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Company Registration No. 04471616 (England and Wales)
Premium Lifts limited Unaudited accounts for the year ended 31 March 2023
Premium Lifts limited Unaudited accounts Contents
Page
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Premium Lifts limited Company Information for the year ended 31 March 2023
Directors
John Bancroft Jordan Bancroft Liam Bancroft
Secretary
Tracey Bancroft
Company Number
04471616 (England and Wales)
Registered Office
136 Hall Street Stockport Greater Manchester SK1 4HE
Accountants
Bee Motion Accounting Limited 136 Hall Street Stockport Greater Manchester SK1 4HE
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Premium Lifts limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
132,605 
110,323 
Current assets
Debtors
64,398 
19,750 
Cash at bank and in hand
25,403 
27,731 
89,801 
47,481 
Creditors: amounts falling due within one year
(77,406)
(76,615)
Net current assets/(liabilities)
12,395 
(29,134)
Total assets less current liabilities
145,000 
81,189 
Creditors: amounts falling due after more than one year
(55,034)
(51,961)
Provisions for liabilities
Deferred tax
(21,813)
- 
Net assets
68,153 
29,228 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
68,053 
29,128 
Shareholders' funds
68,153 
29,228 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2024 and were signed on its behalf by
John Bancroft Director Company Registration No. 04471616
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Premium Lifts limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Premium Lifts limited is a private company, limited by shares, registered in England and Wales, registration number 04471616. The registered office is 136 Hall Street, Stockport, Greater Manchester, SK1 4HE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
Presentation currency
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 £.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or services. i) Sale of goods Turnover from the sale of goods are recognised when significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company. ii) Rendering of services Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight Line
Motor vehicles
20% Reducing Balance
Fixtures & fittings
25% Straight Line
Computer equipment
25% Straight Line
Finance leases and hire purchase contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight-line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Premium Lifts limited Notes to the Accounts for the year ended 31 March 2023
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Employee benefits
The company offers a range of benefits to employees, including bonus arrangements, paid holiday arrangements and defined contribution pension plans. Short-term employee benefits are those expected to be settled wholly before twelve months after the end of the annual reporting period during which employee services are rendered, but do not include termination benefits.
Pension scheme
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown within 'taxes and social security' on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Going concern
The company has considerable financial resources together with contracts with a number of clients. The directors believes that the company is well placed to manage its business risks successfully. After making enquiries, the directors have reasonable expectations that the company has adequate resources to continue in operational existence for a period of at least twelve months and for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report.
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Premium Lifts limited Notes to the Accounts for the year ended 31 March 2023
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2022
1,907 
202,578 
- 
21,272 
225,757 
Additions
624 
36,325 
16,665 
1,735 
55,349 
At 31 March 2023
2,531 
238,903 
16,665 
23,007 
281,106 
Depreciation
At 1 April 2022
842 
95,651 
- 
18,941 
115,434 
Charge for the year
566 
28,650 
2,716 
1,135 
33,067 
At 31 March 2023
1,408 
124,301 
2,716 
20,076 
148,501 
Net book value
At 31 March 2023
1,123 
114,602 
13,949 
2,931 
132,605 
At 31 March 2022
1,065 
106,927 
- 
2,331 
110,323 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
6,909 
2,416 
Trade debtors
24,495 
16,839 
Other debtors
24,912 
495 
56,316 
19,750 
Amounts falling due after more than one year
Accrued income and prepayments
8,082 
- 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
18,454 
9,889 
Obligations under finance leases and hire purchase contracts
5,574 
5,214 
Trade creditors
4,890 
4,251 
Taxes and social security
28,013 
14,875 
Loans from directors
- 
29,806 
Deferred income
20,475 
12,580 
77,406 
76,615 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
39,924 
31,777 
Obligations under finance leases and hire purchase contracts
14,610 
20,184 
Accruals
500 
- 
55,034 
51,961 
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Premium Lifts limited Notes to the Accounts for the year ended 31 March 2023
8
Deferred taxation
2023 
2022 
£ 
£ 
Accelerated capital allowances
21,813 
- 
2023 
2022 
£ 
£ 
Charged to the profit and loss account
21,813 
- 
Provision at end of year
21,813 
- 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
10
Transactions with related parties
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Controlling party
The company's parent undertaking and ultimate controlling party is JJLB Holdings Limited, a limited company registered in England and Wales. JJLB Holdings Limited (13433632) - 136 Hall Street, Stockport, Greater Manchester, SK1 4HE
12
Average number of employees
During the year the average number of employees was 6 (2022: 3).
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