FORSYTH OF DENNY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Company registration number SC105626 (Scotland)
FORSYTH OF DENNY LIMITED
COMPANY INFORMATION
Directors
Mr Hugh McNally
Mr Mark Syme
Secretary
Mr Hugh McNally
Company number
SC105626
Registered office
Wallace House
17-21 Maxwell Place
Stirling
Scotland
FK8 1JU
Auditor
William Duncan + Co (Audit) Ltd
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Business address
Easterton
Stirling Road
Denny
Stirlingshire
FK6 6RF
Bankers
Royal Bank of Scotland PLC
2 Newmarket Street
Falkirk
FK1 1JX
Solicitors
Lockharts Law LLP
12 Beresford Terrace
Ayr
Ayrshire
KA7 2EG
Harper MacLeod LLP
The Ca'd'oro
45 Gordon Street
Glasgow
G1 3PE
FORSYTH OF DENNY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
FORSYTH OF DENNY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activity and review of the business

In the year under review the company operated as a provider of mobile crane, haulage services and installation/ decommissioning contractors to a variety of clients in the construction, marine, renewables and industrial sectors.

During the year Forsyth of Denny Limited delivered a series of successful major component exchange operations operations for its renewables clients on a full scope basis. Also undertook some complex compromised turbine dismantling projects. Forsyth are now are a major UK provider in this market. A high focus on safety, performance and indeed circularity, has led to a successful conclusions.

The director is pleased to report an increased turnover at group level of £21.8 million and improved profitability driven by continued specialisation, scale and efficiency improvements.

Principal risks and uncertainties

It is group policy that an ongoing and active interest is taken in evaluating and managing the risks in using large plant and operating on third party sites. These risks are mitigated by the careful planning of such works, using appropriate plant, operator experience and training, and adequate insurance cover.

The group also recognises the risks associated with granting credit to its customers. That risk is mitigated by trading, in large part, with long standing customers whose credit history is good.

Management remains concerned about the long-term effects of Brexit and other geopolitical events. Since the group is not a material exporter to the EU, any effects of Brexit should be manageable. The conflict in Ukraine and possible wider Middle Eastern geopolitical issues or adverse contagion is concerning however no immediate effect has been noted to date apart from occasional fuel cost spikes. To counter such risks the group will continue to focus on utilities, renewables and power which are traditionally not so affected by such conditions.

Other material risks include labour and material costs and shortages.

The director continues to demonstrate a clear willingness to support the group financially.

Key performance indicators

The group's key performance indicators are turnover, profit and cash flow.

Turnover, profit and cash flow are continuously improving. A keen focus is on improved debtor management.

The accounting system has been upgraded to take advantage of the modern cloud accounting software to facilitate better overall monitoring.

Safety, quality, and performance are additional KPI parameters and to this end Forsyth of Denny Limited has been certified to ISO9001/14001/45001.

 

Future developments

The director remains confident in the future, particularly given the results noted through the financial year to 31st December 2024. For Forsyth of Denny Limited, growth will be maintained by extending the range of MCE services and number of crews. The group will look to develop and specialise in niche offerings – more specialised than heavy lifting and the operations over a larger geographical region to maintain the required level of workflow.

 

 

 

FORSYTH OF DENNY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr Hugh McNally
Director
30 June 2025
FORSYTH OF DENNY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Directors

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

Mr Hugh McNally
Mr Mark Syme
Results and dividends

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

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

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr Hugh McNally
Director
30 June 2025
FORSYTH OF DENNY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 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 company and of the profit or loss of the company 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 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.

FORSYTH OF DENNY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF FORSYTH OF DENNY LIMITED
- 5 -
Opinion

We have audited the financial statements of Forsyth of Denny Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 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:

FORSYTH OF DENNY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF FORSYTH OF DENNY LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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

 

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

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 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.

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.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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.

FORSYTH OF DENNY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF FORSYTH OF DENNY LIMITED (CONTINUED)
- 7 -

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Mr Graeme Bryson CTA, ACA (Senior Statutory Auditor)
For and on behalf of William Duncan + Co (Audit) Ltd, Statutory Auditor
Accountants
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
30 June 2025
FORSYTH OF DENNY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
21,872,659
19,965,592
Cost of sales
(17,355,128)
(16,093,368)
Gross profit
4,517,531
3,872,224
Administrative expenses
(2,128,097)
(1,883,076)
Other operating income
232,692
566,008
Operating profit
4
2,622,126
2,555,156
Interest payable and similar expenses
7
(409,822)
(348,777)
Profit before taxation
2,212,304
2,206,379
Tax on profit
8
(681,989)
(778,725)
Profit for the financial year
1,530,315
1,427,654

There are no recognised gains and losses other than those passing through the profit and loss account.

FORSYTH OF DENNY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
140,000
160,000
Tangible assets
10
21,862,567
19,655,509
Investments
11
100
100
22,002,667
19,815,609
Current assets
Stocks
13
64,840
32,900
Debtors
14
3,677,632
4,230,360
Cash at bank and in hand
955,359
1,162,196
4,697,831
5,425,456
Creditors: amounts falling due within one year
15
(6,270,594)
(5,839,987)
Net current liabilities
(1,572,763)
(414,531)
Total assets less current liabilities
20,429,904
19,401,078
Creditors: amounts falling due after more than one year
16
(6,776,648)
(7,960,126)
Provisions for liabilities
Deferred tax liability
18
2,260,746
1,578,757
(2,260,746)
(1,578,757)
Net assets
11,392,510
9,862,195
Capital and reserves
Called up share capital
21
500,000
500,000
Profit and loss reserves
10,892,510
9,362,195
Total equity
11,392,510
9,862,195

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

The financial statements were approved by the board of directors and authorised for issue on 30 June 2025 and are signed on its behalf by:
Mr Hugh McNally
Director
Company registration number SC105626 (Scotland)
FORSYTH OF DENNY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
500,000
7,934,541
8,434,541
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,427,654
1,427,654
Balance at 31 December 2023
500,000
9,362,195
9,862,195
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,530,315
1,530,315
Balance at 31 December 2024
500,000
10,892,510
11,392,510
FORSYTH OF DENNY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
6,316,213
5,269,900
Interest paid
(409,822)
(348,777)
Income taxes refunded
-
0
9,528
Net cash inflow from operating activities
5,906,391
4,930,651
Investing activities
Purchase of tangible fixed assets
(6,453,859)
(8,052,585)
Proceeds from disposal of tangible fixed assets
1,621,254
765,241
Net cash used in investing activities
(4,832,605)
(7,287,344)
Financing activities
Repayment of borrowings
(938,477)
963,273
Payment of finance leases obligations
(342,146)
1,385,629
Net cash (used in)/generated from financing activities
(1,280,623)
2,348,902
Net decrease in cash and cash equivalents
(206,837)
(7,791)
Cash and cash equivalents at beginning of year
1,162,196
1,169,987
Cash and cash equivalents at end of year
955,359
1,162,196
FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Forsyth of Denny Limited is a company limited by shares incorporated in Scotland. The registered office is Wallace House, 17-21 Maxwell Place, Stirling, Scotland, FK8 1JU.

1.1
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 £.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Easterton Holdings Limited. These consolidated financial statements are available from its registered office, Wallace House, 17-21 Maxwell Place, Stirling, FK8 1JU.

P

 

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. true The directors' continue to monitor performance against benchmarks and forecasts.

The directors' remain confident and have indicated their continued willingness to support the company financially if required. The financial statements have therefore been prepared under the going concern basis of accounting.

1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 ten 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.

1.5
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.

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:

Freehold property
2% straight line
Leasehold property improvements
10% straight line
Plant and machinery
12-25% reducing balance & 10% straight line
Motor vehicles
20% reducing balance

Freehold land is not depreciated.

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 credited or charged to profit or loss.

1.6
Fixed asset investments

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

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.8
Stocks

Stock relates to consumable items that are not intended for resale. These are held at the lower of cost and net realisable value.

1.9
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.

1.10
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 company 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.

FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company 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 company.

1.12
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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.

1.14
Retirement benefits

The Company operates defined contribution plans for all its employees. Contributions payable are recognised in the income statement when due.

1.15
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.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Turnover

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Crane hire
16,837,950
15,978,099
Transport of plant etc.
1,817,309
1,993,929
Sale of scrap, rental and storage sales and other income
77,100
33,995
Wind turbine labour income
3,140,300
1,959,569
21,872,659
19,965,592
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
21,872,659
19,965,592

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom and Ireland.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(6,656)
3,976
Fees payable to the company's auditor for the audit of the company's financial statements
31,236
18,590
Depreciation of owned tangible fixed assets
1,866,376
1,602,919
Depreciation of tangible fixed assets held under finance leases
1,279,737
993,249
Profit on disposal of tangible fixed assets
(520,566)
(165,095)
Amortisation of intangible assets
20,000
20,000
FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
5
Employees

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

2024
2023
Number
Number
Operational staff
94
86
Administration staff
13
13
Directors
2
2
Total
109
101

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,843,470
5,846,497
Social security costs
783,735
666,137
Pension costs
195,624
163,627
7,822,829
6,676,261
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
166,881
115,657
Company pension contributions to defined contribution schemes
24,407
18,470
191,288
134,127

 

7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
182,142
212,741
Interest on finance leases and hire purchase contracts
227,680
136,036
409,822
348,777
FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
8
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
681,989
778,725

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,212,304
2,206,379
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
553,076
551,595
Tax effect of expenses that are not deductible in determining taxable profit
17,677
4,404
Gains not taxable
130,142
-
0
Effect of change in corporation tax rate
-
0
252,642
Group relief
-
0
23,223
Depreciation on assets not qualifying for tax allowances
4,992
5,327
Amortisation on assets not qualifying for tax allowances
5,000
5,000
Other permanent differences
(28,898)
-
0
Other tax adjustments
-
0
(3,625)
Enhanced capital allowances
-
0
(59,841)
Taxation charge for the year
681,989
778,725
9
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
200,000
Amortisation and impairment
At 1 January 2024
40,000
Amortisation charged for the year
20,000
At 31 December 2024
60,000
Carrying amount
At 31 December 2024
140,000
At 31 December 2023
160,000

More information on impairment movements in the year is given in note .

FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
10
Tangible fixed assets
Freehold property
Leasehold property improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
542,242
199,677
27,025,420
1,031,050
28,798,389
Additions
-
0
-
0
5,779,850
674,009
6,453,859
Disposals
-
0
-
0
(1,779,857)
(258,028)
(2,037,885)
At 31 December 2024
542,242
199,677
31,025,413
1,447,031
33,214,363
Depreciation and impairment
At 1 January 2024
31,784
19,968
8,648,357
442,771
9,142,880
Depreciation charged in the year
2,700
19,968
2,951,001
172,444
3,146,113
Eliminated in respect of disposals
-
0
-
0
(765,321)
(171,876)
(937,197)
At 31 December 2024
34,484
39,936
10,834,037
443,339
11,351,796
Carrying amount
At 31 December 2024
507,758
159,741
20,191,376
1,003,692
21,862,567
At 31 December 2023
510,458
179,709
18,377,063
588,279
19,655,509

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £1279737 (2023 - £993249) for the year.

2024
2023
£
£
Plant and machinery
8,372,654
7,959,050
Motor vehicles
136,596
79,138
8,509,250
8,038,188
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
100
100
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Towercrane Services Limited
Scotland
Ordinary
100.00
FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
13
Stocks
2024
2023
£
£
Consumables
64,840
32,900
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,313,603
3,761,593
Amounts owed by group undertakings
394
394
Other debtors
68,904
243,160
Prepayments and accrued income
294,731
225,213
3,677,632
4,230,360
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
1,924,587
2,021,732
Trade creditors
1,167,894
1,581,066
Amounts owed to group undertakings
890,197
890,197
Taxation and social security
572,758
224,033
Other creditors
1,562,882
904,741
Accruals and deferred income
152,276
218,218
6,270,594
5,839,987

 

"Other creditors" includes the amount of £1,314,868 (2023 - £890,197) due by the company to a director.

16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
3,310,448
3,555,449
Other creditors
3,466,200
4,404,677
6,776,648
7,960,126

Amounts included within obligations under finance leases are secured over the assets to which they relate.

"Other creditors" includes the amount of £3,466,200 (2023 - £4,404,677) due by the company to a director.

FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
1,924,578
2,021,732
In two to five years
3,310,457
3,555,449
5,235,035
5,577,181

Finance lease payments represent rentals payable by the company for certain items of plant, machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance leases are secured over the assets to which they relate.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
5,209,525
4,215,901
Tax losses
(2,944,431)
(2,633,249)
Retirement benefit obligations
(4,348)
(3,895)
2,260,746
1,578,757
2024
Movements in the year:
£
Liability at 1 January 2024
1,578,757
Charge to profit or loss
681,989
Liability at 31 December 2024
2,260,746
19
The following secured debts are included within creditors:
2024
2023
£
£
Hire purchase liabilities
5,235,035
5,577,181
5,235,035
5,577,181
FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
195,624
163,627

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
500,000
500,000
500,000
500,000
22
Operating lease commitments

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

2024
2023
£
£
Within 1 year
39,946
39,946
Years 2-5
159,784
159,784
After 5 years
9,986
49,932
209,716
249,662

The lease commitment above relates to four separate leases to property owned by the director. The leases were negotiated over terms of 10 years from April 2020.

 

 

23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
8,708,445
2,275,810
FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
24
Related party transactions

The company has taken the exemption available under FRS102 Section 33 "Related Party Disclosures" and has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group.

 

During the year under review, the company has paid £268,436 (2023 - £140,103) to related parties for consultancy services received.

 

During the year under review, the company has paid £30,871 (2023 - £219,552) to related parties for the hire of equipment used in the conduct of its trades.

 

During the year under review, the company has also paid rent of £172,535 (2023 - £75,400) to Mr H McNally, director and shareholder, for use of commercial land and premises used.

 

25
Directors' transactions

The director's loan account consists of nine different loans provided to the company by a director, Eight of these loans are charged interest and are done so in line with the market rate of interest at the time when said director provided each loan to the company. Interest of £166,085 (2023 - £212,741) was charged on these loans of which £18,000 remains accrued at the year end. The remaining loan is interest free loan and is payable on demand.

 

 

 

26
Ultimate controlling party

Easterton Holdings Limited owns 100% of the share capital and is the ultimate parent company.

27
Cash generated from operations
2024
2023
£
£
Profit after taxation
1,530,315
1,427,654
Adjustments for:
Taxation charged
681,989
778,725
Finance costs
409,822
348,777
Gain on disposal of tangible fixed assets
(520,566)
(165,095)
Amortisation and impairment of intangible assets
20,000
20,000
Depreciation and impairment of tangible fixed assets
3,146,113
2,596,168
Movements in working capital:
(Increase)/decrease in stocks
(31,940)
11,945
Decrease/(increase) in debtors
552,728
(491,667)
Increase in creditors
527,752
743,393
Cash generated from operations
6,316,213
5,269,900
FORSYTH OF DENNY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
28
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,162,196
(206,837)
955,359
Borrowings excluding overdrafts
(4,404,677)
938,477
(3,466,200)
Lease liabilities
(5,577,181)
342,146
(5,235,035)
(8,819,662)
1,073,786
(7,745,876)
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