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REGISTERED NUMBER: 04055454 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

LEVERTECH ENGINEERING SERVICES LIMITED

LEVERTECH ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 04055454)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


LEVERTECH ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 04055454)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 484,140 436,813
Investments 5 378 378
484,518 437,191

CURRENT ASSETS
Debtors 6 5,727,356 3,672,227
Cash at bank and in hand 6,845 98,700
5,734,201 3,770,927
CREDITORS
Amounts falling due within one year 7 4,110,612 2,108,311
NET CURRENT ASSETS 1,623,589 1,662,616
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,108,107

2,099,807

CREDITORS
Amounts falling due after more than one year 8 (163,390 ) (64,483 )

PROVISIONS FOR LIABILITIES (87,205 ) (22,026 )
NET ASSETS 1,857,512 2,013,298

CAPITAL AND RESERVES
Called up share capital 14,916 14,916
Share premium 10,032 10,032
Capital redemption reserve 25,500 25,500
Retained earnings 1,807,064 1,962,850
SHAREHOLDERS' FUNDS 1,857,512 2,013,298

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LEVERTECH ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 04055454)

BALANCE SHEET - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:





S Lever - Director


LEVERTECH ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 04055454)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Levertech Engineering Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04055454

Registered office: Unit 11 Century Park
Caspian Road
Broadheath
Altrincham
Cheshire
WA14 5HH

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


LEVERTECH ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 04055454)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Invoice discounting
The company has an invoice discounting agreement that enables it to receive advances against it's sales invoices. The company discloses both the debtors and creditors relating to this agreement separately within it's balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 30 ) .

LEVERTECH ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 04055454)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2022 279,065 39,947 45,431
Additions 6,492 4,942 3,237
Disposals - - -
At 31 March 2023 285,557 44,889 48,668
DEPRECIATION
At 1 April 2022 87,286 27,648 28,893
Charge for year 70,047 5,440 4,647
Eliminated on disposal - - -
At 31 March 2023 157,333 33,088 33,540
NET BOOK VALUE
At 31 March 2023 128,224 11,801 15,128
At 31 March 2022 191,779 12,299 16,538

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 427,301 63,743 855,487
Additions 199,056 2,085 215,812
Disposals (32,105 ) - (32,105 )
At 31 March 2023 594,252 65,828 1,039,194
DEPRECIATION
At 1 April 2022 226,793 48,054 418,674
Charge for year 74,760 5,959 160,853
Eliminated on disposal (24,473 ) - (24,473 )
At 31 March 2023 277,080 54,013 555,054
NET BOOK VALUE
At 31 March 2023 317,172 11,815 484,140
At 31 March 2022 200,508 15,689 436,813

LEVERTECH ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 04055454)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 199,056
At 31 March 2023 199,056
DEPRECIATION
Charge for year 19,038
At 31 March 2023 19,038
NET BOOK VALUE
At 31 March 2023 180,018

5. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 60 318 378
NET BOOK VALUE
At 31 March 2023 60 318 378
At 31 March 2022 60 318 378

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Levertech H.V. Engineering Limited
Registered office:
Nature of business: High Voltage engineering
%
Class of shares: holding
Ordinary A 40.00
Ordinary B 20.00

LEVERTECH ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 04055454)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. FIXED ASSET INVESTMENTS - continued

Associated company

Levertech Aviation Services Limited
Registered office:
Nature of business: Engineering services in aviation industry
%
Class of shares: holding
A Ordinary 25.00

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,106,718 2,344,603
Amounts owed by group undertakings 225,376 177,467
Amounts owed by associates 951,378 649,764
Accrued income 1,657,726 253,397
Other debtors 786,158 246,996
5,727,356 3,672,227

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,870 9,626
Hire purchase contracts (see note 9) 57,387 9,257
Trade creditors 2,275,395 726,967
Amounts owed to associates 54,621 52,492
Taxation and social security 748,713 479,173
Other creditors 964,626 830,796
4,110,612 2,108,311

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 25,780 35,650
Hire purchase contracts (see note 9) 137,610 28,833
163,390 64,483

LEVERTECH ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 04055454)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 57,387 9,257
Between one and five years 137,610 28,833
194,997 38,090

Non-cancellable operating leases
2023 2022
£    £   
Within one year 42,080 41,966
Between one and five years 164,988 167,977
In more than five years - 39,091
207,068 249,034

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 194,997 38,090
Invoice finance facility 921,715 201,400
1,116,712 239,490

The amounts due on the invoice finance facility are secured by a fixed and floating charge over all the company's assets.

The amounts due on hire purchase contracts are secured against the relevant assets.

11. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £353,800 (2022: £353,800) from a company under common control. No interest has been charged in respect of this loan, which is repayable on demand.

LEVERTECH ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 04055454)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


12. POST BALANCE SHEET EVENTS

Post year end, the ability of Levertech Aviation Services Limited to repay its intercompany loan to Levertech Engineering Services Limited became a challenge due to its contract balances and poor cash collections - subsequently, a restructuring process was entered into and following the sale of the company's shareholding in Levertech Aviation Services Limited to the existing shareholders, Steven Lever resigned from the Aviation Board and an intercompany loan in sum of £783,004 has been written off. This will enable Levertech Aviation Services Limited to move forward and trade independently under the new trading name of Airport Integrated Services Limited.

This action was in the best interest of all parties and leaves Levertech Engineering Services Limited in a positive and unhindered position with funding in place and a clear insight into its debtors and creditors positions to enable the team to fulfil its strong order book and meet the growth for the coming years ahead.