Company registration number 10034537 (England and Wales)
PENDLE FORKLIFT SERVICES LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
Pendle Accountancy Services Limited
Accountants
7 Reedfield
Reedley
Burnley
BB10 2NJ
PENDLE FORKLIFT SERVICES LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PENDLE FORKLIFT SERVICES LTD.
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
159,167
Tangible assets
4
2,349,240
2,154,048
2,349,240
2,313,215
Current assets
Stocks
7,625
7,625
Debtors
5
540,016
565,797
Cash at bank and in hand
1,045,858
893,664
1,593,499
1,467,086
Creditors: amounts falling due within one year
6
(1,137,777)
(1,203,316)
Net current assets
455,722
263,770
Total assets less current liabilities
2,804,962
2,576,985
Creditors: amounts falling due after more than one year
7
(98,274)
(241,463)
Provisions for liabilities
(586,748)
(408,815)
Net assets
2,119,940
1,926,707
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
2,118,940
1,925,707
Total equity
2,119,940
1,926,707
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PENDLE FORKLIFT SERVICES LTD.
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 October 2023 and are signed on its behalf by:
B Little
JR Little
Director
Director
Company registration number 10034537 (England and Wales)
PENDLE FORKLIFT SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Pendle Forklift Services Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Pendle House, West Craven Business Park, Earby, Barnoldswick, BB18 6JZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised on despatch of the goods to the customer. Revenue on servicing is recognised on completion of the work. Revenue on asset hire is recognised over the period of the hire.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% per annum, reducing balance
Equipment
10% per annum, reducing balance
Motor vehicles
25% per annum, reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
PENDLE FORKLIFT SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances are recognised at transaction price
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PENDLE FORKLIFT SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss on a straight line basis.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
16
PENDLE FORKLIFT SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1,140,000
Amortisation and impairment
At 1 April 2022
980,833
Amortisation charged for the year
159,167
At 31 March 2023
1,140,000
Carrying amount
At 31 March 2023
At 31 March 2022
159,167
4
Tangible fixed assets
Plant and machinery
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
2,840,604
58,322
421,128
3,320,054
Additions
727,481
183,399
910,880
Disposals
(359,116)
(113,403)
(472,519)
At 31 March 2023
3,208,969
58,322
491,124
3,758,415
Depreciation and impairment
At 1 April 2022
854,785
23,069
288,152
1,166,006
Depreciation charged in the year
253,636
3,525
93,853
351,014
Eliminated in respect of disposals
(65,320)
(42,525)
(107,845)
At 31 March 2023
1,043,101
26,594
339,480
1,409,175
Carrying amount
At 31 March 2023
2,165,868
31,728
151,644
2,349,240
At 31 March 2022
1,985,819
35,253
132,976
2,154,048
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
540,016
564,797
Prepayments and accrued income
1,000
540,016
565,797
PENDLE FORKLIFT SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,500
7,500
Obligations under finance leases and hire purchase contracts
155,870
89,999
Trade creditors
500,354
350,449
Corporation tax
104,377
96,355
Other taxation and social security
107,269
26,288
Other creditors
237,600
599,576
Accruals and deferred income
24,807
33,149
1,137,777
1,203,316
Obligations under finance leases and hire purchase contracts are secured on the related assets.
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
22,641
35,392
Obligations under finance leases and hire purchase contracts
75,633
206,071
98,274
241,463
Obligations under finance leases and hire purchase contracts are secured on the related assets.