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Registration number: 08541263

UK Lift Tech Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

UK Lift Tech Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

UK Lift Tech Ltd

Company Information

Director

Mr Thomas Rushton

Registered office

8 Forest Bank
Trawden
Colne
Lancashire
BB8 8NH

Accountants

Hughes & Co Limited
Chartered Certified Accountant
Unit 1
Vantage Court
Riverside Business Park
Barrowford
Lancashire
BB9 6BP

 

UK Lift Tech Ltd

(Registration number: 08541263)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

93,696

112,483

Current assets

 

Debtors

5

313,274

298,589

Cash at bank and in hand

 

268,394

213,765

 

581,668

512,354

Creditors: Amounts falling due within one year

6

(170,253)

(141,645)

Net current assets

 

411,415

370,709

Total assets less current liabilities

 

505,111

483,192

Creditors: Amounts falling due after more than one year

6

(72,986)

(104,136)

Provisions for liabilities

(21,826)

(24,996)

Net assets

 

410,299

354,060

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

410,297

354,058

Shareholders' funds

 

410,299

354,060

For the financial year ending 31 May 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 16 February 2024
 

.........................................
Mr Thomas Rushton
Director

 

UK Lift Tech Ltd

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

1

General information

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

The address of its registered office is:
8 Forest Bank
Trawden
Colne
Lancashire
BB8 8NH

These financial statements were authorised for issue by the director on 16 February 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

UK Lift Tech Ltd

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

Tax

The tax expense for the period comprises current and 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.

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.

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

Motor vehicles

25% Straight line

Plant and machinery

Straight line over 3 years

Furniture and fittings

Straight line over 3 years

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.

 

UK Lift Tech Ltd

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

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

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

UK Lift Tech Ltd

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

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 16 (2022 - 14).

 

UK Lift Tech Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

1,869

233,312

270

235,451

Additions

1,299

26,364

-

27,663

At 31 May 2023

3,168

259,676

270

263,114

Depreciation

At 1 June 2022

1,441

121,257

270

122,968

Charge for the year

862

45,588

-

46,450

At 31 May 2023

2,303

166,845

270

169,418

Carrying amount

At 31 May 2023

865

92,831

-

93,696

At 31 May 2022

428

112,055

-

112,483

5

Debtors

Current

2023
£

2022
£

Trade debtors

132,145

132,927

Prepayments

2,278

2,107

Other debtors

178,851

163,555

 

313,274

298,589

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

29,244

29,244

Trade creditors

 

61,741

47,748

Taxation and social security

 

64,072

38,698

Other creditors

 

15,196

25,955

 

170,253

141,645

 

UK Lift Tech Ltd

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

HP and finance lease liabilities

19,244

19,244

29,244

29,244

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

72,986

104,136

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,667

31,667

Finance lease liabilities

51,319

72,469

72,986

104,136

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Finance lease liabilities

19,244

19,244

29,244

29,244

Bank borrowings

 

UK Lift Tech Ltd

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

Bank loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 6 July 2026. The carrying amount at year end is £31,667 (2022 - £41,667).

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £32,508.00 (2022 - £23,453.00) per ordinary share

 

65,016

 

46,906

         

10

Related party transactions

 

UK Lift Tech Ltd

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

Director's remuneration

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

2023
£

2022
£

Remuneration

20,603

16,149

Contributions paid to money purchase schemes

28,000

28,700

48,603

44,849

Dividends paid to the director

   

2023
£

 

2022
£

Mr Thomas Rushton

       

Ordinary

 

65,016

 

46,906