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Company Registration Number 02322823
| SARENS (UK) LIMITED |
| FINANCIAL STATEMENTS |
| 31 DECEMBER 2024 |
SARENS (UK) LIMITED COMPANY INFORMATION
Directors | C Sarens
| L Sarens
| M Sarens
| W Sarens
| A Winter
Company secretary | C J Land
Registered number | 02322823
Registered office | Booth House
| Riverside Park Road
| Middlesbrough
| TS2 1UT
Independent auditors | Armstrong Watson Audit Limited
| One Strawberry Lane
| Newcastle Upon Tyne
| NE1 4BX
SARENS (UK) LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 5
Independent auditors' report | 6 - 9
Statement of comprehensive income | 10
Statement of financial position | 11
Statement of changes in equity | 12
Notes to the financial statements | 13 - 27
SARENS (UK) LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their Strategic report for the year ended 31 December 2024.
Principal activities
The Company is principally engaged in the carrying out of heavy lifting contracts, site transportation and crane rentals.
Business model
Sarens (UK) Limited is a wholly owned subsidiary of Sarens Bestuur NV, operating in the UK, Europe and occasionally other parts of the world. We offer a comprehensive service to the petrochemical, civil engineering, power generation and renewable energy markets. As part of the Sarens Group, we are a recognised world leader in heavy lifting and special engineered transportation. With state of the art equipment and value engineering, Sarens offers its customers creative solutions to today’s heavy lift and transport challenges. Daily we focus on safety, quality, and reliability with respect to our operations, employees, equipment and our environment, ensuring services of the highest international standards to our clients.
Business review and results
The end of a large project within the Special Projects Business Unit led to a reduction in turnover over 2023 which was always foreseen by the business. Trading within the rental Depots continued to grow with turnover up by 7.7%. Operating Profit in 2023 was supported by the recovery of a significant overdue debt which had previously been fully written down, this together with a one-off additional cost of £5.9m in 2024 leads to the reduction in Operating Profit.
Financial key performance indicators
These KPIs are measures of our ability to reduce costs, improve productivity and enhance operations.
| 2024 | 2023
| £000 | £000
Turnover | £70.8m | £83.5m
Operating Profit | £0.4m | £8.2m
Profit before tax | £1.1m | £8.4m
The Company produces regular forecasts and reports to the Board on the financial performance for these KPI’s on a monthly basis.
Directors' statement of compliance with duty to promote the success of the Company
The directors of the Company, as those of all UK companies, must act in accordance with a set of general duties as detailed in section 172 of the UK Companies Act 2006. The directors recognise their duty to act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders in accordance with section 172. The Directors and management continue to have regard to the interest of the Company's key stakeholders and throughout the year engage with them on relevant items throughout the year. Page 1
SARENS (UK) LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
Operational risks mainly relate to issues arising during project execution. The Company has controls in place to mitigate these risks. All significant tenders are reviewed at corporate level in our Belgium Head office where we have our own legal department and corporate management team. Large tenders are subject to the corporate approval matrix where they will carry out a risk assessment and examine the financial estimates and planned execution of the projects. Guidance will then be given to the tender teams and decision makers on the risk profile of the project from which a decision can be made whether to accept or decline. Financial risks include currency, counterparty and liquidity risks. Currency risks are managed via corporate treasury and counterparty risks with subcontractors are mitigated through the structuring of payment terms. The Company also has in place a risk management programme for monitoring customer’s liquidity and their ability to make payment, there is also credit insurance in place. We maintain a mixture of long and short term debt to facilitate the operational and future investment requirements. Detailed cashflow forecasting shows the Company has sufficient cashflow to survive a downside on management expectations. Risks are reported monthly to our executive management team both at local and corporate level. These reviews form the main internal management control procedures for Sarens UK. For projects we report the operational and financial status in addition to performance and risk indicators, the board believes this process enables the management of risk as well as ensuring cost optimisation.
Future developments
Sarens (UK) Limited will continue to focus efforts on growth areas we have identified. We continue to invest in new equipment to ensure that we remain competitive within our market. We continue to invest in our people by continual training and development. This report was approved by the board and signed on its behalf.
................................................ A Winter Director
Date: 30 May 2025
Page 2
SARENS (UK) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
Results and dividends
The profit for the year, after taxation, amounted to £894 k (2023 - £7,185 k). A dividend of £Nil was paid in the year, no further dividends are proposed (2023 - £Nil).
Directors
The directors who served during the year were:
C Sarens
L Sarens
M Sarens
W Sarens
A Winter
Political contributions
The Company made no political donations during the year (2023 - £Nil).
Health, safety and environment
The Company has continued development programmes for SHEQ at both a group and local level. These programmes are continually evolving for the overall improvement of the Company's performance in this area in order to protect the public, its employees and the environment. Page 3
SARENS (UK) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Streamlined Energy and Carbon Reporting (SECR)
| 2024 | 2023
| £000 | £000
UK Energy Use (kWh) | 262k | 220k
Associated Greenhouse Gas Emissions (tonnes CO2e) | 3,443 | 3,329
Intensity Ratio (tonnes CO2e per £100k turnover) | 4.87 | 3.99
UK Energy Use covers ∙Activities for which Sarens UK Limited is responsible including the combustion of gas or consumption for fuel for the purposes of transport ∙The purchase of electricity by the Company for its own use, including for the purpose of transport Associated Greenhouse Gas Emissions have been prepared in line with the Conversion Factors for Greenhouse Gas Reporting, as published by BEIS. Sarens (UK) Limited operates an accredited ISO14001 Environmental Management System (integrated with ISO9001 and ISO45001). The information has been collected in line with Environmental Objectives for continual improvement, and mechanisms for monitoring and measuring of environmental data. Every product, good, or service has an environmental impact. In a world facing multiple crises of resource depletion, the pollution of air, water and soil, and climate change, Sarens (UK) Limited feels there is a need to work towards reducing these impacts to make sure our services fit for a more sustainable future.
Health and safety of employees
The well-being of the Company’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Company has taken the necessary action to ensure compliance with the Act, including the adoption of a Safety statement.
Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The directors have prepared cash flow forecasts for a period of 15 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, and in light of the Company’s ability to access the group’s cash pool facility, the Company will have sufficient funds to meet its liabilities as they fall due for that period. The directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 4
SARENS (UK) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Other information
An indication of likely future developments in the business and particulars of significant events which have occurred since the end of the financial year have been included in the Strategic Report on page 2.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
................................................ A Winter Director
Date: 30 May 2025
Page 5
SARENS (UK) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARENS (UK) LIMITED
Opinion
We have audited the financial statements of Sarens (UK) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Auditors' 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. Page 6
SARENS (UK) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARENS (UK) LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, 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. Page 7
SARENS (UK) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARENS (UK) LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows: ∙We obtained an understanding of laws and regulations that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation. ∙We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance. ∙We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. ∙The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls. ∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. ∙We enquired of the directors and third-party advisors about actual and potential litigation and claims. ∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. ∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 8
SARENS (UK) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARENS (UK) LIMITED (CONTINUED)
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 Auditors' 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. Michael Morris (Senior Statutory Auditor) for and on behalf of Armstrong Watson Audit Limited Newcastle 30 May 2025 Page 9
SARENS (UK) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £000 | £000
Turnover | 4 | 70,758 | 83,492
Cost of sales |  | (64,831) | (72,126)
Gross profit |  | 5,927 | 11,366
Administrative expenses |  | (6,028) | (4,115)
Other operating income | 5 | 515 | 911
Operating profit |  | 414 | 8,162
Interest receivable and similar income | 10 | 1,133 | 982
Interest payable and similar expenses | 11 | (422) | (709)
Profit before tax |  | 1,125 | 8,435
Tax on profit | 12 | (231) | (1,250)
Profit for the financial year |  | 894 | 7,185
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 13 to 27 form part of these financial statements.
Page 10
SARENS (UK) LIMITED REGISTERED NUMBER: 02322823 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 16,547 |  | 17,350
Investments | 14 |  | 50 |  | -
|  |  | 16,597 |  | 17,350
Current assets |  |  |  |  |
Stocks | 15 | 48 |  | 64 |
Debtors | 16 | 44,859 |  | 44,731 |
Cash at bank and in hand | 17 | 255 |  | 67 |
|  | 45,162 |  | 44,862 |
Creditors: amounts falling due within one year | 18 | (34,301) |  | (35,944) |
Net current assets |  |  | 10,861 |  | 8,918
Total assets less current liabilities |  |  | 27,458 |  | 26,268
Creditors: amounts falling due after more than one year | 19 |  | (7,442) |  | (7,119)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 | (2,664) |  | (2,691) |
|  |  | (2,664) |  | (2,691)
Net assets |  |  | 17,352 |  | 16,458
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 91 |  | 91
Profit and loss account | 24 |  | 17,261 |  | 16,367
|  |  | 17,352 |  | 16,458
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ A Winter
Director
Date: 30 May 2025
The notes on pages 13 to 27 form part of these financial statements. Page 11
SARENS (UK) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 January 2023 | 91 | 9,182 | 9,273
Comprehensive income for the year |  |  |
Profit for the year | - | 7,185 | 7,185
At 1 January 2024 | 91 | 16,367 | 16,458
Comprehensive income for the year |  |  |
Profit for the year | - | 894 | 894
At 31 December 2024 | 91 | 17,261 | 17,352
| The notes on pages 13 to 27 form part of these financial statements.
Page 12
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Sarens (UK) Limited (the "Company") is a company limited by shares and incorporated, registered and domiciled in England, in the UK. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). All amounts in the financial statements have been rounded to the nearest £1,000. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A. This information is included in the consolidated financial statements of Sarens Bestuur NV as at 31 December 2024 and these financial statements may be obtained from Autoweg 10, B-181, Wolvertem, Belgium.
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The directors have prepared cash flow forecasts for a period of 15 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, and in light of the Company's ability to access the group's cash pool facility, the Company will have sufficient funds to meet its liabilities as they fall due for that period. The directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. Page 13
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Revenue
Turnover represents net invoiced sales of services, excluding value added tax. Turnover comprises of rental income for a variety of heavy lifting equipment and is recognised on a straight line basis as the services are provided or for long term contracts, at the costs appropriate to their state of completion plus attributable profits.
| 2.6 | Operating leases: the Company as lessee
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.
| 2.7 | Finance lease: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 14
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Employee benefits
Defined contribution pension plan and other long term employee benefits A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or consecutive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employers.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Land is not depreciated. Page 15
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | life of lease
|  |  |  | Plant and machinery | - | between 5 and 20 years
|  |  |  | Motor vehicles | - | 5 years
|  |  |  | Fixtures and fittings | - | 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Valuation of investments
Investments in subsidiaries, associates and joint ventures are measured at cost less accumulated impairment.
| 2.14 | Impairment excluding stocks and deferred tax assets
Financial assets (including trade and other debtors) A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicated that a loss event has occured after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Non-financial assets The carrying amounts of the Company's non-financial assets, other than stocks and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. 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.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 16
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | Service contract debtors
Service contract debtors represent the gross unbilled amount for contract work performed to date. They are measured at cost plus profit recognised to date (see the turnover accounting policy) less a provision for foreseeable losses and less progress billings. Variations are included in contract revenue when they are reliably measurable and it is probable that the customer will approve the variation itself and the revenue arising from the variation. Claims are included in contract revenue only when they are reliably measurable and negotiations have reached an advanced stage such that it is probable that the customer will accept the claim. Cost includes all expenditure related directly to specific projects and an allocation of fixed and variable overheads incurred in the Company’s contract activities based on normal operating capacity. Service contract debtors are presented as part of debtors in the balance sheet. If payments received from customers exceed the income recognised, then the difference is presented as accruals and deferred income in the balance sheet.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the company treats the guarantee contract as a contingent liability until such time as it becomes probable that the company will be required to make a payment under the guarantee. Page 17
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.20 | Classification of financial instruments issued by the Company
In accordance with FRS 102.22, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions: a)they include no contractual obligations upon the Company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company; and b)where the instrument will or may be settled in the Company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company's own equity instruments or is a derivative that will be settled by the Company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.
| 2.21 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Key sources of estimation uncertainty Impairment of debtors The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Page 18
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Rendering of crane operation services | 70,758 | 83,492
|  | 70,758 | 83,492
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| United Kingdom | 66,109 | 79,758
| Europe | 3,851 | 2,085
| Rest of the world | 798 | 1,649
|  | 70,758 | 83,492
5. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Insurance Indemnifications | 368 | 890
| Profit on disposal of tangible assets | 147 | 21
|  | 515 | 911
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Depreciation - Owned | 940 | 532
| Depreciation - Leased | 1,413 | 1,350
| Other operating lease rentals | 3,205 | 3,987
Page 19
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 44 | 62
8. | Employees
| Staff costs were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Wages and salaries | 16,512 | 14,573
| Social security costs | 1,916 | 1,765
| Cost of defined contribution scheme | 537 | 461
|  | 18,965 | 16,799
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Directors | 1 | 1
|  | Direct labour | 138 | 126
|  | Indirect labour | 75 | 71
|  |  | 214 | 198
Page 20
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Directors' remuneration | 233 | 169
| Company contributions to money purchase pension plans | 13 | 8
|  | 246 | 177
| The aggregate of remuneration of the highest paid director was £232,675 (2023 - £169,062), and company pension contributions of £13,209 (2023 - £8,153) were made to a money purchase scheme on his behalf.
| Retirement benefits are accruing to the following number of directors under:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Money purchase schemes | 1 | 1
|  | 1 | 1
10. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Interest receivable and net foreign exchange gain | 1,133 | 982
|  | 1,133 | 982
11. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Interest payable on financial leases | 422 | 709
|  | 422 | 709
Page 21
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 258 | 1,099
|  | 258 | 1,099
| Total current tax | 258 | 1,099
| Deferred tax |  |
| Origination and reversal of timing differences | (27) | 151
| Total deferred tax | (27) | 151
| Tax on profit | 231 | 1,250
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 1,125 | 8,435
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | 281 | 1,982
| Effects of: |  |
| Non-tax deductible expenses | 3 | 5
| Adjustments to tax charge in respect of prior periods | (204) | -
| Timing differences | 160 | 10
| Income not taxable for tax purposes | (12) | -
| Deferred tax asset on tax loss not recognised | 3 | (747)
| Total tax charge for the year | 231 | 1,250
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 22
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Fixtures and fittings | Motor vehicles | Total
|  | £000 | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 40 | 29,920 | 409 | 616 | 30,985
| Additions | 107 | 1,504 | 28 | - | 1,639
| Disposals | - | (319) | (9) | - | (328)
| At 31 December 2024 | 147 | 31,105 | 428 | 616 | 32,296
| Depreciation |  |  |  |  |
| At 1 January 2024 | 16 | 12,705 | 382 | 532 | 13,635
| Charge for the year | 8 | 2,334 | 5 | 6 | 2,353
| Disposals | - | (238) | (1) | - | (239)
| At 31 December 2024 | 24 | 14,801 | 386 | 538 | 15,749
| Net book value |  |  |  |  |
| At 31 December 2024 | 123 | 16,304 | 42 | 78 | 16,547
| At 31 December 2023 | 24 | 17,215 | 27 | 84 | 17,350
14. | Fixed asset investments
|  | Investments in joint ventures
|  | £000
| Cost or valuation |
| At 1 January 2024 | -
| Additions | 50
| At 31 December 2024 | 50
| During the year, Sarens (UK) Ltd acquired 50% of the shares of Sarens (PNG) Limited for £50k.
Page 23
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Consumables | 48 | 64
|  | 48 | 64
16. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Due after more than one year |  |
| Trade debtors | 1,527 | 1,032
|  | 1,527 | 1,032
| Due within one year |  |
| Trade debtors | 6,893 | 11,674
| Amounts owed by group undertakings | 32,026 | 24,506
| Other debtors | 66 | 39
| Prepayments and accrued income | 258 | 301
| Amounts recoverable on long-term contracts | 4,089 | 7,179
|  | 44,859 | 44,731
| Trade debtors due after more than one year represent retentions on Long Term Contracts.
17. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 255 | 67
|  | 255 | 67
Page 24
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Trade creditors | 4,129 | 7,483
| Amounts owed to group undertakings | 24,076 | 20,499
| Amounts owed to joint ventures | 50 | -
| Corporation tax | 74 | 310
| Other taxation and social security | 756 | 1,671
| Obligations under finance lease and hire purchase contracts (see note 20) | 2,031 | 1,767
| Other creditors | 928 | 1,050
| Accruals and deferred income | 2,257 | 3,164
|  | 34,301 | 35,944
| Amounts due to group undertakings (excluding financial leases) are unsecured, interest free and repayable on demand.
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Net obligations under finance leases and hire purchase contracts (see note 20) | 7,442 | 7,119
|  | 7,442 | 7,119
20. | Finance leases liabilities
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Within one year | 2,031 | 1,767
| Between 1-5 years | 5,961 | 5,478
| Over 5 years | 1,481 | 1,642
|  | 9,473 | 8,887
| The obligations under external and group financial leases are secured against the assets to which they relate and carry interest at rates of between 3.9% and 4.3%.
Page 25
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. | Operating leases
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Within one year | 3,161 | 3,674
| Between 1-5 years | 272 | 570
| Over 5 years | - | -
|  | 3,433 | 4,244
| During the year £3,205,000 was recognised as an expense in the profit and loss account in respect of operating leases (2023 - £3,987,000).
22. | Deferred taxation
|  | 2024
|  | £000
| At beginning of year | (2,691)
| Charged to profit or loss | 27
| At end of year | (2,664)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Accelerated capital allowances | 2,664 | 2,691
|  | 2,664 | 2,691
23. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 90,660 (2023 - 90,660) Ordinary shares of £1.00 each | 91 | 91
Page 26
SARENS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
24. | Reserves
Profit and loss account This represents cumulative profits and losses less dividends paid.
25. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £537,398 (2023 - £461,000).
26. | Related party transactions
| The Company has taken advantage of the exemption under paragraph 33.1A from the provision of section 33 FRS 102 'Related party disclosures' on the grounds it is a wholly owned subsidiary and its results are included in the consolidated financial statements of Sarens Bestuur NV, which are available on request from Sarens Bestuur NV, Autoweg 10, B-1861, Wolvertem, Belgium.
27. | Post balance sheet events
There are no post balance sheet events to report.
28. | Controlling party
The Company is a subsidiary undertaking of Sarens Bestuur NV, which is the ultimate parent company incorporated in Belgium. The largest group in which the results of the Company are consolidated is that headed by Sarens Bestuur NV, incorporated in Belgium. No other group financial statements include the results of the Company. The consolidated financial statements of these groups are available to the public and may be obtained from Autoweg 10, B-1861, Wolvertem, Belgium.
Page 27