Registered number
03095500
Lyfthaus Limited
Filleted Accounts
31 August 2023
Lyfthaus Limited
Registered number: 03095500
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 50,330 48,760
Current assets
Stocks 367,849 237,261
Debtors 4 306,867 238,056
Cash at bank and in hand 626,281 835,379
1,300,997 1,310,696
Creditors: amounts falling due within one year 5 (1,027,537) (919,016)
Net current assets 273,460 391,680
Net assets 323,790 440,440
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 322,790 439,440
Shareholders' funds 323,790 440,440
The director is 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 director acknowledges his 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.
D Papani
Director
Approved by the board on 7 March 2024
Lyfthaus Limited
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. 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 is generated through the sales and design of bespoke lifting equipment.
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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks and work in progress
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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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 not recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments as it is not considered material
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 37,276 43,169 80,445
Additions - 18,780 18,780
At 31 August 2023 37,276 61,949 99,225
Depreciation
At 1 September 2022 30,786 899 31,685
Charge for the year 4,070 13,140 17,210
At 31 August 2023 34,856 14,039 48,895
Net book value
At 31 August 2023 2,420 47,910 50,330
At 31 August 2022 6,490 42,270 48,760
4 Debtors 2023 2022
£ £
Trade debtors 196,823 108,296
Amounts owed by group undertakings and undertakings in which the company has a participating interest 101,767 101,767
Other debtors 8,277 27,993
306,867 238,056
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 60,711 110,853
Taxation and social security costs (48,263) (77,373)
Other creditors 1,015,089 885,536
1,027,537 919,016
6 Related party transactions
At the year end Edmolift UK Ltd owed £293,767 to Lyfthaus Limited. This was the maximum balance owing throughout the year and it was agreed no interest was payable. Edmolift UK Ltd is a company controlled by the directors of Lyfthaus Limited by virtue of their shareholding in Edmolift Group Limited.
7 Controlling party
Control of Lyfthaus Limited rests with Edmolift Group Limited as they hold 100% of the voting shares
8 Other information
Lyfthaus Limited is a private company limited by shares and incorporated in England. Its registered office is:
Blois Meadow Business Centre
Steeple Bumpstead
Haverhill
Suffolk
CB9 7BN
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