Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2020
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
COMPANY INFORMATION
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
CONTENTS
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
The Group’s principal activity continues to be that of a crane rental and services company, mainly the provision of tower cranes for hire, together with related support services to the construction industry mainly in the UK.
The directors are pleased with the results for the year given the effects of COVID-19 on the economy as a whole. The Group's business model is stringent enough to allow for a sudden change in our business environment, which includes a significant reduction or increase in turnover. During the outbreak of COVID-19 in March 2020 the turnover dipped considerably for a period of two months as many of our customers and therefore construction sites, closed across the UK due to the measures imposed by the government. Throughout this lockdown period, Falcon maintained a skeleton crew to manage its customers that remained open, and all other staff were placed on the UK's Furlough scheme. Regular expenditure was carefully managed and was successfully reduced to coincide with the reduction in turnover. The Company has incurred a small amount of additional costs throughout this period to ensure the company and staff were COVID-19 ready for the return to work. By June 2020 95% of our business activity had returned to normal. Our pipeline for future work with external clients continues to grow as we build on and leverage our reputation as the largest and most innovative crane company within the industry. We have welcomed new clients, although much of our work continues to be driven by repeat business. The Group has continued with the modernisation strategy of its fleet of tower cranes during this time, increasing the number of tower cranes it operates in its fleet to over 430 and it has continued to reduce the average age of its fleet by selling older machinery and replacing with more modern machinery. The Group has continued its improvements strategies at each of its depots with resurfacing, fencing and electrical improvements completed throughout the year. An additional 10 acres of land to the East of the Group's head office in Shipdham has been acquired. This new site has increased the Group's operational and storage capabilities, which will allow for the Group to expand its operations under the contract of rental of all cranes. A company under common control that the Group hires cranes and other machinery to for use in their trading activities operates from five regional offices in Norfolk, Bedfordshire, Manchester and Glasgow, servicing the whole of the United Kingdom, via their group headquarters at Shipdham Airfield in Norfolk. They have also commenced operations in the South West and will open an office in Newport in 2021. Also, with the growth of the Generator department, which has increased the number of generators available for rental to over 300 units, this division will be moving to their own depot, North of Manchester, in late 2021.
The Group’s key business risk at present is potential business interruption caused by the ongoing COVID-19 pandemic and this remains a principal risk and uncertainty of the Group. This risk is managed by regular monitoring of the situation by the directors and management, with swift action taken where required under quickly changing circumstances.
The Group's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers and on previous customers as new contracts are proposed. Payments received are monitored against contractual agreements. The Group monitors cashflow as part of its day-to-day control procedures and ensures that appropriate facilities are available to fulfil its financial obligations.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The Group's key performance indicators are turnover, gearing, liquidity and customer percentages. Throughout the year, we have performed greater than expected against our turnover and customer related key performance indicators. The Group continues to monitor its cashflow activities on a day to day basis and the increase in both gearing and net current liabilities is as expected given the Group's investment in new machinery as part of the overall plan to invest for a sustainable future. The directors will continue to monitor these indicators on a month by month basis throughout 2021 and compare with our internally set targets.
The Group’s key non financial performance indicators remain as the number of cranes in available for use and the utilisation percentages of these cranes. The improved market conditions and increased market share the Group has meant utilisation for much of 2020 was in excess of the target KPI despite the growing fleet size.
This report was approved by the board
and signed on its behalf by:
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
The profit for the year, after taxation, amounted to £
1,491,545
(2019 -
£
2,930,899
)
.
Dividends declared during the year amounted to £516,928 (2019 - £162,873). Subsequent to the year end no dividends have been declared.
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the
consolidated
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
There have been no significant events affecting the Group since the year end.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
In 2021, the construction industry has been experiencing a challenging year with the key challenge that the industry and Falcon continues to face being a lack of skilled labour. This has led to rising labour costs and problems in recruiting skilled labour, however, due to Falcon’s continuing investment in training over the last few years this problem has not been detrimental to the Group. In addition to a labour skills shortage there has been a sharp rise in price and availability of materials which has led to a small number of construction sites temporarily closing for short periods of time throughout 2021. In spite of these challenges, Falcon has seen the demand for all plant hire grow during the period to date, which has led to the need for further capital investment, especially in larger equipment due to changes in building techniques. The Group's enquiries for tender and order book are still looking very strong and the Group is continuing to move forward with investing for a sustainable future.
The auditors, Peters Elworthy & Moore, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
We have audited the financial statements of Tower Crane Asset Management Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2020, which comprise the Group Profit and Loss Account, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙
we identified the laws and regulations applicable to the Group and parent Company through discussions with management and from our commercial knowledge and experience of the construction sector;
∙
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including the Companies Act 2006 and relevant taxation legislation, or the operations of the Group and parent Company including data protection, employment, health and safety, environment and energy, construction and working practices, and relevant ISO accreditations;
∙
we obtained an understanding of the Group and parent Company’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance; and
∙
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence available; and
∙
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED (CONTINUED)
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
We assessed the susceptibility of the Group and parent Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of fraud through management bias and override of controls. In addressing the risk of fraud through management override of controls we:
∙
tested the appropriateness of journal entries and other adjustments;
∙
designed procedures to identify unexpected and unusual journal entries and performed testing to confirm the validity of such postings;
∙
assessed whether the significant accounting judgements and estimates made in the financial statements were indicative of potential bias; and
∙
evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙
agreeing financial statement disclosures to underlying supporting documentation; and
∙
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salisbury House
Station Road
CB1 2LA
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
REGISTERED NUMBER:
05732617
CONSOLIDATED BALANCE SHEET
AS AT
31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 16 to 34 form part of these financial statements.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
REGISTERED NUMBER:
05732617
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 16 to 34 form part of these financial statements.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Tower Crane Asset Management Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is Shipdham Airfield Industrial Estate, Shipdham, Thetford, Norfolk, IP25 7SD.
2.
ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Profit and Loss Account over its useful economic life, which is considered to be three years.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
ACCOUNTING POLICIES (CONTINUED)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
ACCOUNTING POLICIES (CONTINUED)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
ACCOUNTING POLICIES (CONTINUED)
Debtors An allowance for doubtful accounts is maintained for potential credit losses based upon management's assessment of the expected collectability of all accounts receivable. The allowance for doubtful accounts is reviewed periodically to assess the adequacy of the allowance. In making this assessment, management takes into consideration any circumstances of which we are aware regarding a customer's inability to meet its financial obligations. Useful economic lives and residual values of cranes An estimate is made for the useful lives and residual values of new and second hand cranes based on previous industry knowledge and historical useful lives of previously owned assets. In making this assessment, management takes into consideration the industry conditions in the UK and overseas market for sales of second hand cranes which can fluctuate due to specific laws and regulations surrounding cranes and foreign currency movements.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Analysis of turnover by country of destination:
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
11.
TAXATION (CONTINUED)
The closing deferred tax positon has been calculated at 19% (2020 - 19%) in accordance with the rates enacted at the statement of financial position date. In the UK Budget Statement on 3 March 2021, the Chancellor announced the intention for corporation tax to rise to a headline rate of 25% from 1 April 2023, which was subsequently enacted into law when the Finance Act 2021 was given Royal Assent on 10 June 2021. If deferred tax was calculating using the 25% rate the deferred tax liability at the balance sheet date would increase to £2,899,950.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the year was £
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
14.
INTANGIBLE ASSETS (CONTINUED)
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
15.
TANGIBLE FIXED ASSETS (CONTINUED)
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Obligations under hire purchase contracts are secured on the assets concerned, plus a number of vehicles held in Falcon Freight Limited, the 100% subsidiary company of Tower Crane Asset Management Holdings Limited.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Profit and loss account
An intercompany composite guarantee limited to hire purchase leases on assets transferred to Falcon Freight Limited exists between Tower Crane Asset Management Holdings Limited and the aforementioned subsidiary company.
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TOWER CRANE ASSET MANAGEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost represents contributions payable by the Group to the fund and amounted to £18,484 (2019 - £820). Contributions totaling £2,632 (2019 - £2,164) were payable to the fund at the balance sheet date and are included within other creditors.
The Company is under the control of its shareholders however no single shareholder exercises individual control.
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