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Registered number: 04071070
Specialist Lift Services Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 April 2023
Shaikh & Co Ltd
Registered Auditors and Chartered Certified Accountants
Financial Statements
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Profit and Loss Account 7
Statement of Comprehensive Income 8
Balance Sheet 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—19
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 April 2023 .
Principal Activity
The principal activity of the Company continued to be that of lift installation and modernisation, servicing, maintenance, and repairs.
Review of the Business
The Directors are pleased to announce that Mr Roberto Zappa became a shareholder and Director on 6th February 2023.  Mr Stephen Brunton also joined and became the Company Secretary on 6th February 2023.
The Directors are disappointed with the overall result of the company for the year but understand the reasons that will enable the Company to manage in the future.
The results have been impacted by the company’s continued growth, which has necessitated the need to change the accounting policy and account for work in progress contracts under Financial Reporting Standard 102, as defined in the Companies Act 2006.   This has also led to a requirement to re-state 2022 figures in the Financial Statements.
As the Company continues to grow, it has increased its number of employees.   It has also seen a reduction in margin caused by an increase in general overheads, supplier and sub-contractor costs.
The lift industry requires serious consideration to health and safety, so we place great importance where our staff, customers, sub-contractors and members of the public are concerned.  As with previous years, we are able to report no fatalities or permanent injuries occurred during the year.
Principal Risks and Uncertainties
The management of the business and the execution of the company’s strategy are subject to a number of risks driven by the market, changes in regulations and risks associated with the financial strength of both suppliers and customers. The directors continually monitor and consider these risks and have strong policies and procedures that reduce their impact.
Future Developments
The marketplace continues to be competitive and challenging. However, the Company has continued to maintain its business and market share within its sector, whilst also considering the relationships it holds with its customers and suppliers.
The Company continues to review its business practices and market conditions to achieve the best possible results.
On behalf of the board
Mr John Gorin
Director
13/03/2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 April 2023 .
Financial Instruments
Objectives and policies
The company's principal financial instruments comprise bank balances, invoice discounting, trade creditors, trade debtors and lease arrangements. The main purpose of these instruments is to raise funds to finance the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the Company there is no exposure to price risk. The Company's approach to managing other risks applicable to the financial instruments concerned is shown below. 
The company makes minimal use of money market facilities where funds are required. 
The liquidity risk in respect of lease arrangements is managed by fixed rates of interest. 
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. 
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Directors
The directors who held office during the year were as follows:
Mr Peter Norris
Mrs Anna Gorin Resigned 06/02/2023
Mr Roberto Zappa Appointed 06/02/2023
Mr John Gorin
Mr Stephen Brunton Appointed 06/02/2023
Employees
The number of employees increased to 79, compared to 72 in the previous year; an increase of 9.7%.  This increase supports the continued planned growth of the Company for the future.   In the Directors view, this is sufficient numbers to maintain its current operations, customer support and sales.
Employees continue to play an important and key role in ensuring the Company can provide the level of service and standards it wishes to maintain for its customers.  The Board of Directors would like to place on record their appreciation for their continued efforts and performance.
The Company is an equal opportunities employer and treats all employees in a dignified fair and equal manner in accordance with the law regardless of gender, sexual orientation, marital status, mental status, disability, age, race, colour or religious beliefs.
The Directors encourages and supports all employees of all ability to undertake new or further training wherever possible.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
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Page 2
Page 3
Statement of Directors' Responsibilities - continued
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Shaikh & Co Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr John Gorin
Director
13/03/2024
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Specialist Lift Services Limited for the year ended 30 April 2023 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty related to Going Concern
We draw attention to the Profit and Loss Account in the financial statements, which indicates that the company incurred a loss before taxation of £162,232 during the year ended 30 April 2023 and, as of that date, the company’s current liabilities exceeded its total assets by £655,925. 
This represents less than 1.2% of the company turnover, attributable to long-term investments in sales staff, marketing and generally laying the foundations for continued future company growth.
As stated in Note 2.2 Going Concern Disclosure, these events or conditions, indicate that a material uncertainty exists that may cast some doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,forgery. intentional omissions,misrepresentations,or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financialstatements or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation,structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
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Gulam M. Shaikh (Senior Statutory Auditor)
for and on behalf of Shaikh & Co Ltd , Statutory Auditor
13/03/2024
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Profit and Loss Account
2023 2022
as restated
Notes £ £
TURNOVER 3 13,855,501 11,216,215
Cost of sales (10,762,027 ) (10,749,638 )
GROSS PROFIT 3,093,474 466,577
Administrative expenses (3,248,369 ) (2,555,357 )
OPERATING LOSS 4 (154,895 ) (2,088,780 )
Interest payable and similar charges 9 (7,337 ) (8,712 )
LOSS BEFORE TAXATION (162,232 ) (2,097,492 )
Tax on Loss 10 171,273 37,021
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR 9,041 (2,060,471 )
The notes on pages 12 to 18 form part of these financial statements.
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Statement of Comprehensive Income
2023 2022
as restated
£ £
PROFIT FOR THE FINANCIAL YEAR 9,041 (2,060,471 )
OTHER COMPREHENSIVE INCOME:
Gain on revaluation of investment properties 85,000 -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 94,041 (2,060,471 )
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Balance Sheet
Registered number: 04071070
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 1,016,471 915,988
1,016,471 915,988
CURRENT ASSETS
Stocks 13 (989,448 ) (546,801 )
Debtors 14 3,901,677 2,604,565
Cash at bank and in hand 169,447 858,922
3,081,676 2,916,686
Creditors: Amounts Falling Due Within One Year 15 (4,754,072 ) (4,503,783 )
NET CURRENT ASSETS (LIABILITIES) (1,672,396 ) (1,587,097 )
TOTAL ASSETS LESS CURRENT LIABILITIES (655,925 ) (671,109 )
Creditors: Amounts Falling Due After More Than One Year 16 (250,907 ) (329,764 )
NET LIABILITIES (906,832 ) (1,000,873 )
CAPITAL AND RESERVES
Called up share capital 18 100 100
Revaluation reserve 135,375 50,375
Profit and Loss Account (1,042,307 ) (1,051,348 )
SHAREHOLDERS' FUNDS (906,832) (1,000,873)
On behalf of the board
Mr John Gorin
Director
13/03/2024
The notes on pages 12 to 18 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 May 2021 100 50,375 1,009,123 1,059,598
Loss for the year and total comprehensive income - - (2,060,471 ) (2,060,471)
As at 30 April 2022 and 1 May 2022 as restated 100 50,375 (1,051,348 ) (1,000,873)
Profit for year - - 9,041 9,041
Surplus on revaluation - 85,000 - 85,000
Other comprehensive income for the year - 85,000 - 85,000
Total comprehensive income for the year - 85,000 9,041 94,041
As at 30 April 2023 100 135,375 (1,042,307 ) (906,832)
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Statement of Cash Flows
2023 2022
as restated
Notes £ £
Cash flows from operating activities
Net cash used in operations 1 (636,635 ) (979,807 )
Interest paid (7,337 ) (8,712 )
Tax paid - (10,611 )
Net cash used in operating activities (643,972 ) (999,130 )
Cash flows from investing activities
Purchase of tangible assets (91,779 ) (59,782 )
Cash flows from financing activities
Repayment of bank borrowings (78,857 ) (43,748 )
Decrease in cash and cash equivalents (814,608 ) (1,102,660 )
Cash and cash equivalents at beginning of year 2 858,922 1,961,582
Cash and cash equivalents at end of year 2 44,314 858,922
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Notes to the Statement of Cash Flows
1. Reconciliation of profit/(loss) for the financial year to cash used in operations
2023 2022
as restated
£ £
Profit/(loss) for the financial year 9,041 (2,060,471 )
Adjustments for:
Tax on profit/(loss) (171,273 ) (37,021 )
Interest expense 7,337 8,712
Depreciation of tangible assets 76,296 56,474
Movements in working capital:
Decrease in stocks 442,647 591,797
Increase in trade and other debtors (1,295,391 ) (1,222,916 )
Increase in trade and other creditors 294,708 1,683,618
Net cash used in operations (636,635 ) (979,807 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
as restated
£ £
Cash at bank and in hand 169,447 858,922
Overdraft facilities repayable on demand (125,133 ) -
Cash and cash equivalents as stated in the Statement of Cash Flows 44,314 858,922
3. Analysis of changes in net funds/(debt)
As at 1 May 2022 Cash flows As at 30 April 2023
£ £ £
Cash at bank and in hand 858,922 (689,475) 169,447
Overdraft facilities repayable on demand - (125,133) (125,133)
Cash and cash equivalents 858,922 (814,608) 44,314
Debts falling due within one year (78,857 ) - (78,857 )
Debts falling due after more than one year (329,764) 78,857 (250,907)
450,301 (735,751) (285,450)
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Notes to the Financial Statements
1. General Information
Specialist Lift Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04071070 . The registered office is Unit 7 Enterprise Business Centre, Bat & Ball Road, Sevenoaks, TN14 5LJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors believe that the company is a going concern despite the poor results in the last two years and the net liabilities at the end of both years.  The directors have taken a number of steps to improve the liquidity of the company including but not limited to the following:
  • Loan notes have been issued by the shareholders resulting in an injection of funds of £1.75 million in December 2023,
  • The introduction of a new financial controller has resulted in closer scrutiny and control of the projects which is improving the margins on individual jobs and starting to impact favourably on the overall margins achieved by the company,
  • Projections prepared for the next 12-18 months are showing a return to profitability and confirm the company’s ability to continue to meet its working capital requirements,
  • The sales and marketing teams are being successful in bringing in new business which will help to achieve the targets.
The directors are aware that their ability to continue is dependent on them achieving the projections but they believe that the going concern basis is still appropriate.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Carried at Fair Value
Leasehold 20% Straight Line Method
Plant & Machinery 50% Straight Line Method
Motor Vehicles 25% Straight Line Method
Fixtures & Fittings 20% Straight Line Method
Computer Equipment 33.33% Straight Line Method
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2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Turnover
Analysis of turnover by class of business is as follows:
2023 2022
as restated
£ £
Modernisation, installation and service 13,855,501 11,216,215
Analysis of turnover by geographical market is as follows:
2023 2022
as restated
£ £
United Kingdom 13,855,501 11,216,215
13,855,501 11,216,215
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4. Operating Loss
The operating loss is stated after charging:
2023 2022
as restated
£ £
Bad debts (61,109) (46,515)
Depreciation of tangible fixed assets 76,296 56,474
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
as restated
£ £
Audit Services
Audit of the company's financial statements 25,000 -
Non-Audit Services
Other non-audit services 5,000 -
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
as restated
£ £
Wages and salaries 3,591,386 2,761,415
Social security costs 413,272 296,932
Other pension costs 36,901 27,823
4,041,559 3,086,170
7. Average Number of Employees
Average number of employees, including directors, during the year was: 79 (2022: 73)
79 73
8. Directors' remuneration
2023 2022
as restated
£ £
Emoluments 321,131 252,994
321,131 252,994
Information regarding the highest paid director was as follows:
2023 2022
as restated
£ £
Emoluments 123,851 91,099
123,851 91,099
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9. Interest Payable and Similar Charges
2023 2022
as restated
£ £
Bank loans and overdrafts 7,337 8,712
7,337 8,712
10. Tax on Profit
The tax credit on the loss for the year was as follows:
Tax Rate 2023 2022
as restated
2023 2022 £ £
Current tax
UK Corporation Tax 19.0% 19.0% (171,273 ) (37,021 )
Total tax charge for the period (171,273 ) (37,021 )
The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax (162,232) (2,097,492)
Tax on profit at 19% (UK standard rate) - -
Research and Development tax credit (171,273 ) (37,021 )
Total tax charge for the period (171,273) (37,021)
11. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost or Valuation
As at 1 May 2022 785,000 13,265 13,030 121,609
Additions - - 21,864 28,269
Revaluation 85,000 - - -
As at 30 April 2023 870,000 13,265 34,894 149,878
Depreciation
As at 1 May 2022 - 6,191 9,455 43,394
Provided during the period - 3,169 10,535 34,393
As at 30 April 2023 - 9,360 19,990 77,787
Net Book Value
As at 30 April 2023 870,000 3,905 14,904 72,091
As at 1 May 2022 785,000 7,074 3,575 78,215
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Fixtures & Fittings Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 May 2022 17,130 57,683 1,007,717
Additions 2,816 38,829 91,778
Revaluation - - 85,000
As at 30 April 2023 19,946 96,512 1,184,495
Depreciation
As at 1 May 2022 7,960 24,729 91,729
Provided during the period 3,301 24,897 76,295
As at 30 April 2023 11,261 49,626 168,024
Net Book Value
As at 30 April 2023 8,685 46,886 1,016,471
As at 1 May 2022 9,170 32,954 915,988
13. Stocks
2023 2022
as restated
£ £
Stock 110,920 104,485
Work in progress (1,100,368 ) (651,286 )
(989,448 ) (546,801 )
14. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 3,419,995 2,445,944
Prepayments and accrued income 416,941 67,710
Other debtors 58,028 85,919
Net wages 6,713 4,992
3,901,677 2,604,565
15. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 2,185,760 1,596,829
Bank loans and overdrafts 203,990 78,857
Other creditors 14,785 11,139
Corporation tax (218,905 ) (47,632 )
Taxation and social security 641,169 519,813
Accruals and deferred income 1,927,273 2,344,777
4,754,072 4,503,783
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16. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 250,907 329,764
250,907 329,764
17. Loans
An analysis of the maturity of loans is given below:
2023 2022
as restated
£ £
Amounts falling due within one year or on demand:
Bank loans 78,857 78,857
78,857 78,857
2023 2022
as restated
£ £
Amounts falling due between one and five years:
Bank loans 250,907 329,764
250,907 329,764
18. Share Capital
2023 2022
as restated
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
19. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £36,901 (2022: £0).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
20. Reclassifications and comparative figures
A review of the accounting treatment of the contracts and resultant recognition of income, assets and liabilities in the accounts uncovered a failure to account for these items in accordance with the requirements of FRS 102 in the previous period.
As a result certain line items have been amended in the statement of profit or loss, balance sheet and other comprehensive income,  and the related notes to the financial statements. Comparative figures have been adjusted to conform to the current year’s presentation.
Summary of the prior year accounting impact:
2022
2022
as restated
£
£
Work in progress
-
(651,286)
Accruals and deferred income
656,850
2,344,777
...CONTINUED
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Reserves
Profit and Loss Account
1,287,865
(1,051,348)
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