IRIS Accounts Production v23.3.1.45 NI016670 Board of Directors 1.6.22 31.5.23 31.5.23 false true false false true false Fair value model Ordinary Shares 1.00000 Ordinary Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0166702022-05-31NI0166702023-05-31NI0166702022-06-012023-05-31NI0166702021-05-31NI0166702021-06-012022-05-31NI0166702022-05-31NI016670ns10:Originalns15:NorthernIreland2022-06-012023-05-31NI016670ns14:PoundSterlingns10:Original2022-06-012023-05-31NI016670ns10:Originalns10:Director12022-06-012023-05-31NI016670ns10:Original2022-06-012023-05-31NI016670ns10:Original2023-05-31NI016670ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-31NI016670ns10:Originalns10:SmallEntities2022-06-012023-05-31NI016670ns10:Originalns10:AuditExempt-NoAccountantsReport2022-06-012023-05-31NI016670ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-31NI016670ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-31NI016670ns10:Originalns10:FullAccounts2022-06-012023-05-31NI016670ns10:Originalns10:OrdinaryShareClass12022-06-012023-05-31NI016670ns10:Originalns10:Director22022-06-012023-05-31NI016670ns10:Originalns10:RegisteredOffice2022-06-012023-05-31NI016670ns10:Original2022-05-31NI016670ns10:Originalns5:CurrentFinancialInstruments2023-05-31NI016670ns10:Originalns5:CurrentFinancialInstruments2022-05-31NI016670ns5:ShareCapitalns10:Original2023-05-31NI016670ns5:ShareCapitalns10:Original2022-05-31NI016670ns10:Originalns5:FurtherSpecificReserve1ComponentTotalEquity2023-05-31NI016670ns10:Originalns5:FurtherSpecificReserve1ComponentTotalEquity2022-05-31NI016670ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-31NI016670ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-31NI016670ns10:Originalns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-06-012023-05-31NI016670ns10:Originalns5:PlantMachinery2022-06-012023-05-31NI016670ns10:Originalns5:MotorVehicles2022-06-012023-05-31NI016670ns10:Original2021-06-012022-05-31NI016670ns10:Originalns5:LandBuildings2022-05-31NI016670ns10:Originalns5:PlantMachinery2022-05-31NI016670ns10:Originalns5:MotorVehicles2022-05-31NI016670ns10:Original2022-05-31NI016670ns10:Originalns5:LandBuildings2022-06-012023-05-31NI016670ns10:Originalns5:LandBuildings2023-05-31NI016670ns10:Originalns5:PlantMachinery2023-05-31NI016670ns10:Originalns5:MotorVehicles2023-05-31NI016670ns10:Originalns5:LandBuildings2022-05-31NI016670ns10:Originalns5:PlantMachinery2022-05-31NI016670ns10:Originalns5:MotorVehicles2022-05-31NI016670ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-31NI016670ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-31NI016670ns10:Originalns5:DeferredTaxation2022-05-31NI016670ns10:Originalns5:DeferredTaxation2022-06-012023-05-31NI016670ns10:Originalns5:DeferredTaxation2023-05-31NI016670ns10:Originalns10:OrdinaryShareClass12023-05-31NI016670ns10:Original1ns10:Director12022-05-31NI016670ns10:Original1ns10:Director12021-05-31NI016670ns10:Original1ns10:Director12022-06-012023-05-31NI016670ns10:Original1ns10:Director12021-06-012022-05-31NI016670ns10:Original1ns10:Director12023-05-31NI016670ns10:Original1ns10:Director12022-05-31
REGISTERED NUMBER: NI016670 (Northern Ireland)













Island Forklifts Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023






Island Forklifts Limited (Registered number: NI016670)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 8


Island Forklifts Limited

Company Information
for the Year Ended 31 May 2023







Directors: Mr D McKee
Miss T McKee



Registered office: Unit D
Dargan Court
Dargan Industrial Estate
Belfast
Co Antrim
BT3 9JP



Registered number: NI016670 (Northern Ireland)



Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH



Solicitors: MacKenzie and Dorman
94/96 Holywood Road
Belfast
Antrim
BT4 1NN

Island Forklifts Limited (Registered number: NI016670)

Statement of Financial Position
31 May 2023

2023 2022
Notes £ £
Fixed assets
Property, plant and equipment 4 985,162 1,214,575
Investment property 5 160,599 250,199
1,145,761 1,464,774

Current assets
Inventories 6 119,176 86,676
Receivables 7 279,935 280,485
Cash at bank and in hand 8 2,348,284 1,752,537
2,747,395 2,119,698
Payables
Amounts falling due within one year 9 (350,551 ) (248,991 )
Net current assets 2,396,844 1,870,707
Total assets less current liabilities 3,542,605 3,335,481

Provisions for liabilities 10 (159,735 ) (206,198 )
Net assets 3,382,870 3,129,283

Capital and reserves
Called up share capital 11 4,500 4,500
Other reserves 500 500
Retained earnings 3,377,870 3,124,283
Shareholders' funds 3,382,870 3,129,283

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Island Forklifts Limited (Registered number: NI016670)

Statement of Financial Position - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





Mr D McKee - Director


Island Forklifts Limited (Registered number: NI016670)

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. Statutory information

Island Forklifts Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings freehold - 2% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities.

Island Forklifts Limited (Registered number: NI016670)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


2. Accounting policies - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties 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. 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 is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment 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) despite having retained some significant risks and rewards of ownership, 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.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting
Financial assets and liabilities are offset and 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 lability simultaneously.

Island Forklifts Limited (Registered number: NI016670)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


2. Accounting policies - continued

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of intangible and tangible assets
The annual depreciation and amortisation charges for intangible and tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See balance sheet note on property, plant and equipment for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

3. Employees and directors

The average number of employees during the year was 7 (2022 - 7 ) .

Island Forklifts Limited (Registered number: NI016670)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


4. Property, plant and equipment
Land and
buildings Plant and Motor
freehold machinery vehicles Totals
£ £ £ £
Cost
At 1 June 2022 343,427 3,012,067 205,591 3,561,085
Additions - 122,867 - 122,867
Disposals - (130,498 ) (27,655 ) (158,153 )
At 31 May 2023 343,427 3,004,436 177,936 3,525,799
Depreciation
At 1 June 2022 115,816 2,174,488 56,206 2,346,510
Charge for year 6,869 300,513 34,829 342,211
Eliminated on disposal - (130,498 ) (17,586 ) (148,084 )
At 31 May 2023 122,685 2,344,503 73,449 2,540,637
Net book value
At 31 May 2023 220,742 659,933 104,487 985,162
At 31 May 2022 227,611 837,579 149,385 1,214,575

The net book value of assets held by the company for hire purposes is £373,658 (2022: £525,688). Depreciation charged on these assets was £188,280 (2022: £200,395).

5. Investment property
Total
£
Fair value
At 1 June 2022 250,199
Disposals (89,600 )
At 31 May 2023 160,599
Net book value
At 31 May 2023 160,599
At 31 May 2022 250,199

6. Inventories
2023 2022
£ £
Finished goods 119,176 86,676

The replacement cost of stock did not differ significantly from the figures shown.

7. Receivables: amounts falling due within one year
2023 2022
£ £
Trade receivables 258,660 260,353
Other receivables 21,275 20,132
279,935 280,485

Island Forklifts Limited (Registered number: NI016670)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


8. Cash at bank and in hand
2023 2022
£ £
Cash at bank 2,348,229 1,751,286
Cash in hand 55 1,251
2,348,284 1,752,537

9. Payables: amounts falling due within one year
2023 2022
£ £
Trade payables 27,965 32,888
Taxation and social security 171,985 98,707
Other payables 150,601 117,396
350,551 248,991

10. Provisions for liabilities
2023 2022
£ £
Deferred tax 159,735 206,198

Deferred tax
£
Balance at 1 June 2022 206,198
Credit to Statement of income and retained earnings during year (46,463 )
Balance at 31 May 2023 159,735

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
4,500 Ordinary Shares 1 4,500 4,500

12. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£ £
Mr D McKee
Balance outstanding at start of year 90,554 78,032
Amounts advanced (59,063 ) (77,478 )
Amounts repaid 90,000 90,000
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 121,491 90,554

13. Related party transactions

All transactions with related parties are conducted under normal market conditions.