REGISTERED NUMBER: 01019643 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

PALFINGER TAIL LIFTS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTOR:

A Boch

REGISTERED OFFICE:

2 Falcon Gate

Shire Park

Welwyn Garden City

AL7 1TW

REGISTERED NUMBER:

01019643 (England and Wales)

AUDITORS:

Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

BANKERS:

Deutsche Bank AG London

Winchester House

1 Great Winchester House

London

EC2N 2DB

SOLICITORS:

Gisby Harrison

Goffs Oak House

Goffs Lane

Cheshunt

Herts

EN7 5HG

The director presents his strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

The company's business operations in the UK were discontinued as of 31 December 2023. The new tail lift business including trade lifts produced in Europe, a production relocation for some selected models and the Customer Service for the UK have been transferred to a new partner company in Scotland.

Directors have a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial risk management objectives and policies

The company uses various financial instruments. These include inter-company loans, cash, and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. The directors review and agree policies for managing each of these risks and they are summarised below:

Foreign Currency Risk

The company is exposed to limited foreign currency exchange risk arising from currency exposure with respect to fluctuations of the GBP to EUR. Non sterling balances are managed to a minimum level limiting the company's exposure to movements in exchange rates.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

The company policy throughout the year has been to ensure continuity of funding which is achieved through Palfinger AG resources which allows the company to meet medium and long-term funding requirements.

Short-term flexibility is achieved by overdraft facilities. Some flexibility has also been achieved through the government funded furlough scheme which mitigated the cost of some salaries.

Interest rate risk

The company finances its operations through a mixture of bank overdraft and inter-company loans. The company exposure to interest rate fluctuations on its borrowings is managed through floating inter-company facilities, which will remain the preferred option while interest rates remain stable.

Credit risk

The company's principal financial assets are cash and trade debtors. The principal credit risk arises therefore from its trade debtors. The impact associated with trade debtor risk is reduced through a broad customer base and significant management focus on aged debt.

In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

ON BEHALF OF THE BOARD:

A Boch - Director

30th September 2025

The director presents his report with the financial statements of the company for the year ended 31st December 2024.

CESSATION OF TRADING

The company ceased trading on 31st December 2023.

DIVIDENDS

Details of the results for the year are set out in the profit and loss account on page 9. The directors do not recommend the payment of a dividend.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

A Boch held office during the whole of the period from 1st January 2024 to the date of this report.

GOING CONCERN

The company's business activities, together with the factors likely to affect its future development, its financial position and its exposure to risks are described in the strategic report.

The Company has net current liabilities of £5,168,207 as at 31 December 2024 (2023: £4,852,473)

The company ceased to trade on the 31st December 2023 and was bought out after the year end by Palfinger Marine UK Limited .

The ultimate parent company, Palfinger AG has confirmed its support to the company in order to meet its liabilities as

they fall due for a period of at least 12 months from the date of approval of these financial statements. The Director's

have assessed the ability of Palfinger AG to support he company.

After making enquiries, the Directors have a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A Boch - Director

30th September 2025

Opinion

We have audited the financial statements of Palfinger Tail Lifts Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 Report of the Director.

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

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

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

-	certain disclosures of director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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.

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

>Financial reporting Standard 101

>Companies Act 2006

>UK General Data Protection Regulation

We assessed the risks of material misstatement in respect of fraud as follows:

>Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.

>Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.

>Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature.

>We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.

>Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.

>Ensured during the audit planning meeting that all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement,

>Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.

>Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to the previous years work.

>The engagement partners final review of the audit file and financial statements included a detailed review of areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

>Financial reporting Standard 101, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.

>Further, at both the planning and completion stage of the audit enquiries where made of management regarding any known instances of fraud or non-compliance with laws and regulations

>These representations were corroborated where possible through the review of board minutes. No contradictory evidence was noted.

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jeffrey Oliver (Senior Statutory Auditor)

for and on behalf of Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

30th September 2025

TURNOVER

3

-

1,216,240

Cost of sales

5,935

341,729

GROSS (LOSS)/PROFIT

(5,935

)

874,511

Distribution costs

-

896,506

Administrative expenses

5,145

374,569

5,145

1,271,075

OPERATING LOSS

(11,080

)

(396,564

)

Interest payable and similar expenses

6

304,654

138,151

LOSS BEFORE TAXATION

7

(315,734

)

(534,715

)

Tax on loss

8

-

12,098

LOSS FOR THE FINANCIAL YEAR

(315,734

)

(546,813

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(315,734

)

(546,813

)

CURRENT ASSETS

Debtors

9

-

177,592

Cash at bank

58,248

478,994

58,248

656,586

CREDITORS

Amounts falling due within one year

10

5,226,455

5,509,059

NET CURRENT LIABILITIES

(5,168,207

)

(4,852,473

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,168,207

)

(4,852,473

)

CAPITAL AND RESERVES

Called up share capital

11

300

300

Share premium

12

4,499,800

4,499,800

Retained earnings

12

(9,668,307

)

(9,352,573

)

SHAREHOLDERS' FUNDS

(5,168,207

)

(4,852,473

)

The financial statements were approved by the director and authorised for issue on 30th September 2025 and were signed by:

A Boch - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2023

300

(8,805,760

)

4,499,800

(4,305,660

)

Changes in equity

Total comprehensive income

-

(546,813

)

-

(546,813

)

Balance at 31st December 2023

300

(9,352,573

)

4,499,800

(4,852,473

)

Changes in equity

Total comprehensive income

-

(315,734

)

-

(315,734

)

Balance at 31st December 2024

300

(9,668,307

)

4,499,800

(5,168,207

)

1.	STATUTORY INFORMATION

AUTHORISATION OF FINANCIAL STATEMENTS AND STATEMENT OF COMPLIANCE WITH FRS 101

Palfinger Tail Lifts Limited is a private company limited by shares and incorporated and domiciled in England and Wales.

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) under the historical cost convention and in accordance with Companies Act 2006. The company has used a true and fair view override in respect of the non amortisation of goodwill.

The company's financial statements are presented in Sterling except when overwise indicated.

The results of Palfinger Tail Lifts Limited are included in the consolidated financial statements of Palfinger AG which are available from Palfinger AG, Franz-Wolfram-Scherer-Strasse 24, A-5101 Bergheim/Salzburg, Austria.

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

2.	ACCOUNTING POLICIES

Basis of preparation

The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 December 2024. These policies have been applied consistently to all years presented, unless otherwise stated.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

•

the requirements of paragraph 58 of IFRS 16 Leases;

•

the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraphs 53(a), (h) and (j) of IFRS 16;

-

paragraph 79(a)(iv) of IAS 1;

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment; and

-

paragraph 118(e) of IAS 38 Intangible Assets;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

•

the requirements of

-

paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

-

paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;

•

the requirements of paragraph 74(b) of IAS 16;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Judgements and Key Sources of Estimation Uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following estimates have had an effect on amounts recognised in the financial statements:

Impairment of Goodwill

Detailed in note 10 are the key assumptions that have been made when ascertaining the recoverable amount of the Goodwill.

Based on these assumptions management has concluded that the value in use of the goodwill is lower than its carrying value in the accounts and that an impairment is therefore required.

Stock Valuation

The stock balance of £Nil (2023: £Nil) previously recorded in the company's balance sheet comprise of finished goods however all stock was transferred at £Nil before the year end and as such held no stock at this point.

Whilst every attempt is made to ensure that the stock provisions are as accurate as possible there remains a risk that the provisions against stock ultimately do not accurately agree to the net realisable value of the stock.

Going Concern

The company's business activities, together with the factors likely to affect its future development, its financial position and its exposure to risks are described in the strategic report.

The Company has net current liabilities of £5,168,207 as at 31 December 2024 (2023: £4,852,473)

The company ceased to trade on the 31st December 2023 and was bought out by Palfinger Marine UK Limited after the year end.

The ultimate parent company, Palfinger AG has confirmed its support to the company in order to meet its liabilities as they fall due in the mean time. The Director's have assessed the ability of Palfinger AG to support the company, therefore the financial statements have been prepared on a going concern basis.

Research and development

Research costs are expensed as incurred. Development expenditure on an individual project is recognised as an intangible asset when the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.

Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.

Patents

Patents are initially recognised at cost on the date of purchase and at the purchase price. Internally generated patents are not recognised.

Following initial recognition the cost model is applied and the assets are amortised over the life of the Patent.

Taxation

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

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial asset - recognition and measurement

Financial assets are recognised when the entity becomes a party to the contract and, as a consequence, has a legal right to receive cash.

All financial assets are initially measured at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchase or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the company commits to purchase or sell the asset.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

The company classifies it financial assets in the following categories: at fair value through profit or loss; and loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

(a) Financial assets at fair value through profit or loss or at fair value through other comprehensive income

There are no instruments which have been classified under this category.

(b) Financial assets at amortised cost

The company classifies its financial assets as at amortised cost only if both of the following criteria are met:

-the asset is held within a business model whose objective is to collect the contractual cash flows, and

-the contractual terms give rise to cash flows that are solely payments of principal and interest.

This category is the most relevant to the company. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss.

Impairment of financial assets

In accordance with IFRS 9, the company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, trade receivables and bank balance.

b) Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of IFRS 15.

For trade and other receivables, the company applies IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses and trade receivables have been grouped based on shared credit risk characteristics and the days past due.

Financial liabilities - recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The company's financial liabilities comprise of trade creditors, amounts owes to group undertakings and bank overdrafts.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

a) Financial liabilities at fair value through profit or loss

b) Loan and borrowings

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.

The company does not have any financial liabilities which are subsequently re-measured at fair value through profit or loss.

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

De-recognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

Pension costs

On the 1 October 2008 the company set up a Group Personal Pension Plan for the benefit of all Palfinger Tail Lifts Limited employees. The assets of the scheme are held separately from those of the company. The monthly contributions payable are charged to the income statement.

3.

TURNOVER

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

An analysis of turnover by geographical market for the year ended 31st December 2023 is given below:

£

United Kingdom

553,826

Overseas

662,414

1,216,240

This analysis is not considered to be applicable to the year ended 31st December 2024.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

-

719,931

Social security costs

-

76,212

Other pension costs

-

228,028

-

1,024,171

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

2024

2023

Administration staff

1

8

5.

DIRECTORS

Remuneration in respect of directors was as follows:

2024

2023

£

£

Director's emoluments

-

502,521

Value of company pension contributions to Group Personal Pension Plan

-

194,396

-

696,917

Highest paid director:

Emoluments

-

366,918

Value of company pension contributions to money purchase schemes

-

121,209

-

488,127

2024

2023

No.

No.

The number of directors who accrued benefits under company pension

schemes was as follows:

Money purchase schemes

-

2

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Interest payable on loan from Palfinger AG

304,654

233,238

304,654

233,238

7.	LOSS BEFORE TAXATION

2024

2023

£

£

Operating profit is arrived at after charging/(crediting):

Depreciation of owned assets

-

3,114

Depreciation of right-of-use assets

-

6,124

Auditor's remuneration:

3,500

17,500

-other fees to auditor's

4,000

4,000

Cost of stocks recognised as an expense

5,935

323,718

(Profit)/loss on foreign exchange

-

-

8.

TAXATION

Analysis of tax expense

2024

2023

£

£

Current tax:

R&D credit unutilised

-

5,611

Deferred tax

-

6,487

Total tax expense in statement of comprehensive income

-

12,098

Factors affecting the tax expense

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

2024

2023

£

£

Loss before income tax

(315,734

)

(534,715

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 19%)

(78,934

)

(101,596

)

Effects of:

Expenses not deductible for tax purposes

-

223

Tax losses unavailable to c/fwd

76,164

107,860

R&D credits unavailable to c/fwd

-

5,611

Group relief

2,770

-

Tax expense

-

12,098

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

177,592

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

-

44,381

Amounts owed to group undertakings

5,218,956

5,249,185

Social security and other taxes

-

124,269

VAT

-

9,075

Accruals and deferred income

-

82,149

Accrued expenses

7,499

-

5,226,455

5,509,059

Amounts due to the ultimate parent company relate to an intercompany loan. The loan incurs interest at a market rate equal to LIBOR in GBP at the end of each quarter and has to be repaid on demand.

11.	CALLED UP SHARE CAPITAL

2024

2023

£

£

Authorised, called up, allotted and fully paid:

300 ordinary shares of £1 each

300

300

12.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1st January 2024

(9,352,573

)

4,499,800

(4,852,773

)

Deficit for the year

(315,734

)

(315,734

)

At 31st December 2024

(9,668,307

)

4,499,800

(5,168,507

)

Share premium

The balance classified as share premium includes the share premium on issue of the Company's equity share capital, comprising £1 ordinary shares.

13.	RELATED PARTIES

During the year, the Company entered into transactions, in the ordinary course of business, with other related parties. The company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned subsidiaries.

All transactions were made on an arm's length basis and at full market value.

14.	EVENTS AFTER THE REPORTING PERIOD

Subsequent to the year end, the company issued 5,151,648 ordinary shares to its parent company in settlement of an intercompany loan. Following this allotment, the company undertook a capital reduction, approved by shareholder resolution and supported by a directors’ solvency statement, which reduced the issued share capital in exchange for the transfer of assets.