ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 03053963

CROWLAND CRANES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

CROWLAND CRANES LIMITED

COMPANY INFORMATION

Directors	J M Issitt
	P J Issitt


Company secretary	J M Issitt


Registered number	03053963


Registered office	Crease Drove
	Crowland
	Peterborough
	PE6 0BN


Trading Address	Crease Drove
	Crowland
	Peterborough
	Cambridgeshire
	PE6 0BN



Independent auditors	Price Bailey LLP
	Chartered Accountants & Statutory Auditors
	36 Tyndall Court
	Commerce Road
	Lynchwood
	Peterborough
	Cambridgeshire
	PE2 6LR

CROWLAND CRANES LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Income and Retained Earnings	9
Balance Sheet	10
Notes to the Financial Statements	11 - 32

CROWLAND CRANES LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

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

Fair review of the business and key performance indicators

The company continues to deliver strong financial results, generating cash from operating activities of £3m and achieving a net profit before tax of £4.9m. A dividend of £2.5m was paid to the company's parent undertaking, Crowland Cranes Holdings Limited, during the financial year.

In the opinion of the directors, the Key Performance Indicators of the company are:

Turnover. This has increased slightly by 0.8% from £12.82m in 2024 to £12.92m in 2025, being a reflection of the economic climate , and particularly of its impact on the construction industry.

Gross Profit. The Gross Profit levels have increased from £4.61m in 2024 to £5.99m in 2025. This represented an increase in the Gross Profit percentage from 35.92% in 2024 to 46.35% in 2025.

Net Profit. Net Profit before tax increased from £3.52m in 2024 to £4.94m in 2025. This represented an increase in the Net profit percentage from 27.46% in 2024 to 38.24% in 2025.

Return on Capital Employed. This increased from 25.54% in 2024 to 26.23% in 2025.

Net Asset value. This has increased from £10.33m in 2024 to £10.90m in 2025.

Investment in the company’s crane hire fleet and other items of equipment, vehicles and machinery totalled £4.1m.

A key company strategy, which the directors believe is fundamental to the success of the business, is its ongoing commitment of investment into its fleet and its workforce, with particular focus in 2025 and future years on the implementation of a hire fleet replacement / renewal programme, resulting in the disposal of older assets and those with lower utilisation rates, with the aim of replacing between 4 and 6 cranes each financial year. As a result, the planned average age for the fleet cranes is between 6 and 7 years, This strategy has been implemented to ensure the company is able to continue to offer its customers a wide range of the most up to date and highly maintained cranes, with operators and support staff trained to the highest levels, meeting the full spectrum of customer crane hire requirements. This ongoing investment has enabled the company to firmly establish a market leading regional footprint from its three depots at Peterborough, Norwich and Bury St Edmunds where it plans to increase its sales activity and offer increased employment opportunities.

The product fabrication department of the business continues to expand its customer offering, in particular in the area of production and supply of Power Pad crane outrigger mats and crane storage solutions, with products developed in house becoming 'industry standard' for mainstream crane manufacturers in the UK, and by the wider construction industry for use on their construction sites.

At the balance sheet date just £0.1m of external finance was secured against the company's hire fleet, which has a net book value of £15.1m. The company held bank balances at 31 October 2025 of £2.8m (including short term deposits of £1.44m).

The directors continue to actively explore further business growth and investment opportunities,and are actively promoting all aspects of the company operations, in particular by attending national exhibitions demonstrating the Crowland Cranes product and service ranges.

Page 1

CROWLAND CRANES LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Principal risks and uncertainties

The control and management of risks within the business and its operational environment is addressed through a robust framework of policies, procedures and internal controls.

Plant utilisation
The company has built strong relationships with clients which relies upon a quality of service that can adapt to the needs of the client. This ensures repeat custom which is paramount in maximising plant utilisation and profitability.

Cash flow
The directors continue to invest a significant amount of retained profits back into the business asset base and carefully monitor cash flow to ensure investment is managed from the cash resources available. As a percentage of net book value just 4% of the company’s hire fleet is subject to finance arrangements. The company's unencumbered asset base and strong cash position enables the directors to consider business investment and growth opportunities as they arise, knowing the company has immediate access to the required funding should they wish to proceed.

Credit risk
The company's principal financial risk relates to its trade debtors. The company operates a clear procedure for assessing each customer's credit risk and tightly manages credit limits. The amounts presented in the Balance Sheet for trade debtors are net of doubtful debts and the company has no significant concentration of its debtors with one customer. The company has again maintained an excellent debt collection performance during the financial year.

Operational risk
The company engages external expertise alongside operating its own strict policies and procedures in order to ensure that all of its employees and contractors operate to the highest level of health and safety standards.

This report was approved by the board on 22 July 2026 and signed on its behalf.

................................................

J M Issitt

Director

Page 2

CROWLAND CRANES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

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

Principal activity

The principal activities of the company were that of crane hire, sales and repair.

Directors

The directors who served during the year were:

J M Issitt

P J Issitt

Results and dividends

The results for the year are set out on page 7.

The profit for the year, after taxation, amounted to £3,059,517 (2024 - £2,637,778).

A dividend of £2.5m was paid to company's parent undertaking on 7 May 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

CROWLAND CRANES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Auditors

The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 July 2026 and signed on its behalf.

................................................

J M Issitt

Director

Page 4

CROWLAND CRANES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWLAND CRANES LIMITED

Opinion

We have audited the financial statements of Crowland Cranes Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 5

CROWLAND CRANES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWLAND CRANES LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

CROWLAND CRANES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWLAND CRANES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

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

- we have tested the appropriateness of journal entries and other adjustments and we assessed whether judgements made in accounting estimates are indicative of management bias.

- substantive testing to identify any potential misstatement due to fraud and the audit procedures would also involve being aware of any items from discussions with staff and management.

- health and safety compliance and procedures and maintaining a vehicle operators licence are considered to be matters which are significant to the continuing operations of the business. We gain an understanding of compliance and procedures in these areas as part of our audit process and review any available external and internal evidence and reports available to corroborate our findings.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The primary responsibility for the prevention and detection of irregularities including fraud remains with those charged with governance and with management.

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

Page 7

CROWLAND CRANES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWLAND CRANES LIMITED (CONTINUED)

Use of our report

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

Kerry Hilliard ACA FCCA CTA (Senior Statutory Auditor)

for and on behalf of

Price Bailey LLP

Chartered Accountants

Statutory Auditors

36 Tyndall Court

Commerce Road

Lynchwood

Peterborough

Cambridgeshire

PE2 6LR

24 July 2026

Page 8

CROWLAND CRANES LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 OCTOBER 2025

	2025	2024
Note	£	£


Turnover	4	12,920,178	12,822,574
Cost of sales		(6,931,225)	(8,216,133)
Gross profit		5,988,953	4,606,441
Administrative expenses		(1,260,968)	(1,238,540)
Other operating income		121,297	120,584
Operating profit	6	4,849,282	3,488,485
Interest receivable and similar income	10	105,744	42,051
Interest payable and similar expenses	11	(14,425)	(9,485)
Profit before tax		4,940,601	3,521,051
Tax on profit	12	(1,881,084)	(883,273)
Profit after tax		3,059,517	2,637,778



Retained earnings at the beginning of the year	10,319,892	9,682,114
	10,319,892	9,682,114
Profit for the year	3,059,517	2,637,778
Dividends declared and paid	(2,500,000)	(2,000,000)
Retained earnings at the end of the year	10,879,409	10,319,892

The notes on pages 11 to 32 form part of these financial statements.

Page 9

CROWLAND CRANES LIMITED

REGISTERED NUMBER: 03053963

BALANCE SHEET

AS AT 31 OCTOBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	15		17,428,651		12,939,126
Investments	16		1		1
			17,428,652		12,939,127
Current assets
Stocks	17	787,770		382,166
Debtors: amounts falling due within one year	18	2,284,654		2,997,830
Current asset investments	19	1,442,046		555,235
Cash at bank and in hand		1,349,597		1,256,771
		5,864,067		5,192,002
Creditors: amounts falling due within one year	20	(7,957,576)		(4,343,623)
Net current (liabilities)/assets			(2,093,509)		848,379
Total assets less current liabilities			15,335,143		13,787,506
Creditors: amounts falling due after more than one year	21		(309,578)		(432,345)
Provisions for liabilities
Deferred tax	23	(4,136,156)		(3,025,269)
			(4,136,156)		(3,025,269)
Net assets			10,889,409		10,329,892

Capital and reserves
Called up share capital	24	10,000	10,000
Profit and loss account		10,879,409	10,319,892
		10,889,409	10,329,892

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

The financial statements were approved by the board of directors and authorised for issue and are signed on its behalf on 22 July 2026.

................................................

J M Issitt

Director

The notes on pages 11 to 32 form part of these financial statements.

Page 10

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1.	General information

Crowland Cranes Ltd is a private company limited by shares incorporated in England and Wales. The
registered office is Crease Drove, Crowland, PE6 0BN.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

This 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:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Crowland Cranes (Holdings) Limited. These consolidated financial statements are available from the company's registered office at Crease Drove, Crowland, Peterborough, England, PE6 0BN.

The following principal accounting policies have been applied:

2.2

Going concern

At the time of approving the financial statements, the directors are confident 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.

Page 11

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 12

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Leases

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 asset's 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 income on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Page 13

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.6

Government and other grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property	-	2% per annum of cost
Improvements to leasehold property	-	written off over lease term
Freehold land	-	Nil
Plant and machinery	-	5% to 10% per annum of written down value
Motor vehicles	-	25% per annum of written down value
Fixtures and fittings	-	30% per annum of written down value

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Fixed asset investments

Interests in subsidiaries 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

2.14

Current asset investments

Current investments are a form of basic financial instrument, which are shown at cost less provision for impairment. The company defines these as cash deposits held for investment purposes, that have a maturity date of less than 12 months from the year end.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.16

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises the costs of goods sold and materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 16

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Page 17

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.20

Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 18

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.20

Financial instruments (continued)

Derecognition of financial liabilities

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

2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’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.

Key sources of estimation uncertainty
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.

Depreciation
Depreciation is recognised to write off the cost or valuation of assets less their residual values over their
useful lives at the rates detailed in Note 2.12. The directors review their estimate of useful lives of depreciable assets at each reporting date. Key sources of estimation uncertainty in these estimates relate to mechanical and technical obsolescence, manufacturing quality and exposure to external elements. The provision for depreciation at the reporting end date was £887,152.
Further detail of the amounts provided at the beginning and end of the period, together with the charge for the year is shown in Note 15.

Page 19

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

Crane sales, hire and repair	12,706,159	12,822,574
Management fee and recharges	214,019	-
	12,920,178	12,822,574

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	12,728,521	12,470,678
Overseas	191,657	351,896
	12,920,178	12,822,574

5.	Other operating income
		2025	2024
		£	£

Rental income	107,221	105,621
Government grants receivable	14,076	14,963
	121,297	120,584

Government grants receivable and released to Profit and Loss account	(14,076)	(14,963)
Exchange differences	38,893	2,932
Other operating lease rentals	147,467	141,287
Auitor's remuneration	12,100	13,560
Depreciation of owned tangible fixed assets	849,507	690,946
Depreciation of tangible fixed assets held under finance leases	34,645	36,468
Profit on disposal of tangible fixed assets	(587,418)	(97,091)

Page 20

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Audit of the company

12,100

13,560

Wages and salaries	3,446,371	3,101,725
Social security costs	439,771	356,860
Cost of defined contribution scheme	125,374	118,940
	4,011,516	3,577,525

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Management and administration	4	5
Production	63	61

	67	66

9.	Directors' remuneration
		2025	2024
		£	£


Remuneration for qualifying services	19,567	19,442
	19,567	19,442

During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pensions schemes.

Page 21

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

10.	Interest receivable
		2025	2024
		£	£

	Interest on bank deposits	105,744	42,051
		105,744	42,051

11.	Interest payable and similar expenses
		2025	2024
		£	£

Finance leases and hire purchase contracts	9,485	9,485
Other interest payable	4,940	-
	14,425	9,485

Corporation tax
Current tax on profits for the year	770,198	389,443
	770,198	389,443

Total current tax	770,198	389,443

Deferred tax
Origination and reversal of timing differences	1,110,886	493,830
Total deferred tax	1,110,886	493,830


		1,881,084	883,273

Page 22

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

12.Taxation (continued)

Profit on ordinary activities before tax

4,940,601

3,521,051

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25 %)	1,235,150	880,263
Effects of:
Tax effect of expenses that are not deductible in determining taxable profit	(2,591)	2,260
Capital allowances for year in excess of depreciation	122,032	5,632
Permanent capital allowances in excess of depreciation	525,743	(5,632)
Depreciation on assets not qualifying for tax allowances	750	750
Total tax charge for the year	1,881,084	883,273

13.	Dividends
		2025	2024
		£	£

Paid to parent company

2,500,000

2,000,000

Page 23

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

14.	Intangible assets

		Goodwill
		£

	At 1 November 2024	1,500
	At 31 October 2025	1,500

	At 1 November 2024	1,500
	At 31 October 2025	1,500
	Net book value
	At 31 October 2025	-
	At 31 October 2024	-

Page 24

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

15.

Tangible fixed assets

	Freehold property	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£	£
Cost or valuation
At 1 November 2024	786,145	4,140	14,037,044	608,135	155,804	15,591,268
Additions	-	-	3,746,339	306,210	3,795	4,056,344
Transfers intra group	-	-	3,473,734	(58,348)	-	3,415,386
Disposals	-	-	(1,622,756)	(81,266)	-	(1,704,022)
At 31 October 2025	786,145	4,140	19,634,361	774,731	159,599	21,358,976
Depreciation
At 1 November 2024	13,250	4,140	2,131,508	375,467	127,777	2,652,142
Charge for the year	3,000	-	782,841	92,428	8,883	887,152
Transfers intra group	-	-	865,141	(13,740)	-	851,401
Disposals	-	-	(393,904)	(66,466)	-	(460,370)
At 31 October 2025	16,250	4,140	3,385,586	387,689	136,660	3,930,325
Net book value
At 31 October 2025	769,895	-	16,248,775	387,042	22,939	17,428,651
At 31 October 2024	772,895	-	11,905,536	232,668	28,027	12,939,126

Finance leases

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. Plant and machinery 2025: £658,256 (2024: £692,901).

Page 25

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

16.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 November 2024	1
	At 31 October 2025	1

The investments are shown in the accounts at historical cost and represent the share held in Hoeflon UK-
Crowland Ltd (formerly Universal Cranes Limited), which is a wholly owned subsidiary of Crowland Cranes Limited.

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Hoeflon UK-Crowland Ltd (formerly Universal Cranes Limited)

United Kingdom

Ordinary

100%

17.	Stocks
		2025	2024
		£	£

Stock of parts and cranes for resale	787,770	382,166
	787,770	382,166

Page 26

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

18.

Debtors

					2025	2024
					£	£


Trade debtors	1,883,224	2,849,832
Amounts owed by group undertakings	249,410	-
Other debtors	27,499	14,266
Prepayments and accrued income	124,521	133,732
	2,284,654	2,997,830

19.	Current asset investments
		2025	2024
		£	£

Short term deposits	1,442,046	555,235
	1,442,046	555,235

20.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	279,658	305,878
Amounts owed to group undertakings	6,276,647	2,981,252
Corporation tax	539,978	318,545
Other taxation and social security	530,937	380,680
Obligations under finance lease and hire purchase contracts	94,615	94,615
Other creditors	22,498	26,647
Accruals and deferred income	213,243	236,006
	7,957,576	4,343,623

Page 27

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

21.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Net obligations under finance leases and hire purchase contracts	-	94,615
Accruals and deferred income	309,578	337,730
	309,578	432,345

Obligations under hire purchase and finance leases are secured on the related fixed asset.

Within one year	94,615	94,615
In two to five years	-	94,615
	94,615	189,230

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 remaining is 1 year. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23.	Deferred taxation

		2025
		£

	At beginning of year	(3,025,269)
	Charge to profit or loss	(1,110,887)
	At end of year	(4,136,156)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(4,136,155)	(3,025,269)
		(4,136,155)	(3,025,269)

Page 28

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

10,000 ordinary shares of £1.00 each	10,000	10,000

25.	Retirement benefit schemes
		2025	2024
		£	£

Defined contribution pension schemes
Charge to profit or loss in respect of defined contribution schemes	125,374	118,940
	125,374	118,940

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. Contributions totalling £5,217 (2024 - £146) were payable to the fund at the balance sheet date and are included within creditors.

Not later than 1 year	102,800	137,800
Later than 1 year and not later than 5 years	411,200	411,200
Later than 5 years	148,900	251,700
	662,900	800,700

Page 29

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025


Deferred government and other grants	323,654	337,730
	323,654	337,730

Deferred income is included in the financial statements as follows:

					2025	2024
					£	£


Current liabilities (note 20)	14,076	337,730
Non-current liabilities (note 21)	309,578	-
	323,654	337,730

28.	Related party transactions
		2025	2024
		£	£

Amounts due to related parties
Entities over which the entity has control, joint control or significant influence	-	13,199
	-	13,199

No interest is charged on the above amounts

Page 30

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

					2025	2024
					£	£

Amounts due from related parties
Other related parties	20,307	38,243
	20,307	38,243

The company has taken advantage of the FRS 102 exemption not to disclose transactions with members of a wholly owned group.

During the year, work was carried out for TMC Lifting Supplies, a partnership owned by the company
directors. The value of this work amounted to £204,447 (2024 : £155,789) and normal terms of business were applied. Costs recharged from TMC Lifting Supplies to the company in the year amounted to £140,560 (2024:£145,582).

During the year, a rent of £70,000 (2024 : £70,000) was payable to the Trustees of Thorney Machinery Self -Invested Pension Scheme. This is a pension scheme in which the company directors are members.
During the year a rent of £67,800 (2024 : £71,287) was payable to a Small Self Administered Pension
Scheme, P & J SSAS, set up for the benefit of the company's directors, P J Issitt and J M Issitt.

29.	Directors' transactions

At 31 October 2025, the company owed its directors £13,087 (2024 : £13,441). No interest is charged to the company by the directors.

30.	Ultimate controlling party

The company is a wholly-owned subsidiary of Crowland Cranes (Holdings) Limited, which is the parent
undertaking. Crowland Cranes (Holdings) Limited prepare consolidated accounts which are available from
Crease Drove, Crowland, Peterborough, PE6 0BN.

Ultimate ownership of the company remains with Mr P J Issitt and Mrs J M Issitt.

Page 31

CROWLAND CRANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025


Acquisition of tangible fixed assets	3,017,174	-
	3,017,174	-

Page 32