Company registration number 06001357 (England and Wales)
NORTHERN ELEVATOR LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NORTHERN ELEVATOR LIMITED
COMPANY INFORMATION
Directors
Maxine Wells
Michael Baul
Company number
06001357
Registered office
3 Diamond Court
Kingston Park
Newcastle Upon Tyne
Tyne and Wear
NE3 2EN
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
NORTHERN ELEVATOR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
NORTHERN ELEVATOR LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
127,502
200,850
Current assets
Stocks
189,064
162,189
Debtors
4
727,027
345,035
Cash at bank and in hand
305,364
165,810
1,221,455
673,034
Creditors: amounts falling due within one year
5
(958,478)
(510,586)
Net current assets
262,977
162,448
Total assets less current liabilities
390,479
363,298
Creditors: amounts falling due after more than one year
6
(29,834)
(80,656)
Provisions for liabilities
(23,614)
(36,395)
Net assets
337,031
246,247
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
336,931
246,147
Total equity
337,031
246,247

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 3 April 2024 and are signed on its behalf by:
Michael Baul
Director
Company registration number 06001357 (England and Wales)
NORTHERN ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Northern Elevator Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Diamond Court, Kingston Park, Newcastle Upon Tyne, Tyne and Wear, NE3 2EN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis on the grounds that currenttrue and future sources of funding or support will be more than adequate for the company's needs. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Reducing Balance or 33% on cost
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated using the first-in, first-out method. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

NORTHERN ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

NORTHERN ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
31
31
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
89,084
377,887
466,971
Additions
4,757
-
0
4,757
Disposals
(35,949)
(115,618)
(151,567)
At 31 December 2023
57,892
262,269
320,161
Depreciation and impairment
At 1 January 2023
70,177
195,944
266,121
Depreciation charged in the year
7,015
42,515
49,530
Eliminated in respect of disposals
(33,701)
(89,291)
(122,992)
At 31 December 2023
43,491
149,168
192,659
Carrying amount
At 31 December 2023
14,401
113,101
127,502
At 31 December 2022
18,907
181,943
200,850

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts: Motor Vehicles £113,102 (2022: £167,395).

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
633,391
299,682
Other debtors
349
5,151
Prepayments and accrued income
93,287
40,202
727,027
345,035
NORTHERN ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
43,771
73,340
Trade creditors
262,982
26,917
Corporation tax
55,263
21,622
Other taxation and social security
175,786
91,719
Accruals and deferred income
420,676
296,988
958,478
510,586
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
29,834
80,656
7
Secured Debts

The bank loans and hire purchase creditors are secured on the assets of the company.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Michael T Moran BA FCA
Statutory Auditor:
Robson Laidler Accountants Limited
Date of audit report:
8 April 2024
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
87,167
-
0
10
Related party disclosures

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.

NORTHERN ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
11
Parent company

Lodige (United Kingdom) Ltd is the parent undertaking of Northern Elevator Limited. The registered address of the parent company is Laxton House Crabtree Office Village, Eversley Way, Egham, Surrery, TW20 8RY.

 

Lodige Industries Gmbh is the parent undertaking of the group within which Norther Elevator Limited belongs. The registered address of the parent company is Wilhelm, Wilhelm-Lodige Strate 1, 34414, Warburg, Germany.

2023-12-312023-01-01false08 April 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMaxine WellsMichael Baulfalse060013572023-01-012023-12-3106001357bus:Director12023-01-012023-12-3106001357bus:Director22023-01-012023-12-3106001357bus:RegisteredOffice2023-01-012023-12-31060013572023-12-31060013572022-12-3106001357core:FurnitureFittings2023-12-3106001357core:MotorVehicles2023-12-3106001357core:FurnitureFittings2022-12-3106001357core:MotorVehicles2022-12-3106001357core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106001357core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106001357core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3106001357core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3106001357core:CurrentFinancialInstruments2023-12-3106001357core:CurrentFinancialInstruments2022-12-3106001357core:ShareCapital2023-12-3106001357core:ShareCapital2022-12-3106001357core:RetainedEarningsAccumulatedLosses2023-12-3106001357core:RetainedEarningsAccumulatedLosses2022-12-3106001357core:FurnitureFittings2023-01-012023-12-3106001357core:MotorVehicles2023-01-012023-12-31060013572022-05-012022-12-3106001357core:FurnitureFittings2022-12-3106001357core:MotorVehicles2022-12-31060013572022-12-3106001357core:Non-currentFinancialInstruments2023-12-3106001357core:Non-currentFinancialInstruments2022-12-3106001357bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106001357bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106001357bus:FRS1022023-01-012023-12-3106001357bus:Audited2023-01-012023-12-3106001357bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP