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Registration number: 02530653

Able Lifting Equipment (Southern) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Able Lifting Equipment (Southern) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Able Lifting Equipment (Southern) Limited

Company Information

Director

Mr M H Dunning

Company secretary

Mrs L A Newton

Registered office

Unit 6 & 7 Sovereign Business Park
48 Willis Way
Poole
Dorset
BH15 3TB

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountants
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

Able Lifting Equipment (Southern) Limited

(Registration number: 02530653)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

158,397

91,598

Current assets

 

Stocks

6

113,380

109,388

Debtors

7

236,867

355,191

Cash at bank and in hand

 

1,120,663

692,170

 

1,470,910

1,156,749

Creditors: Amounts falling due within one year

8

(541,323)

(477,846)

Net current assets

 

929,587

678,903

Total assets less current liabilities

 

1,087,984

770,501

Creditors: Amounts falling due after more than one year

8

(5,000)

(5,000)

Provisions for liabilities

(39,130)

(18,400)

Net assets

 

1,043,854

747,101

Capital and reserves

 

Called up share capital

5,300

5,300

Retained earnings

1,038,554

741,801

Shareholders' funds

 

1,043,854

747,101

For the financial year ending 31 October 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 26 July 2024
 

.........................................
Mr M H Dunning
Director

 

Able Lifting Equipment (Southern) Limited

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

1

General information

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

The address of its registered office is:
Unit 6 & 7 Sovereign Business Park
48 Willis Way
Poole
Dorset
BH15 3TB
England

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.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants of a revenue nature are recognised when there is a reasonable assurance that conditions attaching to them have been met and the grants will be received. The accruals model has been adopted for recognition.

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.

 

Able Lifting Equipment (Southern) Limited

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

2

Accounting policies (continued)

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% reducing balance

Fixtures and fittings

15% reducing balance

Plant and machinery

15% reducing balance

Leasehold property

over the period of the lease

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Stocks

Stock and work in progress is valued at the lower of cost and estimated net realisable value.

Cost of raw materials is determined on the first in first out basis. In the case of work in progress and
finished goods, cost includes all direct expenditure and production overheads based on the normal
level of activity. Net realisable value is the price at which the stock can be released in the normal
course of business, less further costs to completion of sale.

 

Able Lifting Equipment (Southern) Limited

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

2

Accounting policies (continued)

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 - 13).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

3,328

3,328

At 31 October 2023

3,328

3,328

Amortisation

At 1 November 2022

3,328

3,328

At 31 October 2023

3,328

3,328

Carrying amount

At 31 October 2023

-

-

 

Able Lifting Equipment (Southern) Limited

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2022

9,346

104,490

200,570

49,205

363,611

Additions

-

10,433

92,978

-

103,411

Disposals

-

-

(23,489)

-

(23,489)

At 31 October 2023

9,346

114,923

270,059

49,205

443,533

Depreciation

At 1 November 2022

9,346

95,830

122,955

43,882

272,013

Charge for the year

-

2,864

26,136

799

29,799

Eliminated on disposal

-

-

(16,676)

-

(16,676)

At 31 October 2023

9,346

98,694

132,415

44,681

285,136

Carrying amount

At 31 October 2023

-

16,229

137,644

4,524

158,397

At 31 October 2022

-

8,660

77,615

5,323

91,598

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

113,380

109,388

7

Debtors

2023
£

2022
£

Trade debtors

206,451

234,032

Prepayments

30,416

121,159

236,867

355,191

 

Able Lifting Equipment (Southern) Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

334,259

314,155

Taxation and social security

137,718

91,239

Accruals and deferred income

47,243

18,659

Other creditors

22,103

53,793

541,323

477,846

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

5,000

5,000

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £40,800 (2022 - £37,800).