Company registration number 13203080 (England and Wales)
TRANSLIFT GROUP OF COMPANIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TRANSLIFT GROUP OF COMPANIES LIMITED
COMPANY INFORMATION
Directors
Mr Paul Berrow
Mr R J Bull
Mr Guy Hemington
Mr David Tucker
Company number
13203080
Registered office
22 Padgets Lane
Redditch
B98 0RB
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
TRANSLIFT GROUP OF COMPANIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 33
TRANSLIFT GROUP OF COMPANIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The key activity of the group remains the supply, hire and service of material handling products with the main focus being the articulated forklift truck.

The business has continued to invest in its fleet with an ongoing refurbishment programme and new additions. In a strategic move to increase the product portfolio across the business it acquired QA Liftrucks Limited, bringing higher capacity forklifts and a generous rental fleet into the group.

R&D has continued to be an important part of the business as we continue to innovate to develop new products and improve current ones.

The national service footprint and the rental ability to offer a ‘one-stop’ shop still represents a key competitive advantage for the group and differentiates the business from many of the market competitors. The advantage has now capitalised further by the additional offering that the most recent acquisition has brought to the group.

The group remains committed to preventing and mitigating adverse effects upon the environment and upon people, which arise from its activities. An example would be the group making a move towards a paperless office framework where possible and reducing unnecessary travel. The group seeks to minimize wherever possible the volume of waste it creates.

The group seeks to minimize wherever possible the volume of waste it creates as a result of its activities by continually working with its principal suppliers to establish projects for recycling and remanufacturing of products. The group is an equal opportunities employer and seeks to encourage and promote all employees to maximize their potential in the group.

Principal risks and uncertainties

The principal risk which could affect sales volumes is the overall health of the UK. The group has sought to mitigate this risk by diversifying the range of products that it sells and by sourcing multiple suppliers to reduce dependency on crucial suppliers. The business has a strong recurring revenue base from its service and hire activities. Through the extensive knowledge of the market by its employees, it is well positioned to provide additional value added services to its customers.

 

The group continues to reduce its foreign currency risk for products supplied from overseas, by revising the principal terms of trade so that its exposure to foreign currency purchases is significantly reduced.

 

The group has a potential exposure to credit risk from its customers. This risk is managed by ensuring, where possible, that the equipment sales are paid for in advance.

Key performance indicators

The directors consider that the key financial indicators are turnover, gross profit margin and profit before taxation.

 

The turnover for the group was £18.28m (2023: £15.29m); an increase of 19.6% from the previous year. Gross profit for the group was £6.06.m (2022: £5.26m); an increase of 15.2% from the previous year. The gross profit margin was 33.2% compared to 34.4% in the prior year.

 

Profit before taxation was £921,764 compared to £570,499 in 31 March 2023.

On behalf of the board

Mr R J Bull
Director
22 July 2024
TRANSLIFT GROUP OF COMPANIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £15,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Paul Berrow
Mr R J Bull
Mr Guy Hemington
Mr David Tucker
Auditor

In accordance with the company's articles, a resolution proposing that BK Plus Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R J Bull
Director
22 July 2024
2024-07-22
TRANSLIFT GROUP OF COMPANIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TRANSLIFT GROUP OF COMPANIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRANSLIFT GROUP OF COMPANIES LIMITED
- 4 -
Opinion

We have audited the financial statements of Translift Group Of Companies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TRANSLIFT GROUP OF COMPANIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRANSLIFT GROUP OF COMPANIES LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TRANSLIFT GROUP OF COMPANIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRANSLIFT GROUP OF COMPANIES LIMITED
- 6 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
22 July 2024
Chartered Accountants
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
TRANSLIFT GROUP OF COMPANIES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
18,283,905
15,290,875
Cost of sales
(12,219,199)
(10,032,227)
Gross profit
6,064,706
5,258,648
Administrative expenses
(4,804,904)
(4,262,005)
Other operating income
-
1,500
Operating profit
4
1,259,802
998,143
Interest receivable and similar income
8
28
11,348
Interest payable and similar expenses
9
(338,066)
(438,992)
Profit before taxation
921,764
570,499
Tax on profit
10
(395,523)
(71,569)
Profit for the financial year
26
526,241
498,930
Profit for the financial year is all attributable to the owners of the parent company.
TRANSLIFT GROUP OF COMPANIES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
£
£
Profit for the year
526,241
498,930
Other comprehensive income
Revaluation of tangible fixed assets
-
0
1,196,502
Tax relating to other comprehensive income
146,136
(231,587)
Other comprehensive income for the year
146,136
964,915
Total comprehensive income for the year
672,377
1,463,845
Total comprehensive income for the year is all attributable to the owners of the parent company.
TRANSLIFT GROUP OF COMPANIES LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
877,011
990,297
Tangible assets
13
5,814,115
6,082,853
6,691,126
7,073,150
Current assets
Stocks
16
2,805,875
2,686,065
Debtors
17
2,161,511
2,217,866
Cash at bank and in hand
214,803
234,951
5,182,189
5,138,882
Creditors: amounts falling due within one year
18
(5,661,175)
(6,075,698)
Net current liabilities
(478,986)
(936,816)
Total assets less current liabilities
6,212,140
6,136,334
Creditors: amounts falling due after more than one year
19
(2,192,762)
(2,779,821)
Provisions for liabilities
Provisions
22
74,696
74,381
Deferred tax liability
23
986,431
896,258
(1,061,127)
(970,639)
Net assets
2,958,251
2,385,874
Capital and reserves
Called up share capital
25
264,180
264,180
Share premium account
26
217,044
260,930
Revaluation reserve
26
1,042,417
1,026,537
Own shares
26
(26,667)
-
0
Profit and loss reserves
26
1,461,277
834,227
Total equity
2,958,251
2,385,874

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
22 July 2024
Mr R J Bull
Director
Company registration number 13203080 (England and Wales)
TRANSLIFT GROUP OF COMPANIES LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
3,218,723
3,218,723
Current assets
Debtors
17
71,076
-
0
Creditors: amounts falling due within one year
18
(2,770,119)
(2,418,613)
Net current liabilities
(2,699,043)
(2,418,613)
Total assets less current liabilities
519,680
800,110
Creditors: amounts falling due after more than one year
19
-
(275,000)
Net assets
519,680
525,110
Capital and reserves
Called up share capital
25
264,180
264,180
Share premium account
26
217,044
260,930
Own shares
26
(26,667)
-
0
Profit and loss reserves
26
65,123
-
Total equity
519,680
525,110

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £94,570 (2023 - £15,000 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
22 July 2024
Mr R J Bull
Director
Company registration number 13203080 (England and Wales)
TRANSLIFT GROUP OF COMPANIES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Share premium account
Revaluation reserve
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2022
264,180
260,930
230,581
-
0
181,338
937,029
Year ended 31 March 2023:
Profit for the year
-
-
-
-
498,930
498,930
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
1,196,502
-
-
1,196,502
Tax relating to other comprehensive income
-
-
(231,587)
-
-
0
(231,587)
Total comprehensive income
-
-
964,915
-
498,930
1,463,845
Dividends
11
-
-
-
-
(15,000)
(15,000)
Transfers
-
-
(168,959)
-
168,959
-
Balance at 31 March 2023
264,180
260,930
1,026,537
-
0
834,227
2,385,874
Year ended 31 March 2024:
Profit for the year
-
-
-
-
526,241
526,241
Other comprehensive income:
Tax relating to other comprehensive income
-
-
146,136
-
-
0
146,136
Total comprehensive income
-
-
146,136
-
526,241
672,377
Dividends
11
-
-
-
-
(15,000)
(15,000)
Own shares acquired
-
-
-
(26,667)
(58,333)
(85,000)
Redemption of shares
25
-
(43,886)
-
-
43,886
-
0
Transfers
-
-
(130,256)
-
130,256
-
Balance at 31 March 2024
264,180
217,044
1,042,417
(26,667)
1,461,277
2,958,251
TRANSLIFT GROUP OF COMPANIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
264,180
260,930
-
0
-
0
525,110
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
15,000
15,000
Dividends
11
-
-
-
(15,000)
(15,000)
Balance at 31 March 2023
264,180
260,930
-
0
-
0
525,110
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
94,570
94,570
Dividends
11
-
-
-
(15,000)
(15,000)
Own shares acquired
-
-
(26,667)
(58,333)
(85,000)
Redemption of shares
25
-
(43,886)
-
43,886
-
0
Balance at 31 March 2024
264,180
217,044
(26,667)
65,123
519,680
TRANSLIFT GROUP OF COMPANIES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,025,093
1,485,817
Interest paid
(338,066)
(438,992)
Income taxes (paid)/refunded
(14,426)
10,802
Net cash inflow from operating activities
1,672,601
1,057,627
Investing activities
Purchase of business
-
(679,753)
Purchase of tangible fixed assets
(858,185)
(1,463,891)
Proceeds from disposal of tangible fixed assets
207,296
304,820
Interest received
28
11,348
Net cash used in investing activities
(650,861)
(1,827,476)
Financing activities
Purchase of treasury shares
(85,000)
-
0
Proceeds from borrowings
-
1,522,764
Repayment of borrowings
(611,705)
-
Proceeds from new bank loans
1,000,000
-
Repayment of bank loans
(788,511)
(361,652)
Payment of finance leases obligations
(541,672)
(263,770)
Dividends paid to equity shareholders
(15,000)
(15,000)
Net cash (used in)/generated from financing activities
(1,041,888)
882,342
Net (decrease)/increase in cash and cash equivalents
(20,148)
112,493
Cash and cash equivalents at beginning of year
234,951
122,458
Cash and cash equivalents at end of year
214,803
234,951
TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Translift Group Of Companies Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 22 Padgets Lane, Redditch, B98 0RB.

 

The group consists of Translift Group Of Companies Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Change in accounting estimate

During the year to 31 March 2024, the group changed the method of depreciating its motor vehicles from 33% on a straight line basis to 25% on a straight line basis, this revised method better reflects the entity’s consumption of the motor vehicles over their useful lives and is consistent with the entity’s replacement cycle.

 

The change in depreciation method is a change in accounting estimate and is accounted for in the period of the change (i.e. in the current year) and in subsequent periods.

TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Business combinations

The consolidated group financial statements consist of the financial statements of the parent company Translift Group Of Companies Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Basis of consolidation

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate due to having adequate resources to continue in operational existence for a period of at least 12 months following the date of signing these financial statements.

The group made a large increase in profit during the period in comparison to the previous year.

As well as considering the business plan and whether the business will generate enough surplus to reinvest back into the business, the directors have considered whether the business can meet its liabilities.

At the year end the group had liquid resources available to it comprising cash at bank, debtors falling due within one year and unutilised credit lines. In assessing going concern, account was also taken of the cash impact of its creditors falling due within one year and the forecast trading performance of the group over the next 12 months. The board reached a decision that the group had sufficient resources to meet its liabilities over the next 12 months. On this basis the directors are confident that the group has adequate resources to continue in operation for the next 12 months and have therefore adopted the going concern basis in preparing the financial statements.

TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Plant and equipment
10% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
18,283,905
15,290,875
2024
2023
£
£
Turnover analysed by geographical market
18,283,905
15,290,875
2024
2023
£
£
Other revenue
Interest income
28
11,348
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
3,911
14,936
Depreciation of owned tangible fixed assets
844,441
807,190
Depreciation of tangible fixed assets held under finance leases
92,999
92,999
Profit on disposal of tangible fixed assets
(17,813)
(34,679)
Amortisation of intangible assets
113,286
113,286
Operating lease charges
416,937
348,767
TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
27,000
29,357
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
29
24
-
-
Works and services
61
61
-
-
Total
90
85
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,586,419
3,314,212
-
0
-
0
Social security costs
351,536
331,642
-
-
Pension costs
124,526
89,754
-
0
-
0
4,062,481
3,735,608
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
390,761
380,904
Company pension contributions to defined contribution schemes
20,581
10,403
411,342
391,307
TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
179,269
173,726
Company pension contributions to defined contribution schemes
11,011
5,063

Retirement benefits were accruing to 2 directors during the year (2022 : 2) in respect of defined contribution pension schemes.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
28
11,242
Other interest income
-
106
Total income
28
11,348
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
144,490
99,650
Interest on finance leases and hire purchase contracts
193,576
339,342
Total finance costs
338,066
438,992
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
163,742
18,954
Adjustments in respect of prior periods
(4,527)
33
Total current tax
159,215
18,987
Deferred tax
Origination and reversal of timing differences
16,831
52,582
Changes in tax rates
123,590
-
0
Adjustment in respect of prior periods
95,887
-
0
Total deferred tax
236,308
52,582
Total tax charge
395,523
71,569
TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
921,764
570,499
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
230,441
108,395
Tax effect of expenses that are not deductible in determining taxable profit
54,304
162,834
Gains not taxable
-
0
(6,589)
Tax effect of utilisation of tax losses not previously recognised
(12,475)
(91,673)
Unutilised tax losses carried forward
-
0
10,764
Change in unrecognised deferred tax assets
29,532
-
0
Effect of change in corporation tax rate
123,590
-
Group relief
-
0
(31,961)
Permanent capital allowances in excess of depreciation
-
(101,123)
Depreciation on assets not qualifying for tax allowances
3,350
-
Research and development tax credit
(79,110)
(86,662)
Other permanent differences
(2,344)
-
0
Under/(over) provided in prior years
(4,784)
33
Deferred tax adjustments in respect of prior years
53,019
-
0
Utilisation of losses brought forward
-
0
(9,670)
Other tax adjustments
-
0
9,067
Deferred tax
-
0
108,154
Taxation charge
395,523
71,569

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(146,136)
231,587
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
15,000
15,000
TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,121,665
Amortisation and impairment
At 1 April 2023
131,368
Amortisation charged for the year
113,286
At 31 March 2024
244,654
Carrying amount
At 31 March 2024
877,011
At 31 March 2023
990,297
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
2,575,000
4,509,839
403,035
155,022
354,556
7,997,452
Additions
-
0
814,816
41,487
1,882
-
0
858,185
Disposals
-
0
(442,973)
-
0
-
0
(66,950)
(509,923)
At 31 March 2024
2,575,000
4,881,682
444,522
156,904
287,606
8,345,714
Depreciation and impairment
At 1 April 2023
10,050
1,356,652
300,183
123,592
124,122
1,914,599
Depreciation charged in the year
13,400
752,828
56,897
20,591
93,724
937,440
Eliminated in respect of disposals
-
0
(253,490)
-
0
-
0
(66,950)
(320,440)
At 31 March 2024
23,450
1,855,990
357,080
144,183
150,896
2,531,599
Carrying amount
At 31 March 2024
2,551,550
3,025,692
87,442
12,721
136,710
5,814,115
At 31 March 2023
2,564,950
3,153,187
102,852
31,430
230,434
6,082,853
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 26 -

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
2,551,550
2,564,950
-
0
-
0

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
1,387,077
1,721,920
-
0
-
0
Motor vehicles
136,709
229,708
-
0
-
0
1,523,786
1,951,628
-
-

Freehold land and buildings with a carrying amount of £2,551,550 (2023 - £2,564,950) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Included in the cost or valuation is freehold land of £335,860 (2023 : £335,860) which is not depreciated.

Land and buildings with a carrying amount of £1,875,000 were revalued at 31 March 2023 by independent third party valuation experts. The valuation was based on recent market transactions on arm's length terms for similar properties. The directors are satisfied that this valuation represents fair value as at 31 March 2024.

 

Land and buildings with a carrying amount of £676,550 were revalued at 30 June 2022 by independent third party valuation experts. The valuation was based on recent market transactions on arm's length terms for similar properties. The directors are satisfied that this valuation represents fair value as at 31 March 2024.

 

Hire fleet with a carrying amount of £1,959,979 were revalued in 2018 by independent valuers not connected with the company on the basis of market value. The directors are satisfied that the 2018 valuation represents fair value as at 31 March 2024.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Plant & Machinery
Land & buildings
2024
2023
2024
2023
£
£
£
£
Group
Cost
4,210,663
4,019,536
1,265,776
1,265,776
Accumulated depreciation
(2,991,742)
(2,257,173)
(281,939)
(264,821)
Carrying value
1,218,921
1,762,363
983,837
1,000,955
TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,218,723
3,218,723
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
3,218,723
Carrying amount
At 31 March 2024
3,218,723
At 31 March 2023
3,218,723
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
JPE Investments Limited
22 Padgets Lane, Redditch, B98 0RB
Ordinary
100.00
-
Translift Bendi Limited
22 Padgets Lane, Redditch, B98 0RB
Ordinary
0
100.00
Translift Properties Limited
22 Padgets Lane, South Moons Moat Redditch, B98 0RB
Ordinary
0
100.00
Translift Rentals Limited
22 Padgets Lane, South Moons Moat Redditch, B98 0RB
Ordinary
0
100.00
QA Liftrucks Limited
22 Padgets Lane, Redditch, B98 0RB
Ordinary
100.00
-
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,727,044
1,829,930
-
-
Work in progress
305,532
298,815
-
-
Finished goods and goods for resale
773,299
557,320
-
0
-
0
2,805,875
2,686,065
-
-
TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,013,783
2,079,264
-
0
-
0
Amounts owed by group undertakings
-
-
64,265
-
Other debtors
2,999
843
-
0
-
0
Prepayments and accrued income
144,729
137,759
6,811
-
0
2,161,511
2,217,866
71,076
-

Amounts owed to group undertakings are interest free and repayable on demand.

18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
33,789
142,542
-
0
-
0
Obligations under finance leases
21
368,498
619,661
-
0
-
0
Other borrowings
20
365,766
413,927
73,333
-
0
Trade creditors
1,626,755
2,059,422
8,100
2,100
Amounts owed to group undertakings
-
0
-
0
2,688,686
2,416,513
Corporation tax payable
163,742
18,954
-
0
-
0
Other taxation and social security
586,566
467,109
-
-
Other creditors
1,162,811
1,049,870
-
0
-
0
Accruals and deferred income
1,353,248
1,304,213
-
0
-
0
5,661,175
6,075,698
2,770,119
2,418,613
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
952,132
631,890
-
0
-
0
Obligations under finance leases
21
420,337
710,846
-
0
-
0
Other borrowings
20
820,293
1,383,837
-
0
275,000
Accruals and deferred income
-
0
53,248
-
0
-
0
2,192,762
2,779,821
-
275,000
Amounts included above which fall due after five years are as follows:
Payable by instalments
816,976
-
-
-
TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
985,921
774,432
-
0
-
0
Other loans
1,186,059
1,797,764
73,333
275,000
2,171,980
2,572,196
73,333
275,000
Payable within one year
399,555
556,469
73,333
-
0
Payable after one year
1,772,425
2,015,727
-
0
275,000

Terms and security

 

The bank loan is secured over the freehold property of the business, with a cross guarantee from all group companies. Interest is payable at 3.95% per annum.

 

Amounts owed to group undertakings are interest free and repayable on demand.

 

Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

 

Included in other creditors is an amount of £1,119,501 (2023: £970,527) relating to invoice discounting, this is secured by a debenture, legal charge and chattels mortgage held with Aldermore Bank PLC, dated 13/04/2022 and 28/06/22, with a fixed and floating charge over the assets of the company, along with a fixed and floating charge over all property or undertaking of the company for a debeture also held with Close Brothers Limited dated 07/02/2019 .

 

Included in other loans is £873,957 (2023: £1,086,290) secured by a debenture, legal charge and chattels mortgage held with Aldermore Bank PLC, dated 13/04/2022 and 28/06/22, with a fixed and floating charge over the assets of the company.

 

There is also a chattel mortgage with Aldemore Bank PLC dated 03/04/2018, which is secured via a fixed and floating charge over all property or undertaking of the company

 

There is also a chattel mortgage with Aldemore Bank PLC dated 04/07/2017, which is secured via a fixed and floating charge over all property or undertaking of the company

 

There is also a debenture with Aldemore Bank PLC dated 04/07/2017, which is secured via a fixed and floating charge over all property or undertaking of the company

 

Any funds due to Barclays Bank PLC are secured by a legal charge on the Freehold Unit 23 Padgets Lane, Redditch, Worcestershire B98 0RB dated 19/10/2012 and 08/12/2009

TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
383,915
636,855
-
0
-
0
In two to five years
469,579
776,135
-
0
-
0
853,494
1,412,990
-
-
Less: future finance charges
(64,659)
(82,483)
-
0
-
0
788,835
1,330,507
-
0
-
0
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Warranty provision
74,696
74,381
-
-
Movements on provisions:
Warranty provision
Group
£
At 1 April 2023
74,382
Additional provisions in the year
314
At 31 March 2024
74,696

Warranty provisions provided to customers are released to the profit and loss account over the life of the agreement.

TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
547,552
676,586
Revaluations
438,879
249,019
Short term timing difference
-
(29,347)
986,431
896,258
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
896,258
-
Charge to profit or loss
112,719
-
Credit to other comprehensive income
(210,834)
-
Charge to equity
48,996
-
Effect of change in tax rate - profit or loss
123,590
-
Effect of change in tax rate - other comprehensive income
25,337
-
Effect of change in tax rate - equity
(9,635)
-
Liability at 31 March 2024
986,431
-
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
124,526
89,754

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
264,180
264,180
264,180
264,180
A Preference shares of 0.0001p each
260,930
260,930
-
-
TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
25
Share capital
(Continued)
- 32 -
26
Reserves
Share premium

The share premium account includes any premiums received on issue of share capital. Any costs associated with the issuing of shares are deducted from share premium.

Revaluation reserve

The revaluation reserve relates to amounts revalued on the freehold property and hire fleet.

Profit and loss account

 

The profit and loss account represents accumulated profit and losses for the period less dividends paid.

27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
140,623
307,951
-
-
Between two and five years
188,538
305,739
-
-
329,161
613,690
-
-
TRANSLIFT GROUP OF COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
526,241
498,931
Adjustments for:
Taxation charged
395,523
71,569
Finance costs
338,066
438,992
Investment income
(28)
(11,348)
Gain on disposal of tangible fixed assets
(17,813)
(34,679)
Amortisation and impairment of intangible assets
113,286
113,286
Depreciation and impairment of tangible fixed assets
937,440
900,189
Increase/(decrease) in provisions
315
(3,248)
Movements in working capital:
Increase in stocks
(119,810)
(390,603)
Decrease/(increase) in debtors
56,355
(788,296)
(Decrease)/increase in creditors
(204,482)
691,024
Cash generated from operations
2,025,093
1,485,817
29
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
234,951
(20,148)
214,803
Borrowings excluding overdrafts
(2,572,196)
400,216
(2,171,980)
Obligations under finance leases
(1,330,507)
541,672
(788,835)
(3,667,752)
921,740
(2,746,012)
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