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REGISTERED NUMBER: 02182413 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2024

for

PREMIER LIFTS LIMITED

PREMIER LIFTS LIMITED (REGISTERED NUMBER: 02182413)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PREMIER LIFTS LIMITED

Company Information
for the year ended 31 March 2024







Directors: Mr J H Larkin
Mr N D Larkin
Mr S W Larkin





Registered office: Harrow Lodge House
Hornchurch Road
Hornchurch
Essex
RM11 1JU





Registered number: 02182413 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

PREMIER LIFTS LIMITED (REGISTERED NUMBER: 02182413)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 17,921 16,893

Current assets
Stocks 5,275 26,738
Debtors 5 711,100 496,628
Cash at bank and in hand 120,199 87,516
836,574 610,882
Creditors
Amounts falling due within one year 6 317,362 177,006
Net current assets 519,212 433,876
Total assets less current liabilities 537,133 450,769

Provisions for liabilities 4,480 3,210
Net assets 532,653 447,559

Capital and reserves
Called up share capital 8 15 15
Capital redemption reserve 15 15
Retained earnings 532,623 447,529
Shareholders' funds 532,653 447,559

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





Mr S W Larkin - Director


PREMIER LIFTS LIMITED (REGISTERED NUMBER: 02182413)

Notes to the Financial Statements
for the year ended 31 March 2024


1. Statutory information

Premier Lifts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PREMIER LIFTS LIMITED (REGISTERED NUMBER: 02182413)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 10 (2023 - 10 ) .

4. Tangible fixed assets
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
Cost
At 1 April 2023 3,255 27,013 21,095 51,363
Additions - 4,666 - 4,666
Disposals - (403 ) - (403 )
At 31 March 2024 3,255 31,276 21,095 55,626
Depreciation
At 1 April 2023 814 17,891 15,765 34,470
Charge for year 610 1,563 1,332 3,505
Eliminated on disposal - (270 ) - (270 )
At 31 March 2024 1,424 19,184 17,097 37,705
Net book value
At 31 March 2024 1,831 12,092 3,998 17,921
At 31 March 2023 2,441 9,122 5,330 16,893

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 279,294 184,656
Amounts owed by group undertakings 417,600 300,000
Other debtors 14,206 11,972
711,100 496,628

PREMIER LIFTS LIMITED (REGISTERED NUMBER: 02182413)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 35,375 59,453
Taxation and social security 88,533 44,989
Other creditors 193,454 72,564
317,362 177,006

7. Leasing agreements

At 31 March 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £31,198 (2023: £53,057).

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
15 Ordinary £1 15 15

9. Ultimate controlling party

The company is a wholly owned subsidiary of Kinsman Elevators Limited. A company registered in England and Wales.