13
24 November 2023
false
false
false
false
false
false
false
false
false
true
false
false
true
false
true
true
No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
01261011
2022-04-01
2023-03-31
01261011
2023-03-31
01261011
2022-03-31
01261011
2021-04-01
2022-03-31
01261011
2022-03-31
01261011
2021-03-31
01261011
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-04-01
2023-03-31
01261011
core:PlantMachinery
2022-04-01
2023-03-31
01261011
core:MotorVehicles
2022-04-01
2023-03-31
01261011
bus:OrdinaryShareClass1
2022-04-01
2023-03-31
01261011
bus:Director2
2022-04-01
2023-03-31
01261011
core:WithinOneYear
2023-03-31
01261011
core:WithinOneYear
2022-03-31
01261011
core:AfterOneYear
2023-03-31
01261011
core:AfterOneYear
2022-03-31
01261011
core:ShareCapital
2023-03-31
01261011
core:ShareCapital
2022-03-31
01261011
core:SharePremium
2023-03-31
01261011
core:SharePremium
2022-03-31
01261011
core:OtherReservesSubtotal
2023-03-31
01261011
core:OtherReservesSubtotal
2022-03-31
01261011
core:RetainedEarningsAccumulatedLosses
2023-03-31
01261011
core:RetainedEarningsAccumulatedLosses
2022-03-31
01261011
bus:SmallEntities
2022-04-01
2023-03-31
01261011
bus:Audited
2022-04-01
2023-03-31
01261011
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
01261011
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
01261011
bus:AbridgedAccounts
2022-04-01
2023-03-31
01261011
bus:OrdinaryShareClass1
2023-03-31
01261011
bus:OrdinaryShareClass1
2022-03-31
01261011
core:ComputerEquipment
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
01261011
|
Filleted Abridged Financial Statements |
|
|
Abridged Statement of Financial Position |
|
31 March 2023
Fixed assets
|
Tangible assets |
5 |
592,317 |
399,160 |
|
|
|
|
Current assets
|
Stocks |
17,045 |
23,902 |
|
Debtors |
869,513 |
621,463 |
|
Cash at bank and in hand |
128,634 |
54,323 |
|
----------- |
--------- |
|
1,015,192 |
699,688 |
|
|
|
|
Creditors: amounts falling due within one year |
433,386 |
282,136 |
|
----------- |
--------- |
|
Net current assets |
581,806 |
417,552 |
|
----------- |
--------- |
|
Total assets less current liabilities |
1,174,123 |
816,712 |
|
|
|
|
Creditors: amounts falling due after more than one year |
299,131 |
324,579 |
|
|
|
|
Provisions |
2,897 |
– |
|
----------- |
--------- |
|
Net assets |
872,095 |
492,133 |
|
----------- |
--------- |
|
|
|
Capital and reserves
|
Called up share capital |
6 |
400 |
400 |
|
Share premium account |
900 |
900 |
|
Other reserves |
789 |
789 |
|
Profit and loss account |
870,006 |
490,044 |
|
--------- |
--------- |
|
Shareholders funds |
872,095 |
492,133 |
|
--------- |
--------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
|
Abridged Statement of Financial Position (continued) |
|
31 March 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
24 November 2023
, and are signed on behalf of the board by:
Company registration number:
01261011
|
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Roman Ridge Road, Sheffield, England, S9 1GB, England.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Technical Cranes Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of financial instruments have not been presented. (b) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
2% straight line |
|
Plant and machinery |
- |
20% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
Equipment |
- |
33% reducing balance |
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is measured at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
13
(2022:
13
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 April 2022 |
503,063 |
|
Additions |
207,569 |
|
--------- |
|
At 31 March 2023 |
710,632 |
|
--------- |
|
Depreciation |
|
|
At 1 April 2022 |
103,903 |
|
Charge for the year |
14,412 |
|
--------- |
|
At 31 March 2023 |
118,315 |
|
--------- |
|
Carrying amount |
|
|
At 31 March 2023 |
592,317 |
|
--------- |
|
At 31 March 2022 |
399,160 |
|
--------- |
|
|
6.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
400 |
400 |
400 |
400 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
7.
Other financial commitments
The company had total guarantees and commitments at the balance sheet date of £301 (2022: £603).
8.
Summary audit opinion
The auditor's report for the year dated
24 November 2023
was
unqualified
.
The senior statutory auditor was
Stephen Allen ACA FCCA
, for and on behalf of
Allen, West and Foster
.
9.
Controlling party
Cobal (Cranes) Limited is a wholly owned subsidiary of
A & B Crane and Electrical Services Limited
which is a 70% subsidiary of Technical Cranes Limited
(the ultimate controlling party) whose registered office address is: Technical Cranes Ltd Meadowbank Industrial Estate Harrison Street Rotherham England S61 1EE The company is consolidated within the accounts of Technical Cranes Limited which are available from Companies House.
