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COMPANY REGISTRATION NUMBER: 04134353
DOMESTIC LIFT SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
DOMESTIC LIFT SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
29,595
40,281
Current assets
Stocks
13,832
10,985
Debtors
6
115,037
118,737
Cash at bank and in hand
57,970
41,971
---------
---------
186,839
171,693
Creditors: amounts falling due within one year
7
203,666
179,249
---------
---------
Net current liabilities
16,827
7,556
--------
--------
Total assets less current liabilities
12,768
32,725
Creditors: amounts falling due after more than one year
8
13,895
34,264
Provisions
Taxation including deferred tax
( 6,692)
( 6,128)
--------
--------
Net assets
5,565
4,589
--------
--------
Capital and reserves
Called up share capital
9
3
3
Profit and loss account
5,562
4,586
-------
-------
Shareholders funds
5,565
4,589
-------
-------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 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 .
DOMESTIC LIFT SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
S M Winfield
Director
Company registration number: 04134353
DOMESTIC LIFT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 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 Unit 2 Lincoln Park Business Centre, Lincoln Road, High Wycombe.
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.
Trade and other debtors
Trade and other debtors are stated at cost less impairment losses for bad and doubtful debts.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable for the installation of stairlifts and hoists during the year, exclusive of Value Added Tax.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
Taxation
Tax on income represents the sum of tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the note to the accounts because of items of that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using the tax rates that have been enacted or subsequently enacted by the end of the accounting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when timing differences reverse, based on current tax rates and laws. Current or deferred tax for the year is recognised in profit and loss.
Related parties
For the purposes of these financial statements, a party is considered to be related to the Company if:
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the Company in making financial and operating policy decisions, or has joint control over the Company;
(ii) the Company and the party are subject to common control;
(iii) the party is an associate of the Company or a joint venture in which the Company is a venturer;
(iv) the party is a member of key management personnel of the Company or the Company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company.
Close family members of an individual are those family members who it may be expected to influence, or be influenced by, that individual in their dealings with the entity.
Operating leases
Operating lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
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:
Leasehold property
-
20% straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Defined contribution plans
The company operates a defined contribution pension scheme for Directors and employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 12 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
13,122
19,026
90,283
5,106
127,537
Additions
2,543
2,543
Disposals
( 5,200)
( 2,835)
( 8,035)
--------
--------
--------
-------
---------
At 31 December 2023
13,122
19,026
85,083
4,814
122,045
--------
--------
--------
-------
---------
Depreciation
At 1 January 2023
13,120
18,867
53,375
1,894
87,256
Charge for the year
40
8,918
910
9,868
Disposals
( 3,965)
( 709)
( 4,674)
--------
--------
--------
-------
---------
At 31 December 2023
13,120
18,907
58,328
2,095
92,450
--------
--------
--------
-------
---------
Carrying amount
At 31 December 2023
2
119
26,755
2,719
29,595
--------
--------
--------
-------
---------
At 31 December 2022
2
159
36,908
3,212
40,281
--------
--------
--------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
17,885
--------
At 31 December 2022
23,846
--------
6. Debtors
2023
2022
£
£
Trade debtors
97,352
73,154
Other debtors
17,685
45,583
---------
---------
115,037
118,737
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,963
13,280
Trade creditors
99,945
94,928
Social security and other taxes
12,889
13,904
Other creditors
76,869
57,137
---------
---------
203,666
179,249
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,044
27,007
Other creditors
851
7,257
--------
--------
13,895
34,264
--------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
3
3
3
3
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
32,741
32,741
Later than 1 year and not later than 5 years
40,287
73,028
--------
---------
73,028
105,769
--------
---------