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Registration number: 07715714

Professional Elevators Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Professional Elevators Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Professional Elevators Limited

Company Information

Directors

B Avers

R Avers

Registered office

Suite 6, Chequers Barn
Chequers Hill
Bough Beech
Kent
TN8 7PD

 

Professional Elevators Limited

(Registration number: 07715714)
Balance Sheet as at 31 March 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

44,449

 

61,955

Current assets

   

 

Debtors

5

238,462

 

265,500

 

Cash at bank and in hand

 

135,764

 

137,361

 

 

374,226

 

402,861

 

Creditors: Amounts falling due within one year

6

(172,980)

 

(162,854)

 

Net current assets

   

201,246

 

240,007

Total assets less current liabilities

   

245,695

 

301,962

Creditors: Amounts falling due after more than one year

6

 

(27,664)

 

(42,063)

Provisions for liabilities

 

(11,112)

 

(15,489)

Net assets

   

206,919

 

244,410

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

206,819

244,310

Total equity

 

206,919

244,410

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Professional Elevators Limited

(Registration number: 07715714)
Balance Sheet as at 31 March 2024 (continued)

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 


B Avers
Director


R Avers
Director

 
     
 

Professional Elevators Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Suite 6, Chequers Barn
Chequers Hill
Bough Beech
Kent
TN8 7PD

The principal place of business is:
Unit C Altbarn Industrial Estate
Revenge Road
Lordswood
Chatham
Kent
ME5 8UD

These financial statements were authorised for issue by the Board on 14 August 2024.

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.

Going concern

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

 

Professional Elevators Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover is measured at the fair value of the consideration received and receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company provides comprehensive installation, modernisation and repairs to lifts, in the commercial, public and private sectors. When the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the company recognises revenue on the sale of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered.

When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.

Tax

The tax expense for the period comprises current 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.

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

Leasehold improvements

straigh line over the term of the lease

Computer equipment

20% straight line

Plant and machinery

20% straight line

Motor vehicles

25% straight line

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.

 

Professional Elevators Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
Interest-bearing borrowings are subsequently carried at amorised cost, with the difference between
the proceeds, net of transaction costs, and the amount due on redemption being recognised as a
charge to the Profit & Loss Account ovee the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest
payable and similar charges

Borrowings are classified as current liabilities unless the company has an unconditional right to defer
settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the
lease and the present value of the minimum lease payments. These assets are depreciated on a
straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding
liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Proft and Loss Account and reduction
of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of
the liability.

 

Professional Elevators Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 13 (2023 - 10).

 

Professional Elevators Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Leasehold improvements
£

Computer equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

8,483

3,295

4,956

85,539

102,273

Additions

-

495

5,000

-

5,495

Disposals

-

(650)

-

-

(650)

At 31 March 2024

8,483

3,140

9,956

85,539

107,118

Depreciation

At 1 April 2023

3,771

1,883

1,367

33,297

40,318

Charge for the year

942

757

1,992

19,310

23,001

Eliminated on disposal

-

(650)

-

-

(650)

At 31 March 2024

4,713

1,990

3,359

52,607

62,669

Carrying amount

At 31 March 2024

3,770

1,150

6,597

32,932

44,449

At 31 March 2023

4,712

1,412

3,589

52,242

61,955

5

Debtors

Current

2024
£

2023
£

Trade debtors

60,388

80,288

Other debtors

159,630

153,581

Prepayments

18,444

31,631

 

238,462

265,500

 

Professional Elevators Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

14,399

14,399

Trade creditors

 

7,287

10,042

Taxation and social security

 

124,594

84,276

Other creditors

 

5,881

16,907

Accruals and deferred income

 

20,819

37,230

 

172,980

162,854

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

27,664

42,063

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

16,667

26,667

Hire purchase contracts

10,997

15,396

27,664

42,063

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

4,399

4,399

14,399

14,399

 

Professional Elevators Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Loans and borrowings (continued)

The bank borrowings represent a Bounce Back Loan which is not subject to any security by the company but covered by the UK Government's Bounce Back Loan Scheme guarantee.

The hire purchase contract is secured over the motor vehicle it relates to.

8

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 £35,125 (2023 - £42,150).

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Interest free loan repayable on demand

-

2,013

2,013