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

The company continued with its principal activity of crane hire during the financial year ended 31 March 2025. The company is well located and serves London and the Home Counties and has a long-standing good reputation in the industry.

Historically, the company has consistently maintained its results or shown growth. Outside influences such as higher interest rates and a decrease in new housing projects have impacted the business this year. However, demand for the mobile cranes remains very buoyant. City Lifting Limited is one of the few companies which offers a comprehensive range of both mobile and tower cranes.

The results for 31 March 2025 showed a lower than anticipated growth in trading turnover as a direct result of the unintended consequences of the building safety act 2022. Due to the difficulty facing developers in achieving Gateway 2 approval on any residential project over 18 metres high, there have been very few new projects starting but plenty finishing. This has led to many tower cranes being underutilised and not generating as much income as they should. As such we have rationalised the tower fleet and some of the oldest cranes have been sold overseas which generated some funds and has freed up valuable space in the yard.

Higher costs in every aspect of operations are still affecting results. We have renewed our mobile crane fleet to comply with the No-Road Mobile Machinery (NRMM) legislation in London and therefore far fewer asset purchases will be required going forward. The Labour market is still affected by workers evaluating their working hours and many workers retiring early. This Government’s Employer National Insurance Increase and the new Employment Rights Act are making us carefully consider staff numbers and we will only be recruiting additional employees when totally necessary.

The company remains profitable, in spite of these difficult conditions.

We are, however, more optimistic for the coming year and are pricing more work for our flat top cranes due to residential projects finally getting a go-ahead. Our luffing jib tower cranes are still very busy although rates are under pressure due to competitors pricing.

Mobile cranes have seen a significant demand for standard rental and lifting contracts, which continued since the year end. Costs continue to rise mainly due to changes in environmental regulation. There has been increases in all fuel prices and the rise in inflation in the whole UK economy. These factors will also put pressure on the business. We will be increasing our prices and tightly controlling costs in the coming year. City Lifting Ltd is, however, well placed having already made the investment in new greener, safer and more efficient equipment.

The issues with STGO movement orders are still being clarified and eased after an organised campaign by all affected. There is a significant inconsistency between different Police forces in interpretation and enforcement of these regulations. The new issue is the London Mayors NRMM scheme which affects all of Greater London. Any construction machine driven by a diesel engine must meet Stage IV emission standards after 01/01/2025 and then Stage V by 01/01/2030. Having made a huge investment in new compliant equipment we are disappointed with the lack of enforcement of the NRMM scheme which allows non-compliant cranes to carry on working. As a result, we find it more difficult to increase prices at the moment to cover the investment in the new compliant cranes.

Given the circumstances, including the level of uncertainty in the economy mainly caused by the new Government, the directors are satisfied with the performance during the year.

The availability of enough skilled staff members to deliver the company’s services can present a risk, as well as operating within the regulations of the specific areas of the construction industry. The company is committed to developing its staff and to operating in a way that is above the expectation of the industry. Therefore, the company has invested in and developed robust in-house training and development to ensure staff members are working at levels above standard and are aware of the associated risks of the trade to operate safely and securely at all times.

The Government’s future energy policy and use of fossil fuels possess some risks to the business. The company has always invested in the fleet of cranes, and will continue to invest in newer, more energy efficient machinery. The company has already started to move towards electrically operated plant.

Foreign exchange and interest rates can affect the purchase price and finance costs of new plant. This is therefore monitored by the company and use is made of appropriate forward contracts and timing of purchases where possible to minimise the effect of exchange rates. Fixed interest rates are used to manage cash flow on financing arrangements.

The company is a member of the Cranes 2000 Holdings Ltd group of companies.

The group has started the process to consolidate and rationalise the assets and separate business functions of the group members, with the strategy focused on improved efficiency and increasing trading results.

During the year ended 31 March 2025 the company continued to increase the capacity of its crane fleet in both the tower and mobile crane divisions.

The company is continually increasing the diversity of its specialist lifting capabilities through the acquisition of appropriate cranes where it sees a demand.

The company is committed to maintaining the highest standards of compliance with laws and regulations in all areas of the business. It is also committed to lowering the average age of its quality cranes and vehicles.

City Lifting aims to stay ahead of the competition by offering new niche products that offer cost effective solutions. The company always looks to lead in the quality of the equipment offered and is always looking for new ideas to offer customers.

The company continually strives to improve customer service by providing the most suitable and technologically advanced cranes for the specific lift and training its team to identify this. Close attention is paid to selecting and training people to safely carry out all aspects of the company's diverse operations.

The directors monitor the following key performance indicators:

Turnover - Sales            2025    £31,387,046    2024    £30,798,160

Other Revenue            2025    £ 59,771    2024    £ 23,443

Gross Profit            2025    £ 8,306,946    2024    £ 8,837,122

Net Profit/​(Loss) before tax        2025    £ 41,708    2024    £ 396,152

On behalf of the board

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

The principal activity of the company continued to be that of Crane Hire.

The directors are satisfied with the performance of the company during the year, as outlined in the strategic report.

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

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

The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.

The company’s principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the company’s activities, and bank overdrafts, loans and hire purchase agreements, the main purpose of which is to raise finance for the company’s operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the company might enter into principally comprise forward exchange contracts. In accordance with the company’s treasury policy, derivative instruments are not entered into for speculative purposes.

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

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary

In line with the company strategy to improve efficiency and make focussed use of the diverse lifting capability, the directors expect the business to continue to grow in the foreseeable future.

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

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 company’s auditor 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 company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

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

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

We have audited the financial statements of City Lifting Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 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 Auditor's 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

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

• certain disclosures of directors' remuneration specified by law are not made; or

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

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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations and remained alert to any indication of non-compliance during the audit.

We understand that the company complies with the requirements of the framework through:

• Dedicated staff members to oversee Health and Safety, Training and Compliance requirements

• Investment in Quality Control accreditations and Risk Assessment and Management through the employment of external consultants working with staff members

• Keeping internal procedures and policies updated as legal and regulatory requirements change

• Director involvement in the day to day business operations. Any litigation or claims would come to their attention directly and would be resolved at that level.

We considered those laws and regulations which are central to the company’s ability to conduct its business and where failure to comply could result in material penalties and those which determine the form and content of the financial statements. We have identified the following laws and regulations as being significant to the company:

• Lifting Operations and Lifting Equipment Regulations 1998;

• Provision and Use of Working Equipment Regulations 1998;

• The Health and Safety at Work Act 1974.

Our procedures relating to the non-compliance with laws and regulation included:

• Discussion of compliance with the Director and management;

• Reviewing compliance documentation to support the company’s compliance with laws and regulations, such as accreditation certificates or correspondence regarding regulatory visits or inspections; and

• Reviewing company expenditure for excess or unusual legal or professional costs that could indicate work has been carried out in relation to a breach.

We designed audit procedures to respond to the risk of a material misstatement due to fraud, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. For example, by forgery or intentional misrepresentations, or through collusion.

We determined that the principal risks would relate to manual journal entries to manipulate financial performance, the completeness of related party transactions, the validity of expenditure and the incorrect recognition of revenue. Our procedures included:

• Discussion with management whether they have any knowledge of any actual, suspected or alleged fraud;

• Testing a sample of manual journal entries for the risk of management override of internal controls and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud;

• Discussion with management to establish related parties, corroborating through review for additional related parties via sources such as Companies House;

• Reviewing accounting records for transactions and balances with related parties, reviewing transactions for validity and appropriateness. Reviewing relevant accounts disclosures to the information obtained;

• Reviewing the period and post period nominal ledger, trading ledgers and cashbook for large or unusual transactions or those appearing outside the normal course of business which could indicate fraud or error, or additional undisclosed related parties;

• Testing a proportionate sample of nominal ledger transactions to the source documentation such as invoices for validity and accuracy.

• Revenue recognition has been tested for completeness through the testing of sales order information through to sales invoices, and for accuracy through testing invoice cut off for the inclusion of income in the correct period.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We deploy staff members with appropriate experience and knowledge to be most able to recognise any such irregularities.

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.

The purpose of our audit work and to whom we owe our responsibilities

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.

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

City Lifting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Juliette Way, Purfleet Industrial Park, South Ockendon, Essex, United Kingdom, RM15 4YD.

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 has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

City Lifting Limited is a wholly owned subsidiary of Cranes 2000 Holdings Ltd and the results of City Lifting Limited are included in the consolidated financial statements of Cranes 2000 Holdings Ltd which are available from the registered office: 9 Juliette Way, Purfleet Industrial Park, South Ockendon, Essex, RM15 4YD.

The company has reviewed and considered relevant information including future cashflows based on realistic and conservative revenue projections in making their assessment that the company should adopt the going concern basis.true

The balance sheet for 31 March 2025 shows a net current liabilities position of £5.22m (2024 £5.51m). This position has improved with a reduction in net liabilities of £290,000.

The net current liability position arises as fixed assets are normally acquired using shorter term agreements and as such is influenced by the significant ongoing investment in the crane fleet. These short term liabilities are secured on the specific fixed assets acquired and new assets are acquired to meet a demand from customers. The net current liability position is also covered by the significant value of unencumbered fixed assets held by the company, giving headroom for raising further capital if required.

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

Turnover represents amounts receivable for goods and services and hire of equipment net of VAT and trade discounts.

Revenue from the sale of crane hire is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on completion of the hire period), 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.

Tower cranes are invoiced at weekly intervals throughout the agreed hire period.

Mobile cranes are invoiced on the completion of a contract based on a daily hire rate.

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

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

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 credited or charged to profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company 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 company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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 company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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 company 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

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 company’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 carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

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 leases asset are consumed.

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

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

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.

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

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 2).

The actual charge/(credit) 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:

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

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

Registered office addresses (all UK unless otherwise indicated):

The investment in subsidiaries is recorded at cost, less any impairment.

Included in other creditors is an amount of £3,564,062 (2024 - £2,963,254) due to factors, which is secured by way of an all assets debenture.

The Bank loan is a CBILS loan with a guarantee from the UK government.

A personal guarantee of 20% of any outstanding amount owing has been given by the directors.

The bank has a fixed and floating charge over the company's assets, together with the assignment of life insurance policies in the name of Mr D and Mr S Jepson.

Hire Purchase liabilities are secured against the assets acquired.

The loan capital and interest is repayable on a schedule of 228 months with a termination date and in full settlement at 72 months. The interest rate applied is a 3.95% margin over the Bank of England base rate. The rate is fixed per quarter after drawdown.

Finance lease payments represent rentals payable by the company 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 5 years. Typically, 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 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:

The deferred tax asset set out above in respect of tax losses to be used against future expected profits of the same period is not expected to fully reverse within12 months. The tax losses arise due to capital allowances on plant and machinery. The deferred tax liability set out above is expected to reverse by £1,197,191 within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Amounts contracted for but not provided in the financial statements:

During the year the company entered into the following transactions with related parties:

City Lifting Limited rents a property from Paramount Connections Limited, the original lease term has ended but the property continues to be occupied on the same terms. During the year rent amounting to £120,000 (2024 - £120,000) was paid.

During the year City Lifting was charged £nil (2024 - £nil) by Paramount Connections Ltd for hire of plant and machinery. The company had use of the plant and machinery during the period.

At the balance sheet date, the company owed £349,422 (2024 - £222,422) to Paramount Connections Limited. This balance has no set terms for repayment and is interest free.

Paramount Connections Limited is a fellow subsidiary company under Cranes 2000 Holdings Ltd - jointly controlled by Mr T M and Mrs C G Jepson, directors of City Lifting Limited.

Paramount Connections Ltd has given a guarantee in favour of City Lifting Limited amounting to £1,800,000.

During the year City Lifting was charged £770,000 (2024 - £nil) by Vertical transportation Limited for hire of plant and machinery.

During the year City Lifting charged £nil for services and plant (2024 - £nil for services, £2,677,977 for plant) to Vertical Transportation Limited.

At the balance sheet date Vertical Transportation Ltd owed the company £nil, but City Lifting Limited owed Vertical Transportation Ltd £3,000 which is recorded in Trade Creditors. (2024 - Vertical Transportation Ltd owed City Lifting Ltd £537,433, which was reflected as £1,831 owed by group undertakings and £535,599 in Trade Debtors.

Vertical Transportation Ltd is a 100% subsidiary of the company.

Cranes 2000 Holdings Ltd is the parent company of City Lifting Ltd. This company is controlled by Mr T and Mrs C Jepson. At the Balance sheet date the company owed £1,570,053 (2024 £1,390,053) to the parent company.

During the year City Lifting rented premises from Cranes 2000 Holdings Ltd and paid £330,000 (2024 £330,000) in rent. Formal lease arrangements are in place.

Cranes 2000 Holdings Ltd has guaranteed £1,880,000 of City Lifting Ltd's liabilities.

During the year the company purchased goods and services to the value of £71,029 (2024 - £97,085) from Artic Cranes AB. They also purchased fixed assets to the value of £794,739 (2024 - £nil). Mr T M Jepson is a director of this company.

The directors have given personal guarantees over the bank loan and the factoring liability in City Lifting Limited.

Included in "other creditors" due under one year is an amount of £41,524 (2024 - £50,340) due to Mr T M Jepson. This loan to the company is interest free and has no set terms for repayment.

The parent and ultimate holding company is Cranes 2000 Holdings Ltd. Its registered office, and where copies of accounts can be obtained is Unit 9 Juliette Way, Purfleet Industrial Park, Purfleet, Essex, United Kingdom, RM15 4YD.