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Registration number: 6263811

Mike Newman Lift Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Mike Newman Lift Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Mike Newman Lift Engineering Limited

Company Information for the Year Ended 31 May 2022

Directors

Michael Newman

Mr Paul Joseph Cartwright

Company secretary

Mrs Andrea Newman

Registered office

Trident House
105 Derby Road
Liverpool
L20 8LZ

Accountants

Whitnalls
Chartered Certified Accountants
Trident House
105 Derby Road
Liverpool
L20 8LZ

 

Mike Newman Lift Engineering Limited

(Registration number: 6263811)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed Assets

 

Tangible Assets

4

6,820

9,094

Current assets

 

Debtors

5

24,181

28,045

Cash at bank and in hand

 

3,662

7,889

 

27,843

35,934

Creditors: Amounts falling due within one year

6

(7,192)

(7,287)

Net current assets

 

20,651

28,647

Total assets less current liabilities

 

27,471

37,741

Creditors: Amounts falling due after more than one year

6

(9,500)

(12,500)

Provisions for liabilities

(1,296)

(1,728)

Net assets

 

16,675

23,513

Capital and Reserves

 

Called up share capital

8

3

3

Retained Earnings

16,672

23,510

Shareholders' funds

 

16,675

23,513

For the financial year ending 31 May 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Mike Newman Lift Engineering Limited

(Registration number: 6263811)
Balance Sheet as at 31 May 2022

Approved and authorised by the Board on 24 August 2022 and signed on its behalf by:
 

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

Michael Newman

Director

 

Mike Newman Lift Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Mike Newman Lift Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plan and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 3 (2021 - 4).

 

Mike Newman Lift Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

3

Loss/profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

2,273

3,031

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2021

2,083

30,245

2,412

34,740

At 31 May 2022

2,083

30,245

2,412

34,740

Depreciation

At 1 June 2021

1,988

21,594

2,064

25,646

Charge for the year

24

2,163

87

2,274

At 31 May 2022

2,012

23,757

2,151

27,920

Carrying amount

At 31 May 2022

71

6,488

261

6,820

At 31 May 2021

95

8,651

348

9,094

5

Debtors

Current

2022
£

2021
£

Trade Debtors

11,721

19,952

Prepayments

600

612

Other debtors

11,860

7,481

 

24,181

28,045

 

Mike Newman Lift Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

7

3,000

2,963

Other creditors

 

4,192

4,324

 

7,192

7,287

Due after one year

 

Loans and borrowings

7

9,500

12,500

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

9,500

12,500

7

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

3,000

2,500

Other borrowings

-

463

3,000

2,963

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

9,500

12,500

 

Mike Newman Lift Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A of £1 each

2

2

2

2

Ordinary B of £1 each

1

1

1

1

 

3

3

3

3