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COMPANY REGISTRATION NUMBER: 6281490
LIFT-Financial Group Ltd
Unaudited Financial Statements
31 December 2023
LIFT-Financial Group Ltd
Financial Statements
Year ended 31st December 2023
Contents
Page
Directors' report
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
LIFT-Financial Group Ltd
Directors' Report
Year ended 31st December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the year was the provision of financial advice.
Directors
The directors who served the company during the year were as follows:
Mr J M Adams
Mr M I Holden
Mr C J Westbrook
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 February 2024 and signed on behalf of the board by:
Mr C J Westbrook
Director
Registered office:
Century House
Regent Road
Altrincham
Cheshire
WA14 1RR
LIFT-Financial Group Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of LIFT-Financial Group Ltd
Year ended 31st December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31st December 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
EDWARDS VEEDER LLP Chartered accountants
Alex House 260-268 Chapel Street Salford M3 5JZ
27 February 2024
LIFT-Financial Group Ltd
Statement of Income and Retained Earnings
Year ended 31st December 2023
2023
2022
Note
£
£
Turnover
5,730,905
5,289,894
Cost of sales
1,449,145
2,007,548
------------
------------
Gross profit
4,281,760
3,282,346
Administrative expenses
4,047,606
3,323,817
------------
------------
Operating profit/(loss)
234,154
( 41,471)
Income from shares in group undertakings
183,500
200,400
Other interest receivable and similar income
3,772
367
------------
------------
Profit before taxation
5
421,426
159,296
Tax on profit
57,153
2,958
---------
---------
Profit for the financial year and total comprehensive income
364,273
156,338
---------
---------
Dividends paid and payable
( 402,336)
( 186,336)
Retained earnings at the start of the year
191,497
221,495
---------
---------
Retained earnings at the end of the year
153,434
191,497
---------
---------
All the activities of the company are from continuing operations.
LIFT-Financial Group Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
63,404
50,952
Current assets
Debtors
8
479,404
552,465
Investments
9
436
436
Cash at bank and in hand
252,697
288,921
---------
---------
732,537
841,822
Creditors: amounts falling due within one year
10
626,542
694,624
---------
---------
Net current assets
105,995
147,198
---------
---------
Total assets less current liabilities
169,399
198,150
Provisions
Taxation including deferred tax
15,851
6,539
---------
---------
Net assets
153,548
191,611
---------
---------
Capital and reserves
Called up share capital
114
114
Profit and loss account
153,434
191,497
---------
---------
Shareholders funds
153,548
191,611
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31st December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LIFT-Financial Group Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 27 February 2024 , and are signed on behalf of the board by:
Mr C J Westbrook
Director
Company registration number: 6281490
LIFT-Financial Group Ltd
Notes to the Financial Statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Century House, Regent Road, Altrincham, Cheshire, WA14 1RR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 65 (2022: 63 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
12,000
4,000
--------
-------
6. Intangible assets
Goodwill
£
Cost
At 1st January 2023 and 31st December 2023
51,808
--------
Amortisation
At 1st January 2023 and 31st December 2023
51,808
--------
Carrying amount
At 31st December 2023
--------
At 31st December 2022
--------
7. Tangible assets
Equipment
Total
£
£
Cost
At 1st January 2023
131,226
131,226
Additions
24,452
24,452
---------
---------
At 31st December 2023
155,678
155,678
---------
---------
Depreciation
At 1st January 2023
80,274
80,274
Charge for the year
12,000
12,000
---------
---------
At 31st December 2023
92,274
92,274
---------
---------
Carrying amount
At 31st December 2023
63,404
63,404
---------
---------
At 31st December 2022
50,952
50,952
---------
---------
8. Debtors
2023
2022
£
£
Trade debtors
175,295
209,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest
304,109
343,465
---------
---------
479,404
552,465
---------
---------
9. Investments
2023
2022
£
£
Other investments
436
436
----
----
10. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,739
6,016
Amounts owed to group undertakings and undertakings in which the company has a participating interest
196,077
283,324
Corporation tax
47,841
Social security and other taxes
219,271
269,440
Other creditors
154,614
135,844
---------
---------
626,542
694,624
---------
---------
11. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed.