East Anglian Forklifts Limited 05260243 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is the sale, hire and maintenance of fork lift trucks Digita Accounts Production Advanced 6.30.9574.0 true 05260243 2022-11-01 2023-10-31 05260243 2023-10-31 05260243 bus:Director1 1 2023-10-31 05260243 bus:OrdinaryShareClass1 2023-10-31 05260243 core:CurrentFinancialInstruments 2023-10-31 05260243 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 05260243 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 05260243 core:Goodwill 2023-10-31 05260243 core:BetweenOneFiveYears 2023-10-31 05260243 core:WithinOneYear 2023-10-31 05260243 core:FurnitureFittingsToolsEquipment 2023-10-31 05260243 core:MotorVehicles 2023-10-31 05260243 core:OtherPropertyPlantEquipment 2023-10-31 05260243 1 2023-10-31 05260243 bus:SmallEntities 2022-11-01 2023-10-31 05260243 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 05260243 bus:FullAccounts 2022-11-01 2023-10-31 05260243 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 05260243 bus:RegisteredOffice 2022-11-01 2023-10-31 05260243 bus:CompanySecretary1 2022-11-01 2023-10-31 05260243 bus:Director1 2022-11-01 2023-10-31 05260243 bus:Director1 1 2022-11-01 2023-10-31 05260243 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 05260243 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 05260243 core:Goodwill 2022-11-01 2023-10-31 05260243 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 05260243 core:MotorVehicles 2022-11-01 2023-10-31 05260243 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 05260243 1 2022-11-01 2023-10-31 05260243 countries:AllCountries 2022-11-01 2023-10-31 05260243 2022-10-31 05260243 bus:Director1 1 2022-10-31 05260243 core:Goodwill 2022-10-31 05260243 core:FurnitureFittingsToolsEquipment 2022-10-31 05260243 core:MotorVehicles 2022-10-31 05260243 core:OtherPropertyPlantEquipment 2022-10-31 05260243 2021-11-01 2022-10-31 05260243 2022-10-31 05260243 bus:OrdinaryShareClass1 2022-10-31 05260243 core:CurrentFinancialInstruments 2022-10-31 05260243 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 05260243 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 05260243 core:BetweenOneFiveYears 2022-10-31 05260243 core:WithinOneYear 2022-10-31 05260243 core:FurnitureFittingsToolsEquipment 2022-10-31 05260243 core:MotorVehicles 2022-10-31 05260243 core:OtherPropertyPlantEquipment 2022-10-31 05260243 1 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05260243

East Anglian Forklifts Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

East Anglian Forklifts Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

East Anglian Forklifts Limited

Company Information

Director

Mr G A Crowe

Company secretary

Mrs E Crowe

Registered office

9 Robberds Way
Bowthorpe Employment Area
Norwich
Norfolk
NR5 9JF

Accountants

Jeremy Clark Accountants Ltd T/A AIMS
The Moat House
Sallow Lane
Wacton
Norwich
Norfolk
NR15 2UL

 

East Anglian Forklifts Limited

(Registration number: 05260243)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,787,971

1,534,642

Current assets

 

Stocks

6

18,000

18,000

Debtors

7

183,094

180,767

Cash at bank and in hand

 

55,324

69,662

 

256,418

268,429

Creditors: Amounts falling due within one year

8

(488,884)

(466,477)

Net current liabilities

 

(232,466)

(198,048)

Total assets less current liabilities

 

1,555,505

1,336,594

Creditors: Amounts falling due after more than one year

8

(806,823)

(670,835)

Provisions for liabilities

(166,763)

(179,947)

Net assets

 

581,919

485,812

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

581,918

485,811

Shareholders' funds

 

581,919

485,812

 

East Anglian Forklifts Limited

(Registration number: 05260243)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 11 April 2024
 

.........................................
Mr G A Crowe
Director

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
9 Robberds Way
Bowthorpe Employment Area
Norwich
Norfolk
NR5 9JF

These financial statements were authorised for issue by the director on 11 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

18,000

18,000

At 31 October 2023

18,000

18,000

Amortisation

At 1 November 2022

18,000

18,000

At 31 October 2023

18,000

18,000

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

4,789

84,321

2,783,700

2,872,810

Additions

-

74,167

584,124

658,291

Disposals

-

(25,947)

(215,097)

(241,044)

At 31 October 2023

4,789

132,541

3,152,727

3,290,057

Depreciation

At 1 November 2022

3,747

53,890

1,280,531

1,338,168

Charge for the year

344

12,870

334,843

348,057

Eliminated on disposal

-

(19,789)

(164,350)

(184,139)

At 31 October 2023

4,091

46,971

1,451,024

1,502,086

Carrying amount

At 31 October 2023

698

85,570

1,701,703

1,787,971

At 31 October 2022

1,042

30,431

1,503,169

1,534,642

6

Stocks

2023
£

2022
£

Other inventories

18,000

18,000

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

143,445

180,767

Other debtors

39,649

-

 

183,094

180,767

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

455,700

401,595

Trade creditors

 

24,995

48,584

Taxation and social security

 

8,133

15,806

Other creditors

 

56

492

 

488,884

466,477

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

806,823

670,835

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

10

Loans and borrowings

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £25,833 (2022 - £35,833).

11

Obligations under leases and hire purchase contracts

Finance leases

The hire purchase agreements are secured by a specific charge over the individual assets purchased under each agreement.

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

445,700

391,595

Later than one year and not later than five years

790,990

645,002

1,236,690

1,036,597

12

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £1,236,690 (2022 - £1,036,597). The company has multiple hire purchase agreements in place to finance the fork lift truck fleet. The agreements are secured by fixed charges over the individual assets specific to each agreement

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

13

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Mr G A Crowe

Director loan - interest payable at HMRC rate for beneficial loans

-

39,649

39,649