REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
LEVERTECH ENGINEERING SERVICES LIMITED |
REGISTERED NUMBER: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Additions |
Disposals |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
At 31 March 2023 |
DEPRECIATION |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 | 378 |
NET BOOK VALUE |
At 31 March 2023 | 378 |
At 31 March 2022 | 378 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by associates |
Accrued income |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to associates |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
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 |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
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. |