The directors present the strategic report for the year ended 31 March 2025.

We aim to present a balanced and comprehensive review of the development and performance of our business

during the year and its position at the year end. Our review is consistent with the size and noncomplex nature of our

business and is written in the context of the risks and uncertainties we face.

As a manufacturer of the overhead travelling cranes and crane components, the group organises its activities

into three sectors:

• Sales of overhead travelling cranes and ancillary equipment to end users

• Sales of spares and crane component parts to distributors throughout the world

• Sales of servicing and repairs to overhead travelling crane and provision of steelwork.

We consider our key financial performance indicators to be:

• Turnover

• Gross margin percentage

• Gross margin earned per productive hour

During the year the group generated turnover of £41,355m (2024: £38.854m) and a profit before tax figure of £1.606m (2024: £1.585m). The increase in turnover seen is due to careful targeted growth in regions such as the USA, whilst the profit figure decrease is down to difficult market conditions as well as being testament to the investment the shareholders have decided to put back into the company, be it in wage increases or additional capital and research and development expenditure. Net assets have increased by £0.768m to £16.813m, showcasing the strong position of the company.

A healthy gross margin percentage is still being maintained at 32.8% when compared to the previous year of 33.7%.

This was a considerable achievement given the geopolitical challenges faced during the time period. With supply chains still being disrupted from the Russian invasion of Ukraine, shipping disruptions caused by the issues in the Red Sea and latterly, the last month of the year being hit extremely hard by the tariffs placed on us by the USA.

Despite these issues, through increased sales and targeted sales strategies, particularly within USA region the gross margin earned was £105.44 per productive hour compared to the previous year of £111.75 per productive hour. This is testament to the diligence of our staff and the impressive strategic and operational management the business showed throughout the period, that despite the issues faced this figure remains at a consistently high level.

Our employees are the backbone of our business, and the company continues to invest in its people, giving an above inflation pay increase in April 2024 and a further increase scheduled for April 2025.

In September 2023 we incorporated a direct subsidiary of Street Crane Company Limited in the USA. Street Crane Inc has had a fantastic first full year of trading, surpassing even our own expectations, with sales totalling $14.832m and a Gross Margin percentage of 20.7%.

Brexit- companies have faced operational, regulatory and market challenges following the UK’s withdrawal from the European Union. Failure to manage these could have resulted in adverse financial performance. The company has mitigated these effects through strategic and operational planning and will continue to monitor the ongoing situations arising from Brexit in order to further mitigate any effects.

Ukraine War- the war is affecting supply chains within the industry and is contributing to rising costs, particularly within the energy and steel sector. Through careful strategic management including further supply chain analysis the company continues to minimise these effects and is closely monitoring the market and various government policies in order to mitigate any further risks where possible.

Middle East Crisis- With the conflict in the Middle East raging on, shipping has been very disrupted, with ships now having to round the Horn of Africa. This has not only increased shipping time, causing potential delays to our production process, but also increased costs of shipping. This is not just felt in shipping through that region, due to the crisis Trans-Atlantic shipping has also suffered delays and increased costs. Through careful resource requirement forecasting from our board and purchasing department we are managing to mitigate the impact of the crisis.

Competitive environment- increased competition could impact the company’s volumes and margins. A price war is currently ongoing within Europe between the largest competitors in our market. The company benefits from its unique set up within the market to differentiate itself from its competitors. The company’s objective is to build on and maintain its strong relationships with its existing and new customers.

Other geopolitical events- The ongoing tariff escalations have caused considerable costs to the business, with costs jumping up overnight for shipping our goods to the USA. Not only that but we have seen material price increases caused by suppliers having to increase their prices to mitigate the tariffs. Through exceptional communication with our loyal customers in the USA and carefully planned price increases we have managed to mitigate the tariff exposure in the long run, despite it’s initial shock.

For finance risk management, see finance risk management section in the Directors Report.

This statement is made in accordance with the requirements of section 172 of the Companies Act 2006 and outlines how the directors have had regard to the matters set out in section 172(1) during the financial year ended 31 March 2025.

The directors understand 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 members as a whole. In fulfilling this duty, the directors have had regard to:

• The likely consequences of decisions in the long term;

• The interests of the group's employees;

• The need to foster the group’s business relationships with suppliers, customers and others;

• The impact of the group’s operations on the community and the environment;

• The need of maintaining a reputation for high standards of business conduct; and

• The need to act fairly as between members of the group.

Our employees are the backbone of our business, and the company continues to invest in its people We prioritised their health, safety, and wellbeing throughout the year, with ongoing training programmes, investment in PPE, and enhanced health & safety protocols. We gave an above inflation pay increase in April 2024 and a further increase scheduled for April 2025 as well as introducing and then expanding employee benefits such as a Health Cash Plan.

Customers
We cannot sustain the company without our customers. Effective communication is key to ensuring not only their satisfaction by understanding their needs and requirements, but is essential to us being efficient, productive and therefore profitable. We regularly have customers over to our facility to really make them feel part of the Street family, and our account managers are constantly travelling the world to help our valued customers win contracts and feel close to the team.

To ensure our products are the highest standard they can be we conform to ISO 9001 and 45001 and are in the process of going for 14001. Knowing our products are up to these standards provides a huge level of comfort to our customers.

The company worked closely with key suppliers to ensure continuity of supply and manage cost pressures. We supported long-term supplier relationships through collaborative planning, ethical procurement practices, and prompt payment. Many of our suppliers have grown with us for over 30 years, and we value these relationships just as much as those with our customers.

Community and Environment
We are committed to operating responsibly within our local communities and minimising our environmental impact. During the year, we partnered with local organisations to support employment initiatives and sponsored community events. On the environmental front, we invested in solar panels and waste reduction programmes. We are huge supporters of local charities and regularly have fundraising events for them..

During the year, the Board made a number of strategic decisions with consideration for their long-term consequences, including:

• Investment in Research and Development: The need to be at the cutting edge of the industry is key, and is an area we pride ourselves in.

• Workforce Development: Expanded apprenticeship and skills development programmes to futureproof our workforce.

• Operational Resilience: Diversifying raw material sourcing to mitigate supply chain risks and maintain service levels for customers.

The Board will continue to monitor and evaluate its engagement with key stakeholders and ensure that all principal decisions are aligned with the company’s values, long-term success, and corporate responsibilities under section 172 of the Companies Act.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The main activities of the subsidiary undertakings in the group are shown in the notes to the accounts. The holding company has not traded in the year.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £128,374. The directors do not recommend payment of a further dividend.

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

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

The group’s principal foreign currency exposures arise from trading with overseas companies.

The group is currently undertaking research and development into enhancing its existing and future product range and responding to the needs of its customers.

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

As no individual entity within the group qualifies as a large company in its own right, no energy and carbon reporting is required.

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:

• select suitable accounting policies and then apply them consistently;

• make judgements 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 group and company will continue in business.

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.

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.

We have audited the financial statements of Streason Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 FRS 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 group's and the parent company's affairs as at 31 March 2025 and of the group's 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 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:

• 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.

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:

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

• the parent company 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.

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.

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.

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experiences of the company's sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence throughout;

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risks of fraud through management bias and override controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

• discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £79 (2024 - £329,834 profit).

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

Streason Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Town End Works, Chapel-en-le Frith, High Peak, SK23 0PH.

The group consists of Streason Limited and all of its subsidiaries.

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.

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

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

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

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

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

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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. This is normally when the crane or component has reached the end of production and therefore not necessarily when the invoice is raised. At this point, the costs to complete are also recognised.

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Goods are included in stock until the contract is substantially complete at which point the sale is recognised.

Consignment stocks are held at cost and recognised as a sale on the earlier of the consignment stockholder notifying the company of a sale or 1 month following the anniversary of the consignment stock being dispatched to the stockholder.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

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 statement of financial position when the group becomes party to the contractual provisions of the instrument.

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.

Financial assets 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.

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.

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

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

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

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

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

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.

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

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

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

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

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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

As detailed more fully in Note 1.5, revenue is recognised when the crane or component has reached the end of production, which may not be the same as the invoice date.

There is an element of judgement relating to managements assessment of the production status of a specific job.

The valuation of investments has been arrived at according to management's judgement of the fair value of the consideration that has been paid. The investments at company level and goodwill at group level is tested for impairment by considering future cash flows to assess the future performance of the subsidiary. No impairment has been recognised to date as management continue to believe the carrying value of investments and goodwill fairly represents their value.

Management has exercised significant judgement in assessing the recoverability of amounts due from group undertakings.

The recoverability of these amounts is dependent on the financial position and future cash flow generation of the respective subsidiaries. In forming this judgement, management has considered:

• The latest financial statements of each subsidiary,

• Forecasts and budgets approved by the Board, including expected trading performance and cash flow projections,

• Any indicators of impairment, such as deteriorating financial performance or adverse market conditions.

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.

When a sale is claimed before the year end and there are additional costs outstanding that have not yet been captured, a cost to complete provision is required. This provision requires an estimate of the costs to complete.

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

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

Their aggregate remuneration comprised:

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:

Under the new R&D merged scheme, R&D credits are recognised as taxable income and are included "above the line". As a result an amount of £192,614 is included within other operating income in the 2025 financial statements. In 2024, the comparable figure was netted off against the corporation tax charge within the tax computation.

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

Land and buildings with a carrying amount of £3,257,104 were revalued at 11 March 2022 by Stimpsons Eves Chartered Surveyors, independent valuers not connected with the company on the basis of market value.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Details of the company's subsidiaries at 31 March 2025 are as follows:

Lifting Systems Ltd and Lift Safe Crane Services Ltd have claimed audit exemptions for the year ended 31 March 2025 under Section 479A of the Companies Act 2006.

The group also has significant holdings in undertakings which are not consolidated:

The group does not hold or exert a significant influence over the day-to-day activities or financial operations of the above companies, and therefore have not been accounted for as an associate investment in these consolidated accounts.

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.

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

Street Crane Company Limited operated a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

Contributions totalling £55,028 (2024: £51,399) were payable to the fund at the year end and are included in creditors.

At 31 March 2025 the group had no performance and warranty related guarantees in place (2024: £nil).

The Company's bankers hold a Debenture and Cross Guarantee between the following group companies: Street Crane Company Limited, Allspan Limited and Streason Limited.

In addition, the Company's bankers hold a charge over the land on Sheffield Road, Chapel-en-le-Frith.

The company has taken advantage of the exemption available under section 479A of Companies Act 2006 in respect of the requirement for audit of some of its wholly owned subsidiaries. The company guarantees the liabilities of the following subsidiary companies at the period end until those liabilities are settled in full:

• Lifting Systems Ltd. - Company number 02995141

• Lift Safe Crane Services Ltd - Company number 11184710

The contingent liability at 31 March 2025 was £nil (2024: £nil).

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:

The remuneration of key management personnel is as follows.

Related parties
Transactions with SCE Industries Holdings Limited, Street CraneXpress Holdings Limited and Burnand XH Holdings Limited in which Streason Limited is a 25% shareholder, are not required to be disclosed as the directors do not consider this party to be related due to their inability to influence the financial or operating policies of the the companies.

Group
The company has taken advantage of the exemption available in accordance with FRS 102 33.1.A not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

During the year, the Company identified a minor allocation adjustment relating to the prior year. Although the impact of this adjustment is immaterial to the financial statements, management has elected to process the restatement to improve the clarity and comparability of the accounts.