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Company registration number: 10379950
LEVATE SOLUTIONS LTD
30 September 2023
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
LEVATE SOLUTIONS LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
LEVATE SOLUTIONS LTD
DIRECTORS AND OTHER INFORMATION
Directors Mr P A Austin
Mr J C Davies
Company number 10379950
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address Unit 2 St Kenelm Business Park
107 Longden Road
Shrewsbury
Shropshire
SY3 9PU
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
LEVATE SOLUTIONS LTD
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LEVATE SOLUTIONS LTD
YEAR ENDED 30 SEPTEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Levate Solutions Ltd for the year ended 30 September 2023 as set out on pages 5 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Levate Solutions Ltd, as a body, in accordance with the terms of our engagement letter dated 18 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Levate Solutions Ltd and state those matters that we have agreed to state to the board of directors of Levate Solutions Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Levate Solutions Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Levate Solutions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Levate Solutions Ltd. You consider that Levate Solutions Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Levate Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
20 November 2023
LEVATE SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 203,288 206,516
_______ _______
203,288 206,516
Current assets
Stocks 70,187 150,958
Debtors 6 368,253 441,213
Cash at bank and in hand 243,720 98,764
_______ _______
682,160 690,935
Creditors: amounts falling due
within one year 7 ( 684,798) ( 748,675)
_______ _______
Net current liabilities ( 2,638) ( 57,740)
_______ _______
Total assets less current liabilities 200,650 148,776
Creditors: amounts falling due
after more than one year 8 ( 69,743) ( 71,104)
Provisions for liabilities ( 25,140) ( 19,149)
_______ _______
Net assets 105,767 58,523
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 105,765 58,521
_______ _______
Shareholders funds 105,767 58,523
_______ _______
For the year ending 30 September 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.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
Mr P A Austin Mr J C Davies
Director Director
Company registration number: 10379950
LEVATE SOLUTIONS LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 SEPTEMBER 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 October 2021 2 81,089 81,091
Profit for the year 47,432 47,432
_______ _______ _______
Total comprehensive income for the year - 47,432 47,432
Dividends paid and payable ( 70,000) ( 70,000)
_______ _______ _______
Total investments by and distributions to owners - ( 70,000) ( 70,000)
_______ _______ _______
At 30 September 2022 and 1 October 2022 2 58,521 58,523
Profit for the year 137,244 137,244
_______ _______ _______
Total comprehensive income for the year - 137,244 137,244
Dividends paid and payable ( 90,000) ( 90,000)
_______ _______ _______
Total investments by and distributions to owners - ( 90,000) ( 90,000)
_______ _______ _______
At 30 September 2023 2 105,765 105,767
_______ _______ _______
LEVATE SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 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 Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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 - 10 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 8 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2022 88,256 27,459 18,289 152,266 286,270
Additions 930 7,808 4,123 33,940 46,801
Disposals - - ( 2,119) ( 19,517) ( 21,636)
_______ _______ _______ _______ _______
At 30 September 2023 89,186 35,267 20,293 166,689 311,435
_______ _______ _______ _______ _______
Depreciation
At 1 October 2022 8,826 4,290 4,685 61,953 79,754
Charge for the year 8,900 4,610 2,374 27,563 43,447
Disposals - - ( 1,068) ( 13,986) ( 15,054)
_______ _______ _______ _______ _______
At 30 September 2023 17,726 8,900 5,991 75,530 108,147
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2023 71,460 26,367 14,302 91,159 203,288
_______ _______ _______ _______ _______
At 30 September 2022 79,430 23,169 13,604 90,313 206,516
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 338,056 384,957
Other debtors 30,197 56,256
_______ _______
368,253 441,213
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 106,642 25,202
Trade creditors 223,005 509,259
Corporation tax 21,419 5,486
Social security and other taxes 75,662 21,199
Other creditors 258,070 187,529
_______ _______
684,798 748,675
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 16,667 26,667
Other creditors 53,076 44,437
_______ _______
69,743 71,104
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr P A Austin ( 7,171) ( 15,383) - ( 22,554)
Mr J C Davies ( 7,269) ( 15,326) - ( 22,595)
_______ _______ _______ _______
( 14,440) ( 30,709) - ( 45,149)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr P A Austin ( 6,913) ( 15,258) 15,000 ( 7,171)
Mr J C Davies ( 6,824) ( 15,445) 15,000 ( 7,269)
_______ _______ _______ _______
( 13,737) ( 30,703) 30,000 ( 14,440)
_______ _______ _______ _______