18 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 214,000 214,000 xbrli:pure xbrli:shares iso4217:GBP 04248573 2022-07-01 2023-06-30 04248573 2023-06-30 04248573 2022-06-30 04248573 2021-07-01 2022-06-30 04248573 2022-06-30 04248573 core:NetGoodwill 2022-07-01 2023-06-30 04248573 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04248573 core:MotorVehicles 2022-07-01 2023-06-30 04248573 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 04248573 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 04248573 bus:OrdinaryShareClass3 2022-07-01 2023-06-30 04248573 bus:Director2 2022-07-01 2023-06-30 04248573 bus:Director3 2022-07-01 2023-06-30 04248573 bus:Director4 2022-07-01 2023-06-30 04248573 core:NetGoodwill 2023-06-30 04248573 core:LandBuildings 2022-06-30 04248573 core:FurnitureFittings 2022-06-30 04248573 core:MotorVehicles 2022-06-30 04248573 core:LandBuildings 2023-06-30 04248573 core:FurnitureFittings 2023-06-30 04248573 core:MotorVehicles 2023-06-30 04248573 core:LandBuildings 2022-07-01 2023-06-30 04248573 core:FurnitureFittings 2022-07-01 2023-06-30 04248573 core:WithinOneYear 2023-06-30 04248573 core:WithinOneYear 2022-06-30 04248573 core:ShareCapital 2023-06-30 04248573 core:ShareCapital 2022-06-30 04248573 core:RetainedEarningsAccumulatedLosses 2023-06-30 04248573 core:RetainedEarningsAccumulatedLosses 2022-06-30 04248573 core:LandBuildings 2022-06-30 04248573 core:FurnitureFittings 2022-06-30 04248573 core:MotorVehicles 2022-06-30 04248573 bus:SmallEntities 2022-07-01 2023-06-30 04248573 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 04248573 bus:FullAccounts 2022-07-01 2023-06-30 04248573 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 04248573 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04248573 bus:OrdinaryShareClass1 2022-06-30 04248573 bus:OrdinaryShareClass2 2022-06-30 04248573 bus:OrdinaryShareClass3 2023-06-30 04248573 bus:AllOrdinaryShares 2023-06-30 04248573 bus:AllOrdinaryShares 2022-06-30 04248573 core:ToolsEquipment 2022-07-01 2023-06-30 04248573 core:ToolsEquipment 2022-06-30 04248573 core:ToolsEquipment 2023-06-30
COMPANY REGISTRATION NUMBER: 04248573
Independent Lifting Services Limited
Unaudited financial statements
30 June 2023
Independent Lifting Services Limited
Statement of financial position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
118,605
122,618
Current assets
Stocks
113,188
102,858
Debtors
7
338,370
278,298
Cash at bank and in hand
270,644
189,525
---------
---------
722,202
570,681
Creditors: Amounts falling due within one year
8
( 398,376)
( 366,771)
---------
---------
Net current assets
323,826
203,910
---------
---------
Total assets less current liabilities
442,431
326,528
Provisions
Taxation including deferred tax
( 5,287)
( 5,319)
---------
---------
Net assets
437,144
321,209
---------
---------
Capital and reserves
Called up share capital
9
10,000
10,000
Profit and loss account
427,144
311,209
---------
---------
Shareholders funds
437,144
321,209
---------
---------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 June 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Independent Lifting Services Limited
Statement of financial position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Mrs J Tedstone
Mr N Brown
Director
Director
Mr M Brown
Director
Company registration number: 04248573
Independent Lifting Services Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Excelsior House, 9 Quay View Business Park, Barnards Way, Lowestoft, Suffolk, NR32 3LN. The trading address of the company is James Court, Faraday Road, Great Yarmouth, Norfolk, NR31 0NF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
15% Straight line and 33.33% Straight line
Motor vehicles
-
25% reducing balance
Tools and equipment
-
15% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 18 (2022: 17 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
214,000
---------
Amortisation
At 1 July 2022 and 30 June 2023
214,000
---------
Carrying amount
At 30 June 2023
---------
At 30 June 2022
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Tools and Equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
165,000
47,285
37,678
152,189
402,152
Additions
7,664
7,664
Disposals
( 20,223)
( 20,223)
---------
-------
-------
---------
---------
At 30 June 2023
165,000
34,726
37,678
152,189
389,593
---------
-------
-------
---------
---------
Depreciation
At 1 July 2022
66,825
46,104
16,997
149,608
279,534
Charge for the year
3,300
2,562
5,170
630
11,662
Disposals
( 20,208)
( 20,208)
---------
-------
-------
---------
---------
At 30 June 2023
70,125
28,458
22,167
150,238
270,988
---------
-------
-------
---------
---------
Carrying amount
At 30 June 2023
94,875
6,268
15,511
1,951
118,605
---------
-------
-------
---------
---------
At 30 June 2022
98,175
1,181
20,681
2,581
122,618
---------
-------
-------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
338,370
278,298
---------
---------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
122,673
133,777
Social security and other taxes
70,315
25,667
Other creditors
205,388
207,327
---------
---------
398,376
366,771
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
A Class shares of £– (2022 - £1) each
3,000
3,000
B Class shares of £– (2022 - £1) each
7,000
7,000
Ordinary shares of £ 1 each
10,000
10,000
-------
-------
-------
-------
10,000
10,000
10,000
10,000
-------
-------
-------
-------
10. Charges on assets
National Westminster Bank PLC holds a legal charge dated 5th April 2002 over Units 3 & 4 James Court, Gapton Hall Industrial Estate, Great Yarmouth.