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Registered number: 02598015
B.J.B. Lift Trucks Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Appleleaf Chartered Certified Accountants
ACCA
5 Town Hall Street
Grimsby
Lincolnshire
DN31 1HN
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—9
Page 1
Balance Sheet
Registered number: 02598015
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 822,122 527,892
822,122 527,892
CURRENT ASSETS
Stocks 5 248,639 223,825
Debtors 6 1,081,827 1,188,900
Cash at bank and in hand 31,872 69,614
1,362,338 1,482,339
Creditors: Amounts Falling Due Within One Year 7 (1,397,550 ) (1,480,214 )
NET CURRENT ASSETS (LIABILITIES) (35,212 ) 2,125
TOTAL ASSETS LESS CURRENT LIABILITIES 786,910 530,017
Creditors: Amounts Falling Due After More Than One Year 8 (370,857 ) (281,586 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (148,815 ) (61,470 )
NET ASSETS 267,238 186,961
CAPITAL AND RESERVES
Called up share capital 11 104 104
Revaluation reserve 13 177,743 22,951
Profit and Loss Account 89,391 163,906
SHAREHOLDERS' FUNDS 267,238 186,961
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alexander Flowers
Director
Mr Ian Roden
Director
20 August 2024
The notes on pages 4 to 9 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 April 2022 104 38,540 102,472 141,116
Profit for year - - 422,979 422,979
Surplus on revaluation - (15,589 ) - (15,589 )
Other comprehensive income for the year - (15,589 ) - (15,589 )
Total comprehensive income for the year - (15,589) 422,979 407,390
Dividends paid - - (361,545) (361,545)
As at 31 March 2023 and 1 April 2023 104 22,951 163,906 186,961
Profit for year - - 773,800 773,800
Surplus on revaluation - 160,397 - 160,397
Deficit on revaluation - (5,605) - (5,605)
Other comprehensive income for the year - 154,792 - 154,792
Total comprehensive income for the year - 154,792 773,800 928,592
Dividends paid - - (848,315) (848,315)
As at 31 March 2024 104 177,743 89,391 267,238
Page 3
Page 4
Notes to the Financial Statements
1. General Information
B.J.B. Lift Trucks Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02598015 . The registered office is BJB House Estate Road Number 1, Grimsby, N E Lincolnshire, DN31 2TB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold The period of the lease
Plant & Machinery 10% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 25% on cost
Forklift Trucks Revalued to market value at each year end
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the 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 statement of comprehensive income because of items of income or expense 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 tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 30 (2023: 28)
30 28
Page 5
Page 6
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost or Valuation
As at 1 April 2023 168,422 70,493 587,070 88,293
Additions - - 228,359 12,454
Disposals - - (80,081 ) -
Revaluation - - - -
As at 31 March 2024 168,422 70,493 735,348 100,747
Depreciation
As at 1 April 2023 135,315 42,843 328,558 79,262
Provided during the period 16,842 4,040 139,638 6,216
Disposals - - (69,636 ) -
As at 31 March 2024 152,157 46,883 398,560 85,478
Net Book Value
As at 31 March 2024 16,265 23,610 336,788 15,269
As at 1 April 2023 33,107 27,650 258,512 9,031
Forklift Trucks Total
£ £
Cost or Valuation
As at 1 April 2023 199,592 1,113,870
Additions 133,206 374,019
Disposals (96,263 ) (176,344 )
Revaluation 193,655 193,655
As at 31 March 2024 430,190 1,505,200
Depreciation
As at 1 April 2023 - 585,978
Provided during the period - 166,736
Disposals - (69,636 )
As at 31 March 2024 - 683,078
Net Book Value
As at 31 March 2024 430,190 822,122
As at 1 April 2023 199,592 527,892
Page 6
Page 7
Included within the net book value of land and buildings above in respect to freehold land and buildings is £NIL (2022 - £NIL) and in respect of long leasehold land and buildings is £16,265 (2023 - £33,106).
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 326,278 258,512
Cost or valuation as at 31 March 2024 represented by:
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
At cost 168,422 70,493 735,348 100,747
At valuation - - - -
168,422 70,493 735,348 100,747
Forklift Trucks Total
£ £
At cost 146,831 1,221,841
At valuation 283,359 283,359
430,190 1,505,200
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Forklift Trucks
£
Cost 146,831
5. Stocks
2024 2023
£ £
Materials 248,639 223,825
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 759,570 850,557
Prepayments and accrued income 625 1,060
Other debtors - 14,288
Corporation tax recoverable assets 45,172 45,172
Directors' loan accounts 276,460 277,823
1,081,827 1,188,900
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 111,010 106,723
Trade creditors 564,421 601,930
Bank loans and overdrafts 249,256 303,856
Corporation tax 265,976 109,319
Other taxes and social security 30,387 26,349
VAT 119,153 147,227
Other loans 24,000 64,000
Accruals and deferred income 33,347 120,810
1,397,550 1,480,214
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 358,556 233,121
Bank loans - 12,164
Other loans (Long term liabilities - creditors > 1 year) 12,301 36,301
370,857 281,586
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 469,666 339,845
Bank loans and overdrafts 249,256 316,018
Page 8
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 111,010 106,723
Later than one year and not later than five years 358,556 233,121
469,566 339,844
469,566 339,844
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 104 104
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Philip Flowers 142,622 - - - 142,622
Mr Peter Harvey 135,202 - - - 135,202
The above loan is unsecured and repayable on demand.
Interest is charged at 2.25% on the outstanding balance of the loan.
13. Reserves
Revaluation Reserve
£
As at 1 April 2023 22,951
Surplus on revaluation 160,397
Deficit on revaluation (5,605)
As at 31 March 2024 177,743
Page 9