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2022-07-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
00898575
2022-07-01
2023-06-30
00898575
2023-06-30
00898575
2022-06-30
00898575
2021-07-01
2022-06-30
00898575
2022-06-30
00898575
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-07-01
2023-06-30
00898575
core:PlantMachinery
2022-07-01
2023-06-30
00898575
core:FurnitureFittings
2022-07-01
2023-06-30
00898575
core:MotorVehicles
2022-07-01
2023-06-30
00898575
bus:Director1
2022-07-01
2023-06-30
00898575
core:LandBuildings
2022-06-30
00898575
core:PlantMachinery
2022-06-30
00898575
core:FurnitureFittings
2022-06-30
00898575
core:MotorVehicles
2022-06-30
00898575
core:LandBuildings
2023-06-30
00898575
core:PlantMachinery
2023-06-30
00898575
core:FurnitureFittings
2023-06-30
00898575
core:MotorVehicles
2023-06-30
00898575
core:LandBuildings
2022-07-01
2023-06-30
00898575
core:WithinOneYear
2023-06-30
00898575
core:WithinOneYear
2022-06-30
00898575
core:ShareCapital
2023-06-30
00898575
core:ShareCapital
2022-06-30
00898575
core:RetainedEarningsAccumulatedLosses
2023-06-30
00898575
core:RetainedEarningsAccumulatedLosses
2022-06-30
00898575
core:BetweenOneFiveYears
2023-06-30
00898575
core:BetweenOneFiveYears
2022-06-30
00898575
core:LandBuildings
2022-06-30
00898575
core:PlantMachinery
2022-06-30
00898575
core:FurnitureFittings
2022-06-30
00898575
core:MotorVehicles
2022-06-30
00898575
bus:SmallEntities
2022-07-01
2023-06-30
00898575
bus:AuditExemptWithAccountantsReport
2022-07-01
2023-06-30
00898575
bus:FullAccounts
2022-07-01
2023-06-30
00898575
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
00898575
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
00898575
core:InvestmentPropertyIncludedWithinPPE
2022-06-30
00898575
core:InvestmentPropertyIncludedWithinPPE
2023-06-30
COMPANY REGISTRATION NUMBER:
00898575
I. & P. Lifting Gear Limited |
|
Filleted Unaudited Financial Statements |
|
I. & P. Lifting Gear Limited |
|
Year ended 30 June 2023
Notes to the financial statements |
3 to 8 |
|
|
I. & P. Lifting Gear Limited |
|
30 June 2023
Fixed assets
Tangible assets |
5 |
177,979 |
179,254 |
|
|
|
|
Current assets
Stocks |
135,080 |
156,272 |
Debtors |
6 |
585,113 |
483,611 |
Cash at bank and in hand |
323,430 |
329,040 |
|
------------ |
--------- |
|
1,043,623 |
968,923 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
336,721 |
305,902 |
|
------------ |
--------- |
Net current assets |
706,902 |
663,021 |
|
--------- |
--------- |
Total assets less current liabilities |
884,881 |
842,275 |
|
|
|
|
Provisions
Taxation including deferred tax |
4,000 |
4,000 |
|
--------- |
--------- |
Net assets |
880,881 |
838,275 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
40,000 |
40,000 |
Profit and loss account |
840,881 |
798,275 |
|
--------- |
--------- |
Shareholder funds |
880,881 |
838,275 |
|
--------- |
--------- |
|
|
|
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 profit and loss account has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has 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
.
I. & P. Lifting Gear Limited |
|
Balance Sheet (continued) |
|
30 June 2023
These financial statements were approved by the
board of directors
and authorised for issue on
6 February 2024
, and are signed on behalf of the board by:
Company registration number:
00898575
I. & P. Lifting Gear Limited |
|
Notes to the Financial Statements |
|
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales, registration number
00898575
. The address of the registered office is 237 Scotia Road, Tunstall, Stoke on Trent, ST6 4PS.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. 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 material 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. Assets held for use in operating leases are included in fixed assets. Rental income from operating leases is recognised on a straight line basis over the lease term.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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 |
- |
2% straight line |
|
Plant and Machinery |
- |
25% reducing balance |
|
Fixtures and Fittings |
- |
15% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stock is valued at the lower of cost and net realisable value, cost being the purchase invoice price of raw materials. Net realisable value is the estimated proceeds from the sale of stock items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost and subsequently measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit and loss in the period in which they arise.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
17
(2022:
18
).
5.
Tangible assets
|
Freehold Property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Investment Property |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
|
At 1 Jul 2022 |
154,336 |
70,021 |
26,509 |
60,615 |
86,467 |
397,948 |
Additions |
– |
– |
– |
8,958 |
– |
8,958 |
|
--------- |
-------- |
-------- |
-------- |
-------- |
--------- |
At 30 Jun 2023 |
154,336 |
70,021 |
26,509 |
69,573 |
86,467 |
406,906 |
|
--------- |
-------- |
-------- |
-------- |
-------- |
--------- |
Depreciation |
|
|
|
|
|
|
At 1 Jul 2022 |
81,255 |
68,889 |
26,285 |
42,265 |
– |
218,694 |
Charge for the year |
3,087 |
284 |
34 |
6,828 |
– |
10,233 |
|
--------- |
-------- |
-------- |
-------- |
-------- |
--------- |
At 30 Jun 2023 |
84,342 |
69,173 |
26,319 |
49,093 |
– |
228,927 |
|
--------- |
-------- |
-------- |
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
|
|
At 30 Jun 2023 |
69,994 |
848 |
190 |
20,480 |
86,467 |
177,979 |
|
--------- |
-------- |
-------- |
-------- |
-------- |
--------- |
At 30 Jun 2022 |
73,081 |
1,132 |
224 |
18,350 |
86,467 |
179,254 |
|
--------- |
-------- |
-------- |
-------- |
-------- |
--------- |
|
|
|
|
|
|
|
Directors have valued the investment property at fair value based on judgement and experience.
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
572,354 |
471,804 |
Other debtors |
12,759 |
11,807 |
|
--------- |
--------- |
|
585,113 |
483,611 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
157,060 |
171,882 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
6,541 |
27,541 |
Corporation tax |
61,500 |
28,000 |
Social security and other taxes |
72,082 |
43,170 |
Other creditors |
39,538 |
35,309 |
|
--------- |
--------- |
|
336,721 |
305,902 |
|
--------- |
--------- |
|
|
|
The hire purchase creditor of £nil (2022- £1,222) is secured against the assets being financed.
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
7,790 |
5,728 |
Later than 1 year and not later than 5 years |
10,743 |
1,344 |
|
-------- |
------- |
|
18,533 |
7,072 |
|
-------- |
------- |
|
|
|
9.
Controlling party
The ultimate parent company is I & P Lifting Gear (Hire) Limited, a company registered in England and Wales. The registered office address is 237 Scotia Road, Tunstall, Stoke on Trent, ST6 4PS.