Registered number
06427222
EMS Lifts Limited
Filleted Accounts
31 December 2023
EMS Lifts Limited
Registered number: 06427222
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 11,000 -
Tangible assets 4 567,680 129,448
Investments 5 51,527 49,860
630,207 179,308
Current assets
Stocks 422,688 443,533
Debtors 6 351,824 350,296
Investments held as current assets 7 10,000 5,000
Cash at bank and in hand 1,537,660 1,823,631
2,322,172 2,622,460
Creditors: amounts falling due within one year 8 (329,159) (263,704)
Net current assets 1,993,013 2,358,756
Total assets less current liabilities 2,623,220 2,538,064
Creditors: amounts falling due after more than one year 9 (656,376) (602,077)
Provisions for liabilities (29,145) (18,307)
Net assets 1,937,699 1,917,680
Capital and reserves
Called up share capital 26,453 26,451
Share premium 450 450
Profit and loss account 1,910,796 1,890,779
Shareholders' funds 1,937,699 1,917,680
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J W Muir G Muir
Director Director
Approved by the board on 11 March 2024
EMS Lifts Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% straight line
Plant and machinery 20% straight line
Fixtures, fittings, tools and equipment 20% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 28 26
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 420,000
Additions 11,000
At 31 December 2023 431,000
Amortisation
At 1 January 2023 420,000
At 31 December 2023 420,000
Net book value
At 31 December 2023 11,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 - 52,166 290,709 342,875
Additions 309,865 29,240 212,003 551,108
Disposals - (39,428) (94,838) (134,266)
At 31 December 2023 309,865 41,978 407,874 759,717
Depreciation
At 1 January 2023 - 43,687 169,740 213,427
Charge for the year - 3,912 84,450 88,362
On disposals - (35,382) (74,370) (109,752)
At 31 December 2023 - 12,217 179,820 192,037
Net book value
At 31 December 2023 309,865 29,761 228,054 567,680
At 31 December 2022 - 8,479 120,969 129,448
5 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 January 2023 500 49,360 49,860
Additions - 1,667 1,667
At 31 December 2023 500 51,027 51,527
6 Debtors 2023 2022
£ £
Trade debtors 271,651 267,257
Other debtors 80,173 83,039
351,824 350,296
7 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 10,000 5,000
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments - -
8 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 236,396 136,780
Directors' loan account 6,133 -
Accruals 5,796 7,284
Taxation and social security costs 80,834 119,640
329,159 263,704
9 Creditors: amounts falling due after one year 2023 2022
£ £
Pre-paid non returnable service contracts 583,123 536,668
Provisions 73,253 65,409
656,376 602,077
10 Controlling party
The ultimate controlling party was Mr. J W Muir, a director and shareholder of the company.
11 Other information
EMS Lifts Limited is a private company limited by shares and incorporated in England. Its registered office is:
6 Marquis Business Centre
Royston Road
Baldock
Hertfordshire
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