Nottingham Crane Hire Limited 31/12/2017 iXBRL

NOTTINGHAM CRANE HIRE LIMITED - Company Information

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Statement of consent to prepare abridged financial statements

All of the members of Nottingham Crane Hire Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

Company registration number: 2484540

Nottingham Crane Hire Limited

Abridged filleted financial statements

31 December 2017

Nottingham Crane Hire Limited

Contents

Directors and other information

Directors responsibilities statement

Independent auditor's report to the members

Abridged statement of comprehensive income

Abridged statement of financial position

Statement of changes in equity

Notes to the financial statements

Nottingham Crane Hire Limited

Directors and other information


	Directors	Mr F G Ciaurro
		Mr R Hayes


	Secretary	Mrs C A Hardy


	Company number	2484540


	Registered office	White House
		Wollaton Street
		Nottingham
		NG1 5GF


	Business address	Victoria Business Park
		Pintail Close
		Netherfield
		Nottingham
		NG4 2SG


	Auditor	Higson & Co
		White House
		Wollaton Street
		Nottingham
		NG1 5GF




	Bankers	Yorkshire Bank plc
		11 Smithy Row
		Nottingham
		NG1 3EJ

Nottingham Crane Hire Limited

Directors responsibilities statement

Year ended 31 December 2017

the directors are responsible for preparing 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 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 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 judgments 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.

Nottingham Crane Hire Limited

Independent auditor's report to the members of

Nottingham Crane Hire Limited

Year ended 31 December 2017

Opinion

We have audited the financial statements of Nottingham Crane Hire Limited for the year ended 31 December 2017 which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2017 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 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:

- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has 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 directors' report. We have nothing to report in respect of the following matters where 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 the 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

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.

Auditor's 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 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

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

Simon Skill FCA (Senior Statutory Auditor)

For and on behalf of

Higson & Co

Statutory Auditor

White House

Wollaton Street

Nottingham

NG1 5GF

21 September 2018

Nottingham Crane Hire Limited

Abridged statement of comprehensive income

Year ended 31 December 2017

		2017	2016
	Note	£	£

Gross profit		217,015	145,941

Administrative expenses		( 126,533)	( 131,450)
		_______	_______
Operating profit		90,482	14,491

Interest payable and similar expenses		( 10,246)	( 9,796)
		_______	_______
Profit before taxation	5	80,236	4,695

Tax on profit		( 14,122)	( 38,179)
		_______	_______
Profit/(loss) for the financial year and total comprehensive income		66,114	( 33,484)
		_______	_______

All the activities of the company are from continuing operations.

Nottingham Crane Hire Limited

Abridged statement of financial position

31 December 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Tangible assets	6	140,025		157,500
		_______		_______
			140,025		157,500

Current assets
Debtors		80,942		99,613
Cash at bank and in hand		17,144		12,013
		_______		_______
		98,086		111,626
Creditors: amounts falling due
within one year	7	( 120,728)		( 180,575)
		_______		_______
Net current liabilities			( 22,642)		( 68,949)
			_______		_______
Total assets less current liabilities			117,383		88,551

Creditors: amounts falling due
after more than one year	8		( 83,542)		( 108,797)

Provisions for liabilities	9		( 23,544)		( 27,571)

			_______		_______
Net assets/(liabilities)			10,297		( 47,817)
			_______		_______

Capital and reserves
Called up share capital	11		10,001		10,001
Profit and loss account			296		( 57,818)
			_______		_______
Shareholders funds/(deficit)			10,297		( 47,817)
			_______		_______

These 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 21 September 2018 , and are signed on behalf of the board by:

Mr F G Ciaurro

Director

Company registration number: 2484540

Nottingham Crane Hire Limited

Statement of changes in equity

Year ended 31 December 2017

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2016	10,001	( 24,334)	( 14,333)

Profit/(loss) for the year	-	( 33,484)	( 33,484)
	_______	_______	_______
Total comprehensive income for the year	-	( 33,484)	( 33,484)

	_______	_______	_______
At 31 December 2016 and 1 January 2017	10,001	( 57,818)	( 47,817)

Profit/(loss) for the year	-	66,114	66,114
	_______	_______	_______
Total comprehensive income for the year	-	66,114	66,114

Dividends paid and payable	-	( 8,000)	( 8,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 8,000)	( 8,000)

	_______	_______	_______
At 31 December 2017	10,001	296	10,297
	_______	_______	_______

Nottingham Crane Hire Limited

Notes to the financial statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is White House, Wollaton Street, Nottingham, NG1 5GF. The company's trading address is Victoria Business Park, Pintail Close, Netherfield, Nottingham, NG4 2SG.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company has obtained the financial support for a minimum of a further year from the date of these accounts from its parent company, Cema Group Limited and its fellow subsidiaries, Cema Limited and Cema Solutions Limited.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Plant and machinery	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Hire purchase and finance leases

Assets held under finance leases are recognised in the 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.

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 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 in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 in finance costs in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).

5. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2017	2016
	£	£
Depreciation of tangible assets	46,675	52,500
Fees payable for the audit of the financial statements	3,000	2,800
	_______	_______

6. Tangible assets


		£
	Cost
	At 1 January 2017	358,162
	Additions	29,200
		_______
	At 31 December 2017	387,362
		_______
	Depreciation
	At 1 January 2017	200,662
	Charge for the year	46,675
		_______
	At 31 December 2017	247,337
		_______
	Carrying amount
	At 31 December 2017	140,025
		_______
	At 31 December 2016	157,500
		_______

7. Creditors: amounts falling due within one year

Within other creditors is an amount of £51,197 (2016: £55,035) in respect of HP agreements.

8. Creditors: amounts falling due after more than one year

Within other creditors is an amount of £83,542 (2016: £108,797) in respect of HP agreements.

9. Provisions

	Deferred tax (note 10)	Total
	£	£
At 1 January 2017	27,571	27,571
Charges against provisions	( 4,027)	( 4,027)
	_______	_______
At 31 December 2017	23,544	23,544
	_______	_______

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions (note 9)	23,544	27,571
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Accelerated capital allowances	23,544	27,571
	_______	_______

11. Called up share capital

Issued, called up and fully paid

	2017		2016
	No	£	No	£
Ordinary shares of £ 1.00 each	10,000	10,000	10,000	10,000
Ordinary A shares of £ 1.00 each	1	1	1	1
	_______	_______	_______	_______
	10,001	10,001	10,001	10,001
	_______	_______	_______	_______

12. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	6,548	6,548
	_______	_______

13. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2017
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr F G Ciaurro	-	-	-	-
	Mr R Hayes	9,904	-	( 876)	9,028
		_______	_______	_______	_______

2016
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr F G Ciaurro	1,816	-	( 1,816)	-
	Mr R Hayes	4,878	5,026	-	9,904
		_______	_______	_______	_______
		6,694	5,026	( 1,816)	9,904
		_______	_______	_______	_______

14. Related party transactions

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

	Transaction value		Balance owed by/(owed to)
	2017	2016	2017	2016
	£	£	£	£
Cema Limited	56,262	21,277	( 18,399)	( 78,492)
Cema Solutions Limited	21,098	20,957	( 2,110)	( 1,285)
Cema Tracking Solutions Limited	810	1,255	-	( 108)
Viking Pumps Limited	4,150	-	1,500	-
Smart Asset Manager Limited	450	-	( 216)	-
Robin Hood Tyres and Mechanical Services Limited	-	240	-	-
	_______	_______	_______	_______

The companies are related parties due to the group structure and/or the director F G Ciaurro having an interest in these companies.The transactions with Cema Limited are as follows:- £145,215 (2016: £70,715) which relate to sales at an arms length basis and £88,953 (2016: £91,992) which relate to purchases at an arms length basis. The transactions with Cema Solutions Limited are as follows:- £21,098 (2016: £20,957) which relate to purchases at an arms length basis. The transactions with Cema Tracking Solutions Limited are as follows:- £810 (2016: £1,255) which relate to purchases at an arms length basis. The transactions with Viking Pumps Limited are as follows:- £4,150 (2016: £nil) which relate to sales at an arms length basis. The transactions with Robin Hood Tyres and Mechanical Services Limited are as follows:- £nil (2016: £240) which relate to purchases at an arms length basis. The transactions with Smart Asset Manager Limited are as follows:- £450 (2016: £nil) which relate to purchases at an arms length basis.During the year the company received a further HP loan of £28,200 from Cema Solutions Limited. Nottingham Crane Hire Limited repaid £28,492 in respect of these loans in the year and owed Cema Solutions Limited £50,740 at the year end (2016: £51,032).The differences between the transactions values and the balances owed by/to relates to movement of funds between group companies.

15. Controlling party

The company's entire equity share capital is owned by Cema Limited, whose registered office address is White House, Wollaton Street, Nottingham and is registered under company number 2527559 in England & Wales. On 3rd July 2017 the entire equity share capital was transferred to Cema Group Limited , whose registered office address is White House, Wollaton Street, Nottingham and is registered under company number 09874998 in England & Wales.