Company registration number 11991860 (England and Wales)
COMPACT LIFTING SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
COMPACT LIFTING SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
COMPACT LIFTING SERVICES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
172,013
77,600
Current assets
Debtors
4
721,478
262,515
Cash at bank and in hand
162,881
200,150
884,359
462,665
Creditors: amounts falling due within one year
5
(331,309)
(124,487)
Net current assets
553,050
338,178
Total assets less current liabilities
725,063
415,778
Creditors: amounts falling due after more than one year
6
(269,639)
(64,482)
Provisions for liabilities
(42,962)
(14,671)
Net assets
412,462
336,625
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
412,460
336,623
Total equity
412,462
336,625
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 October 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 members have 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.
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
C N Jarvis
Director
Company registration number 11991860 (England and Wales)
COMPACT LIFTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Compact Lifting Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Glenmore Business Park, Lime Kiln Park, Holbury, Southampton, Hampshire, SO45 2AR.
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 measured at the fair value of the consideration received or receivable for the supply of equipment and the rendering of labour services in the construction industry. This is shown net of discounts and VAT.
Turnover from the provision of services is recognised as the services are provided.
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:
Plant and equipment
25% Straight line
Fixtures and fittings
33% Straight line
Computers
33% Straight line
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
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
COMPACT LIFTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.5
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.
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.
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.
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
COMPACT LIFTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
114,870
Additions
148,150
Disposals
(25,104)
At 31 October 2023
237,916
Depreciation and impairment
At 1 November 2022
37,270
Depreciation charged in the year
40,769
Eliminated in respect of disposals
(12,136)
At 31 October 2023
65,903
Carrying amount
At 31 October 2023
172,013
At 31 October 2022
77,600
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
334,305
177,562
Other debtors
387,173
84,953
721,478
262,515
COMPACT LIFTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
28,464
Trade creditors
73,657
36,056
Taxation and social security
174,954
58,444
Other creditors
54,234
29,987
331,309
124,487
Hire purchase creditors of £35,688 (2022 - £9,712) are secured on the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
157,731
34,167
Other creditors
111,908
30,315
269,639
64,482
Hire purchase creditors of £111,908 (2022 - £30,315) are secured on the assets to which they relate.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
13,750
13,750
Between two and five years
17,188
30,938
30,938
44,688
9
Related party transactions
At the reporting end date a related party owed the company £6,620 (2022 - NIL) by way of an interest free loan.
COMPACT LIFTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors advances
2.25
164
398,596
4,077
(243,512)
159,325
164
398,596
4,077
(243,512)
159,325