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Registration number: 02252921

Liftspot Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Liftspot Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Liftspot Limited

(Registration number: 02252921)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

79,243

 

67,918

Investment property

5

 

11,923,836

 

11,700,000

   

12,003,079

 

11,767,918

Current assets

   

 

Debtors

6

299,373

 

91,898

 

Cash at bank and in hand

 

207,492

 

273,848

 

 

506,865

 

365,746

 

Creditors: Amounts falling due within one year

7

(680,585)

 

(183,749)

 

Net current (liabilities)/assets

   

(173,720)

 

181,997

Total assets less current liabilities

   

11,829,359

 

11,949,915

Creditors: Amounts falling due after more than one year

7

 

(46,216)

 

(278,283)

Provisions for liabilities

 

(2,050,000)

 

(2,140,000)

Net assets

   

9,733,143

 

9,531,632

Capital and reserves

   

 

Called up share capital

8

1,000

 

1,000

 

Non-distributable reserve

 

7,492,332

 

7,522,786

 

Profit and loss account

2,239,811

 

2,007,846

 

Total equity

   

9,733,143

 

9,531,632

 

Liftspot Limited

(Registration number: 02252921)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 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 26 October 2023 and signed on its behalf by:
 

.........................................
J H Liversidge
Director

 

Liftspot Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Bell Hill
Wood Lane
Rothwell
Leeds
LS26 0RS

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rents and service charges.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

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 corporation 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.

 

Liftspot Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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% Reducing Balance Basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Valuations are based on observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Liftspot Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 2).

 

Liftspot Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2022

469,692

469,692

Additions

37,739

37,739

At 31 March 2023

507,431

507,431

Depreciation

At 1 April 2022

401,774

401,774

Charge for the year

26,414

26,414

At 31 March 2023

428,188

428,188

Carrying amount

At 31 March 2023

79,243

79,243

At 31 March 2022

67,918

67,918

5

Investment properties

2023
£

At 1 April 2022

11,700,000

Additions

223,836

At 31 March 2023

11,923,836

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2023
£

2022
£

Trade debtors

54,523

35,995

Amounts owed by related parties

99,850

55,903

Prepayments

145,000

-

 

299,373

91,898

 

Liftspot Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

26,183

37,894

Trade creditors

232,682

88,809

Taxation and social security

20,195

46,057

Accruals and deferred income

8,295

10,989

Other creditors

393,230

-

680,585

183,749


Creditors due within one year include bank loans which are secured, by a legal charge over the property of the company of £10,000 (2022 - £27,894).

Creditors due within one year include hire purchase loans which are secured against the asset in which it relates of £6,683 (2022 - £Nil).

2023
£

2022
£

Due after one year

Loans and borrowings

46,216

278,283

Creditors due in over one year include bank loans which are secured, by a legal charge over the property of the company, of £25,826 (2022 - £278,283).

Creditors due in over one year include hire purchase loans which are secured against the asset in which it relates of £20,390 (2022 - £Nil).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         
 

Liftspot Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Related party transactions

Expenditure with and payables to related parties

2023

Key management
£

Other related parties
£

Amounts payable to related party

9,500

393,230

2022

Key management
£

Amounts payable to related party

10,000