REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Audited Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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BALDWINS CRANE HIRE LIMITED |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Audited Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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BALDWINS CRANE HIRE LIMITED |
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Contents of the Financial Statements |
for the year ended 31 March 2021 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Statement of Comprehensive Income | 10 |
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Balance Sheet | 11 |
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Statement of Changes in Equity | 12 |
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Cash Flow Statement | 13 |
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Notes to the Cash Flow Statement | 14 |
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Notes to the Financial Statements | 15 |
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BALDWINS CRANE HIRE LIMITED |
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Company Information |
for the year ended 31 March 2021 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Auditors: |
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Chartered Accountants |
Statutory Auditor |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Strategic Report |
for the year ended 31 March 2021 |
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The directors present their strategic report for the year ended 31 March 2021. |
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We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. |
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Review of business |
The principal activity of the company during the year was that of mobile crane hire and contract lifting. The company supplies mobile cranes with operator, either under CPA (Construction Plant Association) conditions or under contract lift terms to various industries, throughout the United Kingdom, including the construction, industrial and steel fabrication industries. |
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The company has long been recognised as one of the leading operators in the UK. |
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Furthermore, the company has also developed an industry-leading employee training division, focusing on raising the standard of practical ability and operational awareness within the lifting industry. Our aim is to prevent, or reduce the severity and frequency of, accidents in and around the lifting operation. |
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The Company faced challenging trading conditions in the year under review which resulted in reduced turnover of £14.00M compared with £19.01M in 2020. |
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The reduction in turnover was due to the effects of COVID-19 and the various lockdowns imposed during the year. However with stringent cost controls in place and use of the Government help available the Company has managed to mitigate the effect of COVID-19. |
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At the balance sheet date the company had shareholders funds of £11.6M (20200: £11.8M). The directors believe the company is in a strong financial position and also the Company has surplus financial facilities available if required. |
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The directors are continuing to implement strategic changes in the company which the directors believe will bring about increased turnover and profitability in the future. |
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During the ensuing year with the easing of restrictions the Company has seen strong demand for its services. |
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Principal risks and uncertainties |
The directors have identified the following principal risks and uncertainties that the company faces: |
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- Sufficient supply of mobile cranes to meet their customers needs |
- Stringent controls and procedures when granting credit facilities to customers |
- Strict health and safety policies and procedures |
- Impact of COVID-19 on future trading |
- Supply chains and available labour |
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BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Strategic Report |
for the year ended 31 March 2021 |
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Financial key performance indicators |
To measure the performance of the Company in the year we look at turnover, gross profit margins and profit before tax. These are key indicators of how our business performed. |
2021 | 2020 |
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Turnover | 13,997,104 | 19,011,533 |
Gross profit | 2,600,230 | 4,629,698 |
Gross profit % | 18.58% | 24.35% |
Profit/(loss) before tax | (50,547 | ) | (1,114,805 | ) |
Net profit/(loss) % | (0.36% | ) | (5.86% | ) |
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On behalf of the board: |
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BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Report of the Directors |
for the year ended 31 March 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2021. |
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Principal activity |
The principal activity of the company in the year under review was that of the hire of cranes with operators |
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Dividends |
The total distribution of dividends for the year ended 31 March 2021 was £158,400 (2020 £158,400). |
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Directors |
The directors shown below have held office during the whole of the period from 1 April 2020 to the date of this report. |
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Financial risk management objectives and policies |
The directors consider the Company's exposure to price risk, credit risk, liquidity risk and cash flow risk to be low, and consider information relating to their financial risk management objectives and policies to be immaterial for the assessment of assets, liabilities, financial position and profit and loss of the Company. |
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Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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), 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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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. |
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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. |
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Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Report of the Directors |
for the year ended 31 March 2021 |
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Auditors |
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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On behalf of the board: |
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Report of the Independent Auditors to the Members of |
Baldwins Crane Hire Limited |
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Opinion |
We have audited the financial statements of Baldwins Crane Hire Limited (the 'company') for the year ended 31 March 2021 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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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 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. |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Directors' view on the impact of COVID-19 is disclosed within note 2 to the financial statements. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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 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. |
Report of the Independent Auditors to the Members of |
Baldwins Crane Hire Limited |
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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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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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 Report of the Directors. |
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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 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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
Report of the Independent Auditors to the Members of |
Baldwins Crane Hire Limited |
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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 a Report of the Auditors 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. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
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During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.Our tests included agreeing the financial statement disclosures to underlying supporting documentation. |
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Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
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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. |
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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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Baldwins Crane Hire Limited |
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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 a Report of the Auditors 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. |
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for and on behalf of
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Chartered Accountants |
Statutory Auditor |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
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BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Statement of Comprehensive |
Income |
for the year ended 31 March 2021 |
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2021 | 2020 |
Notes | £ | £ |
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Turnover |
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Cost of sales |
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Gross profit |
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Administrative expenses | ( |
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(441,662 | ) | (2,743 | ) |
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Other operating income | 3 |
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Operating profit/(loss) | 6 |
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Interest payable and similar expenses | 8 | ( |
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Loss before taxation | ( |
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Tax on loss | 9 |
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( |
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Loss for the financial year | ( |
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Other comprehensive income | - | - |
Total comprehensive loss for the year | ( |
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BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 11 |
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Current assets |
Stocks | 12 |
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Debtors | 13 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 14 |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
15 |
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Provisions for liabilities | 20 | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 21 |
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Retained earnings | 22 |
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Shareholders' funds |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on
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BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Statement of Changes in Equity |
for the year ended 31 March 2021 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive loss | - | ( |
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Balance at 31 March 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive loss | - | ( |
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Balance at 31 March 2021 |
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BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Cash Flow Statement |
for the year ended 31 March 2021 |
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2021 | 2020 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase and
finance lease rental payments paid |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Net cash from investing activities |
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Cash flows from financing activities |
New loans in year |
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Capital repayments in year | ( |
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Amount introduced by directors | - | 30,000 |
Amount withdrawn by directors | (30,000 | ) | - |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at beginning of
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2 |
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364,226 |
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Cash and cash equivalents at end of year | 2 | 418,708 | 81,576 |
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Notes to the Cash Flow Statement |
for the year ended 31 March 2021 |
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1. | Reconciliation of loss before taxation to cash generated from operations |
2021 | 2020 |
£ | £ |
Loss before taxation | ( |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance costs | 863,584 | 1,112,062 |
3,285,851 | 2,540,973 |
Decrease/(increase) in stocks |
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Decrease in trade and other debtors |
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Decrease in trade and other creditors | ( |
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Cash generated from operations |
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2. | Cash and cash equivalents |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 March 2021 |
31.3.21 | 1.4.20 |
£ | £ |
Cash and cash equivalents | 418,708 | 81,576 |
Year ended 31 March 2020 |
31.3.20 | 1.4.19 |
£ | £ |
Cash and cash equivalents | 81,576 | 364,226 |
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3. | Analysis of changes in net debt |
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At 1.4.20 | Cash flow | At 31.3.21 |
£ | £ | £ |
Net cash |
Cash at bank | 81,576 | 337,132 | 418,708 |
81,576 |
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418,708 |
Debt |
Hire purchase and finance leases | (16,794,946 | ) | 2,176,276 | (14,618,670 | ) |
Debts falling due within 1 year | - | (225,000 | ) | (225,000 | ) |
Debts falling due after 1 year | - | (1,275,000 | ) | (1,275,000 | ) |
(16,794,946 | ) | 676,276 | (16,118,670 | ) |
Total | (16,713,370 | ) | 1,013,408 | (15,699,962 | ) |
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Notes to the Financial Statements |
for the year ended 31 March 2021 |
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1. | Statutory information |
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Baldwins Crane Hire Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Going Concern |
The financial statements have been prepared on a going concern basis. The basis is considered appropriate by the directors. |
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The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have used conservative revenue projections in their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the continued impact of COVID-19, alongside the measures that they can take to mitigate the impact. Should there be any cash short falls in the future, amongst other options, the Directors could look to refinance some of the company's lending or sell some of the cranes to raise any necessary funds. Given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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The financial statements do not include any adjustments that would be required if the going concern concept was not deemed appropriate. |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
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There is estimation uncertainty in calculating depreciation. A review of fixed assets by category is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
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There is estimation uncertainty in calculating deferred tax. A review by category of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off. |
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There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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2. | Accounting policies - continued |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis. |
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Plant and machinery | - | 6.67% to 25% straight line |
Fixtures and fittings | - | 25% straight line |
Motor vehicles | - | 25% straight line |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
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Taxation |
Taxation for the year comprises current and deferred tax. 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 equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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2. | Accounting policies - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Financial instruments |
Financial assets such as cash and debtors are measured at the present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors and finance leases are measured at the present value of the obligation. |
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Government grants |
Grant income is recognised under the accrual model of Financial Reporting Standard 102. |
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Grant income is recognised in the profit and loss account on a systematic basis over the period in which the company recognises the related costs for which the grant is intended to compensate. |
|
3. | Other operating income |
|
During the year ending 31 March 2021, the company received £1,254,699 (2020: nil) of government assistance in respect of the Coronavirus pandemic. |
|
4. | Employees and directors |
2021 | 2020 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
|
4. | Employees and directors - continued |
|
The average number of employees during the year was as follows: |
2021 | 2020 |
|
Operations | 86 | 95 |
Administration | 43 | 46 |
|
|
|
5. | Directors' emoluments |
2021 | 2020 |
£ | £ |
Directors' remuneration |
|
|
|
The number of directors to whom retirement benefits were accruing was as follows: |
|
Money purchase schemes |
|
|
|
6. | Operating profit/(loss) |
|
The operating profit (2020 - operating loss) is stated after charging/(crediting): |
|
2021 | 2020 |
£ | £ |
Hire of plant and machinery |
|
|
Other operating leases |
|
|
Depreciation - owned assets |
|
|
Depreciation - assets on hire purchase contracts and finance leases |
|
|
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
|
|
Auditors' remuneration for non audit work |
|
|
|
7. | Exceptional items |
|
2021 | 2020 |
£ | £ |
Write off group company balance | - | 1,015,418 |
|
Write off group company balance as it is not expected that this amount will be recovered in the foreseeable future. |
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
|
8. | Interest payable and similar expenses |
2021 | 2020 |
£ | £ |
Other interest |
|
|
Hire purchase |
|
|
|
|
|
9. | Taxation |
|
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2021 | 2020 |
£ | £ |
Deferred tax | ( |
) |
|
Tax on loss | ( |
) |
|
|
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
|
2021 | 2020 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of
(2020 - |
( |
) |
( |
) |
|
Effects of: |
Accelerated capital allowances | (133,094 | ) | (50,482 | ) |
Disallowed expenses | 3,591 | 201,931 |
Tax losses carried forward | 125,251 | 74,931 |
|
|
Total tax (credit)/charge | (13,856 | ) | 14,567 |
|
10. | Dividends |
2021 | 2020 |
£ | £ |
Interim |
|
|
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
|
11. | Tangible fixed assets |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2020 |
|
|
|
|
Additions |
|
|
|
|
Disposals | ( |
) |
|
( |
) | ( |
) |
At 31 March 2021 |
|
|
|
|
Depreciation |
At 1 April 2020 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) | ( |
) |
At 31 March 2021 |
|
|
|
|
Net book value |
At 31 March 2021 |
|
|
|
|
At 31 March 2020 |
|
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 April 2020 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2021 |
|
|
|
Depreciation |
At 1 April 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2021 |
|
|
|
Net book value |
At 31 March 2021 |
|
|
|
At 31 March 2020 |
|
|
|
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
|
12. | Stocks |
2021 | 2020 |
£ | £ |
Stocks |
|
|
|
13. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
|
14. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 16) |
|
|
Hire purchase contracts and finance leases (see note 17) |
|
|
Trade creditors |
|
|
Social security and other taxes |
|
|
VAT | 521,406 | 567,673 |
Other creditors |
|
|
Directors' current accounts | - | 30,000 |
Accrued expenses |
|
|
|
|
|
15. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans (see note 16) |
|
|
Hire purchase contracts and finance leases (see note 17) |
|
|
|
|
|
16. | Loans |
|
An analysis of the maturity of loans is given below: |
|
2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
|
16. | Loans - continued |
2021 | 2020 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 75,000 | - |
|
17. | Leasing agreements |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts | Finance leases |
2021 | 2020 | 2021 | 2020 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
|
|
|
|
Between one and five years |
|
|
|
|
In more than five years |
|
|
|
|
|
|
|
|
|
Non-cancellable | operating leases |
2021 | 2020 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
|
18. | Secured debts |
|
The following secured debts are included within creditors: |
|
2021 | 2020 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts and finance leases | 14,618,670 | 16,794,946 |
Other creditors | 1,783,236 | 3,022,967 |
|
|
|
Obligations under hire purchase contracts and finance leases are secured on assets to which they relate (note 10). |
|
Bank loans and other creditors are secured by way of a fixed and floating charge over all assets. |
|
19. | Financial instruments |
|
The company has entered into an invoice discounting agreement with Siemens Financial Services Limited. This is a recourse arrangement whereby the company remains exposed to the risk of non-payment of the trade debtors balances. |
|
Included in trade debtors as at 31 March 2021 is outstanding invoice financing of £2,661,828 (2020: £3,896,001). |
|
In other creditors as at 31 March 2021 is an amount of £1,783,236 (2020: £3,022,967) which is secured over the outstanding invoice financing. |
|
20. | Provisions for liabilities |
2021 | 2020 |
£ | £ |
Deferred tax | 4,233,678 | 4,247,534 |
|
Deferred |
tax |
£ |
Balance at 1 April 2020 |
|
Accelerated capital allowances | (176,180 | ) |
Tax losses | 162,324 |
Balance at 31 March 2021 |
|
|
The deferred tax provision carried forward is made up of £4,464,057 (2020 £4,640,237) in respect of accelerated capital allowances less available tax losses of £230,379 (2020 £392,703). |
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
|
21. | Called up share capital |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary | £1 | 10,000 | 10,000 |
|
22. | Reserves |
Retained |
earnings |
£ |
|
At 1 April 2020 |
|
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 31 March 2021 |
|
|
23. | Ultimate parent company |
|
Baldwins Group Limited is regarded by the directors as being the company's ultimate parent company. |
|
24. | Capital commitments |
2021 | 2020 |
£ | £ |
Contracted but not provided for in the |
financial statements |
|
|
|
25. | Related party disclosures |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
BALDWINS CRANE HIRE LIMITED (REGISTERED NUMBER: 04593111) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
|
25. | Related party disclosures - continued |
|
At 31 March 2021 the Company owed R J Baldwin nil (2020 £30,000), there were no set repayment date and no interest is charged on this loan. |
|
Included within other creditors is an amount due to Richard Baldwin Crane Hire Limited of £2,043 (2020 £2,043), a company of which R J Baldwin and W R Baldwin are directors and shareholders. There is no set repayment date and no interest is charged on the loan. |
|
During the year under review the Company charged Delta Tower Cranes Limited £505,270 (2020 £562,437) for crane hire and management fees of £150,000 (2020 £150,000). |
|
The amounts due from/(to) Delta Tower Cranes Limited is as follows: |
|
Included within | 31.03.2021 | 31.03.2020 |
£ | £ |
Trade debtors | 90,384 | 81,762 |
Other debtors | 731,660 | 599,184 |
Other creditors | - | - |
822,044 | 680,946 |
|
R J Baldwin is a director and W R Baldwin and L Baldwin are shareholders in Delta Tower Cranes Limited. There are no set repayment dates and no interest is charged on the amounts due. |
|
During the year under review, a total of key management personnel compensation of £190,556 (2020 £212,975) was paid. |
|
26. | Ultimate controlling party |
|
The ultimate controlling parties are R J and W R Baldwin by virtue of their holding of 100 % of the issued ordinary share capital of the Holding company, Baldwins Group Limited. |