Registered number
10916531
Bourne Lifts Ltd
Filleted Accounts
31 August 2023
Bourne Lifts Ltd
Registered number: 10916531
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 66,318 98,462
Current assets
Stocks 12,000 12,000
Debtors 4 256,100 228,708
Cash at bank and in hand 62,301 49,407
330,401 290,115
Creditors: amounts falling due within one year 5 (294,637) (275,540)
Net current assets 35,764 14,575
Total assets less current liabilities 102,082 113,037
Creditors: amounts falling due after more than one year 6 (61,933) (82,475)
Net assets 40,149 30,562
Capital and reserves
Called up share capital 1 1
Profit and loss account 40,148 30,561
Shareholders' funds 40,149 30,562
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
MP Howgate
Director
Approved by the board on 3 April 2024
Bourne Lifts Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight-line
Motor vehicles 20% straight-line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 18,404 146,752 165,156
Disposals - (18,245) (18,245)
At 31 August 2023 18,404 128,507 146,911
Depreciation
At 1 September 2022 12,797 53,897 66,694
Charge for the year 2,894 25,701 28,595
On disposals - (14,696) (14,696)
At 31 August 2023 15,691 64,902 80,593
Net book value
At 31 August 2023 2,713 63,605 66,318
At 31 August 2022 5,607 92,855 98,462
4 Debtors 2023 2022
£ £
Trade debtors 253,694 216,317
Other debtors 2,406 12,391
256,100 228,708
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,263 10,263
Obligations under finance lease and hire purchase contracts 14,874 19,311
Trade creditors 99,900 180,827
Taxation and social security costs 84,878 61,981
Other creditors 84,722 3,158
294,637 275,540
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 17,053 27,316
Obligations under finance lease and hire purchase contracts 44,880 55,159
61,933 82,475
7 Other information
Bourne Lifts Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 9 Pine Court Business Centre
36 Gervis Road
Bournemouth
Dorset
BH1 3DH
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