Registered number
05524069
Lift Complex Ltd
Filleted Accounts
31 August 2023
Lift Complex Ltd
Registered number: 05524069
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,384 8,179
Current assets
Debtors 4 30,689 39,530
Cash at bank and in hand 18,274 6,078
48,963 45,608
Creditors: amounts falling due within one year 5 (26,563) (38,765)
Net current assets 22,400 6,843
Total assets less current liabilities 28,784 15,022
Creditors: amounts falling due after more than one year 6 (67,079) (81,544)
Provisions for liabilities (1,212) (1,558)
Net liabilities (39,507) (68,080)
Capital and reserves
Called up share capital 100 100
Profit and loss account (39,607) (68,180)
Shareholders' funds (39,507) (68,080)
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.
Maciej Mielcarek
Director
Approved by the board on 12 April 2024
Lift Complex 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.
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
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. 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. Current and deferred tax liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
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 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 4,462 7,245 11,707
At 31 August 2023 4,462 7,245 11,707
Depreciation
At 1 September 2022 3,347 181 3,528
Charge for the year 346 1,449 1,795
At 31 August 2023 3,693 1,630 5,323
Net book value
At 31 August 2023 769 5,615 6,384
At 31 August 2022 1,115 7,064 8,179
4 Debtors 2023 2022
£ £
Trade debtors 23,785 18,864
Other debtors 6,904 20,666
30,689 39,530
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 5,220 6,590
Trade creditors 4,628 23,106
Taxation and social security costs 6,715 (931)
26,563 38,765
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 29,839 34,983
Other creditors 37,240 46,561
67,079 81,544
7 Other information
Lift Complex Ltd is a private company limited by shares and incorporated in England. Its registered office is:
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