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Tail Lift Tech Limited

Registration number : 8503656



















Annual Report and Unaudited Financial Statements

for the year ended 30 April 2023

 

Tail Lift Tech Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Tail Lift Tech Limited

Company Information

Director

Mr Stephen Jones

Registered office

Maghull Business Centre
1 Liverpool Road North
Maghull
Merseyside
L31 2HB

Accountants

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Tail Lift Tech Limited

(Registration number: 8503656)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

6,959

8,155

Current assets

 

Debtors

6

5,166

7,070

Cash at bank and in hand

 

61,749

58,847

 

66,915

65,917

Creditors: Amounts falling due within one year

7

(23,095)

(26,343)

Net current assets

 

43,820

39,574

Total assets less current liabilities

 

50,779

47,729

Provisions for liabilities

(1,740)

(1,550)

Net assets

 

49,039

46,179

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

48,039

45,179

Total equity

 

49,039

46,179

For the financial year ending 30 April 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 January 2024
 

 

Tail Lift Tech Limited

(Registration number: 8503656)
Balance Sheet as at 30 April 2023

.........................................
Mr Stephen Jones
Director

   
     
 

Tail Lift Tech Limited

Notes to the Unaudited Financial Statements for the year ended 30 April 2023

1

General information

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

The address of its registered office is:
Maghull Business Centre
1 Liverpool Road North
Maghull
Merseyside
L31 2HB

These financial statements were authorised for issue by the director on 10 January 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Tail Lift Tech Limited

Notes to the Unaudited Financial Statements for the year ended 30 April 2023

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.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% reducing balance

Motor Vehicles

25% reducing balance

Office Equipment

15% reducing balance

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.

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.

 

Tail Lift Tech Limited

Notes to the Unaudited Financial Statements for the year ended 30 April 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

13,307

16,130

UK corporation tax adjustment to prior periods

-

(434)

13,307

15,696

Deferred taxation

Arising from origination and reversal of timing differences

190

111

Tax expense in the income statement

13,497

15,807

 

Tail Lift Tech Limited

Notes to the Unaudited Financial Statements for the year ended 30 April 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

6,438

39,755

8,629

54,822

Additions

500

-

-

500

At 30 April 2023

6,938

39,755

8,629

55,322

Depreciation

At 1 May 2022

2,923

36,438

7,306

46,667

Charge for the year

602

-

1,094

1,696

At 30 April 2023

3,525

36,438

8,400

48,363

Carrying amount

At 30 April 2023

3,413

3,317

229

6,959

At 30 April 2022

3,515

3,317

1,323

8,155

6

Debtors

2023
£

2022
£

Trade debtors

4,700

6,656

Prepayments

466

414

5,166

7,070

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

379

1,720

Taxation and social security

21,363

24,228

Other creditors

1,353

395

23,095

26,343

 

Tail Lift Tech Limited

Notes to the Unaudited Financial Statements for the year ended 30 April 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,600

10,600

Contributions paid to money purchase schemes

130

131

10,730

10,731