1.
General Information
Baldwins Group Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
10223873
. The registered office is Unit 7 Waterside Drive, Langley Business Park, Slough, Berkshire, SL3 6EX.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Basis Of Consolidation
The consolidated financial statements comprising the consolidated income statement, statement of other comprehensive income, balance sheet, statement of changes in equity and cash flow statement have been prepared using Merger Accounting.
2.3.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis. The basis is considered appropriate by the directors.
The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular they have used conservative revenue projections in their cash flow analysis to take into account the potential impact of any downturn in the economy. Should there be any cash short falls in the future, amongst other options, the Directors could look to refinance some of the company's lending or sell some of the cranes to raise any necessary funds. Given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
The financial statements do not include any adjustments that would be required if the going concern concept was not deemed appropriate.
2.4.
Significant judgements and estimations
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.
There is estimation uncertainty in calculating depreciation. A review of fixed assets by category is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.
There is estimation uncertainty in calculating deferred tax. A review by category of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.
2.5.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated rebates and other similar allowances.
2.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
Baldwins Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.7.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.8.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.9.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10.
Financial Instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a pmty to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
2.11.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.12.
Taxation
Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Baldwins Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.13.
Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Turnover
Turnover relates to the Company's principal activity, the hire of mobile cranes with operators all in the United Kingdom.
4.
Operating Profit
The operating profit is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 8,454 | 160,568 | |
| Operating lease rentals |
|
|
|
| Depreciation of tangible fixed assets - owned |
|
|
|
| Depreciation of tangible fixed assets - finance leases and hire purchase contracts |
|
|
|
During the year a review was carried out on the residual values of Tower Cranes and it was realised that this had been under estimated resulting in in excess depreciation being charged on this class of assets. This has been corrected resulting in a credit to depreciation in the sum of £871,864 (2024: nil).
5.
Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
7.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| Office and administration |
|
|
|
|
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| Operations |
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|
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|
|
|
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8.
Directors' remuneration
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
Baldwins Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
9.
Interest Receivable and Similar Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other interest receivable | 3,332 | 9,220 | |
10.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Finance charges payable under finance leases and hire purchase contracts | 1,539,375 | 1,154,989 | |
| Other finance charges |
|
|
|
| 1,737,518 | 1,394,920 | ||
11.
Tax on Profit
|
The tax charge/(credit) on the loss for the year was as follows:
|
|||
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Current tax | |||
| UK Corporation Tax |
|
|
|
| Deferred Tax | |||
| Deferred taxation |
|
( |
|
| Total tax charge for the period |
|
( |
|
|
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
|
|||
| 2025 | 2024 | ||
| £ | £ | ||
| Profit before tax | (100,711) | (40,222) | |
| Tax on profit at 25% (UK standard rate) |
( |
( |
|
| Goodwill/depreciation not allowed for tax |
|
|
|
| Expenses not deductible for tax purposes |
|
|
|
| Tax losses utilised |
( |
( |
|
| Capital allowances |
|
|
|
| Total tax charge for the period | 2,131 | (3,220) | |
Baldwins Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
12.
Tangible Assets
Group
Company
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 April 2024 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
( |
( |
|
( |
| As at 31 March 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 April 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
( |
( |
|
( |
| As at 31 March 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 31 March 2025 |
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Plant & Machinery |
|
|
|
| Motor Vehicles |
|
|
|
|
|
|
||
| Plant & Machinery | |
|---|---|
| £ | |
| Cost | |
| As at 1 April 2024 |
|
| Disposals |
( |
| As at 31 March 2025 |
|
| Depreciation | |
| As at 1 April 2024 |
|
| Provided during the period |
|
| Disposals |
( |
| As at 31 March 2025 |
|
| Net Book Value | |
| As at 31 March 2025 |
|
| As at 1 April 2024 |
|
Baldwins Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
13.
Investments
Company
| Subsidiaries | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Provision | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Net Book Value | |
| As at 31 March 2025 |
|
| As at 1 April 2024 |
|
Subsidiaries
Details of the group's subsidiaries as at 31 March 2025 are as follows:
| Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
|---|---|---|---|---|
|
|
England & Wales |
|
|
- |
|
|
England & Wales |
|
|
- |
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
| Capital and Reserves | Profit/(loss) | |
|---|---|---|
| £ | £ | |
| Baldwins Support Services Limited |
|
( |
| Baldwins Crane Hire Limited |
|
|
14.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
15.
Debtors
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Due within one year | |||||||
| Trade debtors |
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|
|
|
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| Prepayments and accrued income |
|
|
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| Other debtors |
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| VAT | - |
|
- |
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Baldwins Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
16.
Creditors: Amounts Falling Due Within One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
|
|||
| Trade creditors |
|
|
|
|
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| Bank loans and overdrafts |
|
|
|
|
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| Amounts owed to group undertakings | - | - |
|
|
|||
| Other creditors | 2,291,220 | 3,074,984 | 17,600 | 17,600 | |||
| Taxation and social security | 383,537 | 260,866 | 225,252 | - | |||
| Accruals and deferred income | 121,619 | 138,358 | 9,500 | 9,000 | |||
|
|
|
|
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17.
Creditors: Amounts Falling Due After More Than One Year
| Group | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Net obligations under finance lease and hire purchase contracts |
|
|
||
| Bank loans |
|
|
||
|
|
|
|||
Of the creditors the following amounts are secured.
| Group | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Net obligations under finance lease and hire purchase contracts | 24,399,243 | 17,352,779 | ||
| Bank loans and overdrafts | 375,000 | 675,000 | ||
| Other loans | 2,064,581 | 2,835,243 | ||
Obligations under hire purchase contracts and finance leases are secured on assets to which they relate.
Bank loans and other loans are secured by way of a fixed and floating charge over all other assets.
18.
Loans
An analysis of the maturity of loans is given below:
| Group | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Amounts falling due within one year or on demand: | ||||
| Bank loans |
|
|
||
| Group | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Amounts falling due between one and five years: | ||||
| Bank loans |
|
|
||
Baldwins Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
19.
Obligations Under Finance Leases and Hire Purchase
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| The future minimum finance lease payments are as follows: | |||||||
| Not later than one year |
|
|
|
|
|||
| Later than one year and not later than five years |
|
|
|
|
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| Later than five years |
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20.
Deferred Taxation
The provision for deferred tax is made up as follows:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Accelerated capital allowances |
|
|
- |
|
|||
| Tax losses carried forward |
( |
( |
- |
( |
|||
|
|
|
- |
|
||||
22.
Financial Instruments
The group has entered into an invoice discounting agreement with IGF Business Credit Limited. This is a recourse arrangement whereby the company remains exposed to the risk of non-payment of the trade debtors balances.
Included in trade debtors as at 31 March 2025 is outstanding invoice financing of £3,064,915 (2024:
£3,893,918).
In other creditors as at 31 March 2025 is an amount of £2,064,581 (2024: £2,835,243) which is secured over the outstanding invoice financing.
23.
Capital Commitments
At the end of the period, the group had capital commitments contracted for but not provided in these financial statements £2,150,797 (2024 £2,150,797).
24.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
| Later than five years |
|
|
|
|
|
|
||
Baldwins Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
25.
Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £107,641 (2024: £107,039).
At the balance sheet date contributions of £26,152 (2024: £31,194) were due to the fund and are included in creditors.
26.
Related Party Disclosures
The group has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
Key management personnel (including directors) received compensation of £145,117 (2024: £145,117)
At 31 March 2025 the group owed R J Baldwin £8,800 (2024 £8,800) and W R Baldwin £8,800 (2024
£8,800), there were no set repayment dates and no interest was charged on these loans.
Included within other creditors is an amount due to Richard Baldwin Crane Hire Limited of £1,840 (2024
£1,840), a company of which R J Baldwin and WR Baldwin are directors and shareholders. There is no set repayment date and no interest is charged on the loan.
During the year under review the group charged Delta Tower Cranes Limited £152,938 (2024 £233,575) for crane hire and management fees of £100,000 (2024 £100,000). Tower cranes were sold to Delta Tower Cranes Limited for £194,000 (2024: nil)
The amounts due from/(to) Delta Tower Cranes Limited is as follows:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Trade debtors
|
11,040
|
9,090
|
|
|
Other debtors
|
1,374,451
|
1,363,067
|
|
|
Trade creditors
|
(36,750)
|
-
|
|
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|
|
||
|
1,348,741
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
1,372,157
|
R J Baldwin is a director and W R Baldwin and L Baldwin are shareholders in Delta Tower Cranes Limited. There are no set repayment dates and no interest is charged on the amounts due.
27.
Controlling Parties
The company has no controlling party