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Registration number: 07521472

B & W Lifting Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

B & W Lifting Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

B & W Lifting Ltd

Company Information

Directors

Mr Steven Brannan

Mr Jonah Williams (Jnr)

Registered office

c/o HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
Durham
TS23 4HN

Accountants

HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
TS23 4HN

 

B & W Lifting Ltd

(Registration number: 07521472)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

44,341

39,027

Current assets

 

Stocks

6

72,000

60,000

Debtors

7

926,487

564,587

Cash at bank and in hand

 

806,819

545,336

 

1,805,306

1,169,923

Creditors: Amounts falling due within one year

8

(785,119)

(425,309)

Net current assets

 

1,020,187

744,614

Total assets less current liabilities

 

1,064,528

783,641

Creditors: Amounts falling due after more than one year

8

(34,167)

(44,167)

Net assets

 

1,030,361

739,474

Capital and reserves

 

Called up share capital

9

300

300

Retained earnings

1,030,061

739,174

Shareholders' funds

 

1,030,361

739,474

For the financial year ending 28 February 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 July 2023 and signed on its behalf by:
 

 

B & W Lifting Ltd

(Registration number: 07521472)
Balance Sheet as at 28 February 2023

.........................................
Mr Steven Brannan
Director

.........................................
Mr Jonah Williams (Jnr)
Director

 

B & W Lifting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
Durham
TS23 4HN
England

The principal place of business is:
Unit 2 Kings Court
Laing Close
Bolckow Road Industrial Estate
Middlesbrough
Cleveland
TS6 7EH

These financial statements were authorised for issue by the Board on 10 July 2023.

2

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 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.

 

B & W Lifting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

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

Plant and machinery

25% on reducing balance

Fixtures and fittings

10% on reducing balance

Office equipment

25% on reducing balance

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, was amortised fully during the first year.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

B & W Lifting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 19).

 

B & W Lifting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

48,494

48,494

At 28 February 2023

48,494

48,494

Amortisation

At 1 March 2022

48,494

48,494

At 28 February 2023

48,494

48,494

Carrying amount

At 28 February 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

113,590

113,590

Additions

19,694

19,694

At 28 February 2023

133,284

133,284

Depreciation

At 1 March 2022

74,563

74,563

Charge for the year

14,380

14,380

At 28 February 2023

88,943

88,943

Carrying amount

At 28 February 2023

44,341

44,341

At 28 February 2022

39,027

39,027

6

Stocks

2023
£

2022
£

Other inventories

72,000

60,000

 

B & W Lifting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

917,772

553,348

Prepayments

1,340

4,441

Other debtors

7,375

6,798

 

926,487

564,587

 

B & W Lifting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

632,975

288,841

Taxation and social security

133,537

118,399

Accruals and deferred income

3,696

3,360

Other creditors

14,911

14,709

785,119

425,309

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

34,167

44,167

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

34,167

44,167

11

Dividends

Final dividends paid

 

B & W Lifting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

   

2023
£

 

2022
£

Final dividend of £120 (2022 - £170) per each Ordinary shares

 

36,000

 

51,000

         

12

Related party transactions

 

B & W Lifting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

101,784

90,227

13

Parent and ultimate parent undertaking

The ultimate controlling party is Mr J Williams (Jnr).