Continued)
- 26 -
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Business combinations
2,994,968
-
Charge to profit or loss
257,614
-
Liability at 30 June 2024
3,252,582
-

The deferred tax liability set out above is expected to reverse over a period of 5 to 10 years, corresponding to the period over which the accelerated capital allowances are expected to mature.

18
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
19
Profit and loss reserves
Group
Company
2024
2024
£
£
At the beginning of the period
-
-
Profit/(loss) for the period
620,860
(831,618)
At the end of the period
620,860
(831,618)
STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 27 -
20
Acquisition of a business

In December 2023, the group acquired Trident Holdings Ltd and its wholly owned subsidiaries, Trident Lifting Solutions Ltd and Trident Cranes Ltd, for a total consideration of £16,117,564, including legal fees and other related costs of acquisition. The total identifiable net assets of the acquired entities, adjusted to fair value, amounted to £12,542,353. The difference between the consideration paid and the net assets acquired has been attributed to goodwill of £3,575,211.

 

The goodwill, which has an estimated useful life of 10 years, reflects the subsidiary's strong reputation, operational expertise in the hire and sale of tower cranes, and its well-established client relationships. These factors are expected to drive significant growth and revenue for the group over the next decade.

 

The acquisition has contributed positively to the group’s financial performance since completion, adding £12,440,726 in turnover and £961,610 in profit after tax during the reporting period.

21
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2024
£
£
Within one year
295,138
-
Between two and five years
419,655
-
714,793
-
22
Related party transactions
Transactions with related parties

During the period the group entered into the following transactions with related parties:

Sales
Purchases
2024
2024
£
£
Group
Entities with control, joint control or significant influence over the group
3,040,089
32,968
Interest payable
2024
£
Group
Entities with control, joint control or significant influence over the company
131,507
STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
22
Related party transactions
(Continued)
- 28 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
£
Group
Entities with control, joint control or significant influence over the group
2,281,526

Included within the above are loans of £2,000,000 and accrued interest of £131,507 from entities under common control. The loans attract interest at 12% per annum and repayable in December 2028.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
Balance
£
Group
Entities with control, joint control or significant influence over the group
620,387
23
Cash generated from/(absorbed by) group operations
2024
£
Profit for the period after tax
620,860
Adjustments for:
Taxation charged
79,832
Finance costs
1,011,178
Investment income
(4,398)
Gain on disposal of tangible fixed assets
(10,625)
Amortisation and impairment of intangible assets
208,554
Depreciation and impairment of tangible fixed assets
1,074,706
Movements in working capital:
Increase in debtors
(3,919,527)
Increase in creditors
4,381,296
Cash generated from/(absorbed by) operations
3,441,876
STATOM TOWER CRANE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 29 -
24
Analysis of changes in net debt - group
14 August 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
-
3,038,381
3,038,381
Borrowings excluding overdrafts
-
(12,416,277)
(12,416,277)
Obligations under finance leases
-
(3,844,338)
(3,844,338)
-
(13,222,234)
(13,222,234)
25
Analysis of changes in net debt - company
14 August 2023
Cash flows
30 June 2024
£
£
£
Borrowings excluding overdrafts
-
(14,939,482)
(14,939,482)
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