Company registration number 11164488 (England and Wales)
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
COMPANY INFORMATION
Directors
P J Issitt
J M Issitt
Secretary
J M Issitt
Company number
11164488
Registered office
Crease Drove
Crowland
Peterborough
PE6 0BN
Auditor
Price Bailey LLP
36 Tyndall Court
Commerce Road
Lynchwood
Peterborough
PE2 6LR
Business address
Crease Drove
Crowland
Peterborough
PE6 0BN
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of income and retained earnings
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

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

Review of the business

The group continues to deliver strong financial results, generating cash from operating activities of £3m and achieving a net profit before tax of £4.2m.

 

In the opinion of the directors, the Key Performance Indicators of the group are as follows:

 

Turnover. The turnover of the group has increased by 8% from £11.65m in 2023 to £12.58m in 2024.

 

Gross Profit. The Gross Profit levels have increased from £4.93m in 2023 to £5.12m in 2024. This represented a decrease in the Gross Profit percentage from 42.30% to 40.70% in 2024.

 

Net Profit. Net Profit before tax increased from £4.03m in 2023 to £4.18m in 2024. This represented a decrease in the Net Profit percentage from 34.62% in 2023 to 33.24% in 2024.

 

Return on Capital Employed. This decreased from 17.53% in 2023 to 15.69% in 2024.

 

Net Asset value. This has increased from £17.44m in 2023 to £20.1m in 2024.

 

Investment in the group’s crane hire fleet and other items of equipment, vehicles and machinery totalled £3.5m in the financial year. A key group strategy continues to be an ongoing commitment of investment into its fleet and its workforce, with particular focus in 2024 and future years on the implementation of a hire fleet replacement / renewal programme, resulting in the disposal of older assets and those with lower utilisation rates, with the aim of replacing between 4 and 6 cranes each financial year. As a result, the planned average age for the fleet is between 6 and 7 years. This strategy has been implemented to ensure the group is able to continue to offer its customers a wide range of the most up to date and highly maintained cranes, with operators and support staff trained to the highest levels, meeting the full spectrum of customer crane hire requirements. This ongoing investment has enabled the group to firmly establish a market leading regional footprint from its three depots at Peterborough, Norwich and Bury St Edmunds where it continues to increase its sales activity and offer increased employment opportunities.

 

During the financial year, the group commenced a new business, trading as Hoeflon UK, through its previously dormant subsidiary, Universal Cranes Limited. This company was renamed Hoeflon UK-Crowland Limited. This new trading operation offers for sale a diverse range of mechanical lift and crane products to customers throughout the UK, introducing a wide range of new customers to the wider Crowland Cranes business. Hoeflon UK has delivered a satisfactory financial performance in its first 4 months of trading, delivering turnover of £336k and profits of £81k. The directors are confident that this part of the business operations will deliver growth in turnover and profits through 2025 and beyond.

 

The product fabrication department of the business operated through Crowland Cranes Limited continues to expand its customer offering, in particular in the area of production and supply of Power Pad crane outrigger mats and crane storage solutions, with products developed in house becoming 'industry standard' for mainstream crane manufacturers in the UK, and by the wider construction industry for use on their construction sites.

 

At the balance sheet date just £0.2m of external finance was secured against the group's hire fleet, which has a net book value of £14.3m. The group held bank balances at 31 October 2024 of £5.6m (including short term deposits of £2.6m).

 

The directors continue to actively explore further business growth and investment opportunities, in particular by attending national exhibitions demonstrating the Crowland Cranes and Hoeflon product and service ranges.

CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Principal risks and uncertainties

The control and management of risks within the business and its operational environment is addressed through a robust framework of policies, procedures and internal controls.

 

Plant utilisation

The group has built strong relationships with clients which relies upon a quality of service that can adapt to the needs of the client. This ensures repeat custom which is paramount in maximising plant utilisation and profitability.

 

Cash flow

The directors continue to invest a significant amount of retained profits back into the business asset base and carefully monitor cash flow to ensure investment is managed from the cash resources available. As a percentage of net book value just 5% of the group's hire fleet is subject to finance arrangements . The group's unencumbered asset base and strong cash position enables the directors to consider business investment and growth opportunities as they arise, knowing the group has immediate access to the required funding should they wish to proceed.

 

Credit risk

The group's principal financial risk relates to its trade debtors. The group operates a clear procedure for assessing each customer's credit risk and tightly manages credit limits. The amounts presented in the Balance Sheet for trade debtors are net of doubtful debts and the group has no significant concentration of its debtors with one customer. The group has again maintained an excellent debt collection performance during the financial year with a minimal amount of bad debts arising in the year (less than 0.01% of turnover).

 

Operational risk

The group engages external expertise alongside operating its own strict policies and procedures in order to ensure that all of its employees and contractors operate to the highest level of health and safety standards.

On behalf of the board

J M Issitt
Director
31 July 2025
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of crane hire, sales and repairs.

Results and dividends

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

Ordinary dividends were paid amounting to £500,000. The directors do not recommend payment of a further dividend.

Directors

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

P J Issitt
J M Issitt
Auditor

Price Bailey LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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
J M Issitt
Director
31 July 2025
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 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.

CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
- 5 -
Opinion

We have audited the financial statements of Crowland Cranes (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of income and retained earnings, the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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:

CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
- 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- we have tested the appropriateness of journal entries and other adjustments and we assessed whether judgements made in accounting estimates are indicative of management bias.

 

- we had discussions with staff and management to identify any potential misstatement due to fraud.

 

- health and safety compliance and procedures and maintaining a vehicle operators licence are considered to be matters which are significant to the continuing operations of the business. We gain an understanding of compliance and procedures in these areas as part of our audit process and review any available external and internal evidence and reports available to corroborate our findings.

 

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.

 

The primary responsibility for the prevention and detection of irregularities including fraud remains with those charged with governance and with management.

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.

CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
- 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.

Kerry Hilliard ACA FCCA CTA (Senior Statutory Auditor)
For and on behalf of Price Bailey LLP
31 July 2025
Chartered Accountants
Statutory Auditor
36 Tyndall Court
Commerce Road
Lynchwood
Peterborough
PE2 6LR
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
12,581,978
11,650,146
Cost of sales
(7,457,466)
(6,721,980)
Gross profit
5,124,512
4,928,166
Administrative expenses
(1,257,283)
(1,068,976)
Other operating income
120,584
121,679
Operating profit
4
3,987,813
3,980,869
Interest receivable and similar income
8
203,688
62,026
Interest payable and similar expenses
9
(9,485)
(9,485)
Profit before taxation
4,182,016
4,033,410
Tax on profit
10
(1,048,992)
(976,353)
Profit for the financial year
3,133,024
3,057,057
Retained earnings brought forward
17,433,424
14,876,367
Dividends
(500,000)
(500,000)
Retained earnings carried forward
20,066,448
17,433,424
Profit for the financial year is all attributable to the owners of the parent company.
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
£
£
Profit for the year
3,133,024
3,057,057
Other comprehensive income
-
-
Total comprehensive income for the year
3,133,024
3,057,057
Total comprehensive income for the year is all attributable to the owners of the parent company.
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
16,448,816
15,430,225
Current assets
Stocks
15
1,089,035
362,740
Debtors
16
3,038,117
1,823,804
Investments
17
2,641,043
1,520,957
Cash at bank and in hand
2,996,144
3,322,536
9,764,339
7,030,037
Creditors: amounts falling due within one year
18
(1,997,689)
(1,236,394)
Net current assets
7,766,650
5,793,643
Total assets less current liabilities
24,215,466
21,223,868
Creditors: amounts falling due after more than one year
19
(432,345)
(541,924)
Provisions for liabilities
Deferred tax liability
21
3,706,673
3,238,520
(3,706,673)
(3,238,520)
Net assets
20,076,448
17,443,424
Capital and reserves
Called up share capital
24
10,000
10,000
Profit and loss reserves
20,066,448
17,433,424
Total equity
20,076,448
17,443,424

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 31 July 2025 and are signed on its behalf by:
31 July 2025
J M Issitt
Director
Company registration number 11164488 (England and Wales)
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,514,425
4,496,747
Investments
13
10,000
10,000
3,524,425
4,506,747
Current assets
Debtors
16
2,968,053
183,913
Investments
17
2,085,808
1,520,957
Cash at bank and in hand
1,475,297
2,042,603
6,529,158
3,747,473
Creditors: amounts falling due within one year
18
(214,850)
(324,184)
Net current assets
6,314,308
3,423,289
Total assets less current liabilities
9,838,733
7,930,036
Provisions for liabilities
Deferred tax liability
21
681,404
707,082
(681,404)
(707,082)
Net assets
9,157,329
7,222,954
Capital and reserves
Called up share capital
24
10,000
10,000
Profit and loss reserves
9,147,329
7,212,954
Total equity
9,157,329
7,222,954

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,434,375 (2023 - £2,317,010 profit).

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 31 July 2025 and are signed on its behalf by:
31 July 2025
J M Issitt
Director
Company registration number 11164488 (England and Wales)
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
3,112,095
4,791,958
Interest paid
(9,485)
(9,485)
Income taxes paid
(92,892)
(227,982)
Net cash inflow from operating activities
3,009,718
4,554,491
Investing activities
Purchase of tangible fixed assets
(3,500,134)
(4,701,204)
Proceeds on disposal of tangible fixed assets
1,675,038
1,431,132
Interest received
203,688
62,026
Net cash used in investing activities
(1,621,408)
(3,208,046)
Financing activities
Payment of finance leases obligations
(94,616)
(94,615)
Dividends paid to equity shareholders
(500,000)
(500,000)
Net cash used in financing activities
(594,616)
(594,615)
Net increase in cash and cash equivalents
793,694
751,830
Cash and cash equivalents at beginning of year
4,843,493
4,091,663
Cash and cash equivalents at end of year
5,637,187
4,843,493
Relating to:
Cash at bank and in hand
2,996,144
3,322,536
Short term deposits included in current asset investments
2,641,043
1,520,957
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
1
Accounting policies
Company information

Crowland Cranes (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Crease Drove, Crowland, Peterborough, PE6 0BN.

 

The group consists of Crowland Cranes (Holdings) Limited and all of its subsidiaries.

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.

1.2
Basis of consolidation

On 23 January 2018 Crowland Cranes (Holdings) Ltd was formed as part of a group reconstruction whereby it became the new group holding company via a share for share exchange, the group reconstruction was accounted for under the merger accounting rules.

 

The parent company’s two subsidiaries, Crowland Cranes Ltd and Hoeflon UK-Crowland Ltd (formerly Universal Cranes Ltd) have a registered office of Crease Drove, Crowland, Peterborough, PE6 0BN.

 

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Statement of Comprehensive Income in these financial statements. The parent company’s profit for the period was £2,434,375 (2023: £2,317,010), which includes intra-group dividends of £2,000,000 (2023: £2,000,000).

1.3
Going concern

At the time of approving the financial statements, the directors are confident 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.

1.4
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue for the provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured on a time apportioned basis.

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.

CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -

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 buildings
2% per annum of cost
Freehold land
nil
Plant and equipment
5%/10% per annum of written down value
Fixtures and fittings
30% per annum of written down value
Motor vehicles and trailers
25% per annum of written down value

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.

1.6
Fixed asset investments

Investments in subsidiaries 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.

1.7
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).

1.8
Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises the costs of goods sold and

materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

 

Short term deposits which have a fixed maturity of over 60 days and which cannot be accessed until they have matured are included in current asset investments

1.10
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.

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.

CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
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 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.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, finance lease and hire purchase liabilities and loans from fellow group companies 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.

CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

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

1.11
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.

 

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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 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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.

 

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. The deferred tax balance has not been discounted.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall 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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.16
Government and other grants

Government and other grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

Government and other grants receivable for the purchase of fixed assets are released to the Profit and Loss Account on a systematic basis over the useful economic life of the assets that have been acquired with the grant.

 

Grants receivable and not released to the Profit and Loss Account are treated as deferred income.

1.17
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.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

Depreciation is recognised to write off the cost or valuation of assets less their residual values over their useful lives at the rates detailed in Note 1.5. The directors review their estimate of useful lives of depreciable assets at each reporting date.  Key sources of estimation uncertainty in these estimates relate to mechanical and technical obsolescence, manufacturing quality and exposure to external elements.The provision for depreciation at the reporting end date was £4,218,657.

Further detail of the amounts provided at the beginning and end of the period, together with the charge for the period is shown in Note 12.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Crane sales, hire and repair
12,581,978
11,650,146
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
3
Turnover and other revenue
(Continued)
- 18 -
2024
2023
£
£
Other significant revenue
Interest income
203,688
62,026
Grants receivable
14,963
15,608
Rental income
105,621
106,227
2024
2023
£
£
Turnover analysed by geographical market
UK
12,230,082
10,990,256
Overseas
351,896
659,890
12,581,978
11,650,146
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences except for those arising on financial instruments measured at fair value through profit or loss
2,679
2,052
Government and other grants
(14,963)
(15,608)
Depreciation of owned tangible fixed assets
870,062
766,372
Depreciation of tangible fixed assets held under finance leases
36,468
38,388
Profit on disposal of tangible fixed assets
(100,025)
(96,232)
Operating lease charges
141,287
127,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,445
3,250
Audit of the financial statements of the company's subsidiaries
10,115
9,550
13,560
12,800
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
2
2
2
2
Production
61
61
-
-
Administration
3
3
-
-
Total
66
66
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,141,419
2,864,517
-
0
-
0
Social security costs
356,860
314,547
-
-
Pension costs
118,940
108,791
-
0
-
0
3,617,219
3,287,855
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
19,469
19,254

The number of directors for whom retirement benefits are accruing under defined contribution pension schemes amounted to 2 (2023: 2). The directors constitute the key management of the group.

 

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
203,654
62,026
Other interest income
34
-
Total income
203,688
62,026
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
9,485
9,485
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
580,840
109,823
Adjustments in respect of prior periods
-
0
(4,711)
Total current tax
580,840
105,112
Deferred tax
Origination and reversal of timing differences
468,152
871,241
Total tax charge
1,048,992
976,353

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
4,182,016
4,033,410
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
1,045,504
908,324
Tax effect of expenses that are not deductible in determining taxable profit
1,526
2,372
Gains not taxable
5,632
3,795
Tax effect of utilisation of tax losses not previously recognised
(114)
-
0
Adjustments in respect of prior years
-
0
(4,711)
Permanent capital allowances in excess of depreciation
(4,306)
65,366
Depreciation on assets not qualifying for tax allowances
750
1,207
Taxation charge
1,048,992
976,353
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Dividend payable
500,000
500,000
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
12
Tangible fixed assets
Group
Freehold buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles and trailers
Total
£
£
£
£
£
£
Cost
At 1 November 2023
1,262,886
4,140
17,093,268
155,804
535,501
19,051,599
Additions
-
0
-
0
3,378,285
-
0
121,849
3,500,134
Disposals
-
0
-
0
(1,835,045)
-
0
(49,215)
(1,884,260)
At 31 October 2024
1,262,886
4,140
18,636,508
155,804
608,135
20,667,473
Depreciation and impairment
At 1 November 2023
24,453
4,140
3,127,352
115,764
349,665
3,621,374
Depreciation charged in the year
5,367
-
0
819,013
12,013
70,137
906,530
Eliminated in respect of disposals
-
0
-
0
(264,912)
-
0
(44,335)
(309,247)
At 31 October 2024
29,820
4,140
3,681,453
127,777
375,467
4,218,657
Carrying amount
At 31 October 2024
1,233,066
-
0
14,955,055
28,027
232,668
16,448,816
At 31 October 2023
1,238,433
-
0
13,965,916
40,040
185,836
15,430,225
Company
Freehold buildings
Plant and equipment
Total
£
£
£
Cost
At 1 November 2023
476,741
5,001,391
5,478,132
Disposals
-
0
(603,985)
(603,985)
Transfer to group company
-
0
(427,887)
(427,887)
At 31 October 2024
476,741
3,969,519
4,446,260
Depreciation and impairment
At 1 November 2023
9,468
971,917
981,385
Depreciation charged in the year
2,367
176,749
179,116
Eliminated in respect of disposals
-
0
(134,919)
(134,919)
Transfer to group company
-
0
(93,747)
(93,747)
At 31 October 2024
11,835
920,000
931,835
Carrying amount
At 31 October 2024
464,906
3,049,519
3,514,425
At 31 October 2023
467,273
4,029,474
4,496,747
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
12
Tangible fixed assets
(Continued)
- 22 -

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
692,901
729,370
-
0
-
0
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
10,000
10,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
10,000
Carrying amount
At 31 October 2024
10,000
At 31 October 2023
10,000
14
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Crowland Cranes Ltd
UK
Crane hire, sales and repairs
Ordinary
100.00
Hoeflon UK-Crowland Ltd (formerly Universal Cranes Ltd)
UK
Crane hire, sales and repairs
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Stock of parts and cranes for resale
1,089,035
362,740
-
0
-
0
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,890,119
1,651,277
-
0
-
0
Corporation tax recoverable
-
0
61,439
-
0
-
0
Amounts owed by group undertakings
-
-
2,968,053
183,913
Other debtors
14,266
6,993
-
0
-
0
Prepayments and accrued income
133,732
104,095
-
0
-
0
3,038,117
1,823,804
2,968,053
183,913
17
Current asset investments
Group
Company
2024
2023
2024
2023
as restated
as restated
£
£
£
£
Short term deposits
2,641,043
1,520,957
2,085,808
1,520,957
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under hire purchase and finance leases
20
94,615
94,615
-
0
-
0
Trade creditors
661,050
319,836
-
0
-
0
Corporation tax payable
509,942
83,434
171,259
83,372
Other taxation and social security
461,238
259,969
35,400
-
Other creditors
34,838
282,328
8,191
240,812
Accruals and deferred income
236,006
196,212
-
0
-
0
1,997,689
1,236,394
214,850
324,184
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under hire purchase and finance leases
20
94,615
189,231
-
0
-
0
Deferred income
22
337,730
352,693
-
0
-
0
432,345
541,924
-
-
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
20
Hire purchase and finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
94,615
94,615
-
0
-
0
In two to five years
94,615
189,231
-
0
-
0
189,230
283,846
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. 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 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

The net obligations under hire purchase and finance leases are secured on the related fixed asset.

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
3,706,673
3,238,520
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
681,404
707,082
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
3,238,520
707,082
Charge/(credit) to profit or loss
468,153
(25,678)
Liability at 31 October 2024
3,706,673
681,404
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
22
Deferred grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government and other grants
337,730
352,693
-
-
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
118,940
108,791

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A share of £1 each
2,500
2,500
2,500
2,500
Ordinary B share of £1 each
2,500
2,500
2,500
2,500
Ordinary C share of £1 each
2,500
2,500
2,500
2,500
Ordinary D share of £1 each
2,500
2,500
2,500
2,500
10,000
10,000
10,000
10,000
25
Operating lease commitments
Lessee

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
2023
2024
2023
£
£
£
£
Within one year
137,800
105,000
-
-
Between two and five years
411,200
315,000
-
-
In over five years
251,700
204,167
-
-
800,700
624,167
-
-
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
26
Related party transactions
Transactions with related parties

During the year, work was carried out for TMC Lifting Supplies, a partnership owned by the company directors, Mr P J Issitt and Mrs J M Issitt. The value of this work amounted to £155,789 (2023: £161,846) and normal terms of business were applied. Costs recharged from TMC Lifting Supplies to the group in the year amounted to £145,582 (2023: £115,845). The total amount owed to the group by TMC Lifting Supplies at 31 October 2024 was £38,243 (2023: £41,493).

 

During the year, a rent of £70,000 (2023: £70,000) was payable to the Trustees of Thorney Machinery Self - Invested Pension Scheme. This is a pension scheme in which the company directors are members. The total amount owed to the group by the Trustees of Thorney Machinery Self-Invested Pension Scheme at 31 October 2024 was £Nil (2023: £Nil).

 

During the year a rent of £71,287 (2023: £57,000) was payable to the P & J SSAS, a Small Self Administered Pension Scheme set up for the benefit of the directors. Costs totalling £Nil (2023: £Nil) were recharged to the pension scheme during the year. The total amount owing to the P & J SSAS at 31 October 2024 was £Nil (2023: £Nil).

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Company
Entities over which the company has control, joint control or significant influence
2,968,053
183,913

The company received dividends totalling £2,000,000 (2023: £2,000,000) from its subsidiary Crowland Cranes Ltd.

27
Events after the reporting date

Company

After the year end the crane fleet of Crowland Cranes (Holdings) Limited was sold to its subsidiary, Crowland Cranes Limited at an invoice value based on net book value of £2.9m.

 

28
Directors' transactions

Dividends totalling £500,000 (2023 - £500,000) were paid in the year in respect of shares held by the company's directors.

 

At 31 October 2024 the group owed its directors £21,632 (2023: £275,178). No interest is charged to the group by the directors.

 

 

 

CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,133,024
3,057,057
Adjustments for:
Taxation charged
1,048,992
976,353
Finance costs
9,485
9,485
Investment income
(203,688)
(62,026)
Gain on disposal of tangible fixed assets
(100,025)
(96,232)
Depreciation and impairment of tangible fixed assets
906,530
804,760
Movements in working capital:
(Increase)/decrease in stocks
(726,295)
238,505
Increase in debtors
(1,275,751)
(347,928)
Increase in creditors
334,786
227,590
Decrease in deferred income
(14,963)
(15,608)
Cash generated from operations
3,112,095
4,791,956
30
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash and cash equivalents
4,843,493
793,694
5,637,187
Obligations under finance leases
(283,846)
94,616
(189,230)
4,559,647
888,310
5,447,957
31
Prior period adjustment
Reconciliation of changes in equity - group
1 November
31 October
2022
2023
£
£
Adjustments to prior year
Current assets investments
-
1,520,957
Cash at bank
-
(1,520,957)
Total adjustments
-
-
Equity as previously reported
14,886,367
17,443,424
Equity as adjusted
14,886,367
17,443,424
CROWLAND CRANES (HOLDINGS) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
31
Prior period adjustment
(Continued)
- 28 -
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
3,057,057
Profit as adjusted
3,057,057
Reconciliation of changes in equity - company
1 November
31 October
2022
2023
£
£
Adjustments to prior year
Current asset investments
-
1,520,957
Cash at bank
-
(1,520,957)
Total adjustments
-
-
Equity as previously reported
5,405,944
7,222,954
Equity as adjusted
5,405,944
7,222,954
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
2,317,010
Profit as adjusted
2,317,010
Notes to reconciliation

Investments in short-term deposits that were previously recognised as cash at bank have been reclassified as current asset investments on the basis that they have a fixed maturity of three months and funds cannot be accessed until they have matured.

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