Company registration number 03885377 (England and Wales)
P L P LIFT TRUCKS PETERBOROUGH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
P L P LIFT TRUCKS PETERBOROUGH LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
P L P LIFT TRUCKS PETERBOROUGH LTD
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
955,134
1,022,355
Current assets
Stocks
180,014
179,180
Debtors
4
154,646
203,460
Cash at bank and in hand
-
0
5,258
334,660
387,898
Creditors: amounts falling due within one year
5
(444,063)
(549,059)
Net current liabilities
(109,403)
(161,161)
Total assets less current liabilities
845,731
861,194
Creditors: amounts falling due after more than one year
6
(209,695)
(254,370)
Provisions for liabilities
(84,504)
(59,893)
Net assets
551,532
546,931
Capital and reserves
Called up share capital
181,504
181,504
Share premium account
50,000
50,000
Profit and loss reserves
320,028
315,427
Total equity
551,532
546,931

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

P L P LIFT TRUCKS PETERBOROUGH LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 February 2024 and are signed on its behalf by:
D J Owen
Director
Company registration number 03885377 (England and Wales)
P L P LIFT TRUCKS PETERBOROUGH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

P L P Lift Trucks Peterborough Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 41 Ivatt Way, Peterborough, PE3 7PN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% per annum reducing balance
Hire Fleet
straight line over 12 years
Plant, machinery and office equipment
15% per annum reducing balance/straight line over 12 years
Motor vehicles
25% per annum reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

P L P LIFT TRUCKS PETERBOROUGH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stock is valued at lower of cost or net realisable value.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets and liabilities

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest rate.

1.8
Equity instruments

Equity instruments being the share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

P L P LIFT TRUCKS PETERBOROUGH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
9
P L P LIFT TRUCKS PETERBOROUGH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
3,549
1,709,465
1,713,014
Additions
-
0
168,805
168,805
Disposals
-
0
(151,413)
(151,413)
At 31 May 2023
3,549
1,726,857
1,730,406
Depreciation and impairment
At 1 June 2022
3,549
687,110
690,659
Depreciation charged in the year
-
0
133,187
133,187
Eliminated in respect of disposals
-
0
(48,574)
(48,574)
At 31 May 2023
3,549
771,723
775,272
Carrying amount
At 31 May 2023
-
0
955,134
955,134
At 31 May 2022
-
0
1,022,355
1,022,355
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
153,909
165,800
Other debtors
-
0
36,812
Prepayments and accrued income
737
848
154,646
203,460
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
23,076
18,634
Obligations under finance leases and hire purchase
117,713
134,447
Trade creditors
20,445
90,566
Amounts due to group undertakings
97,593
117,643
Other taxation and social security
41,084
26,852
Other creditors
140,170
159,051
Accruals and deferred income
3,982
1,866
444,063
549,059

The bank loans, overdrafts and obligations under hire purchase contracts and finance leases are secured.

P L P LIFT TRUCKS PETERBOROUGH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,583
59,005
Obligations under finance leases and hire purchase
169,112
195,365
209,695
254,370

The bank loans, overdrafts and obligations under hire purchase contracts and finance leases are secured.

7
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
97,593
117,643
Other related parties
136,289
157,748

No interest is charged on the above amounts.

8
Capital commitments

At 31 May 2023 the company had entered into 33 (2022: 22) individual contractual obligations to repurchase assets at a fixed pre-determined value (upon the written request of the customer). The obligations arise between 1 and 5 years from the balance sheet date and total £145,000 (2022: £122,500).

 

9
Parent company

The company is a subsidiary of Academy Forklift (Holdings) Ltd. The registered office of the parent is 41 Ivatt Way, Peterborough, Cambridgeshire, PE3 7PN.

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