Company registration number 09880746 (England and Wales)
TRANSLIFT RENTALS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TRANSLIFT RENTALS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
TRANSLIFT RENTALS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,959,979
2,220,933
Current assets
Debtors
5
4,000
56,432
Cash at bank and in hand
147
180
4,147
56,612
Creditors: amounts falling due within one year
6
(1,360,858)
(1,620,930)
Net current liabilities
(1,356,711)
(1,564,318)
Total assets less current liabilities
603,268
656,615
Creditors: amounts falling due after more than one year
7
(103,431)
(469,650)
Provisions for liabilities
(449,363)
(476,336)
Net assets/(liabilities)
50,474
(289,371)
Capital and reserves
Called up share capital
8
625,118
625,118
Revaluation reserve
9
247,922
154,139
Profit and loss reserves
(822,566)
(1,068,628)
Total equity
50,474
(289,371)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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:
Mr R J Bull
Director
Company registration number 09880746 (England and Wales)
TRANSLIFT RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Translift Rentals Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Padgets Lane, South Moons Moat, Redditch, B98 0RB.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 certain assets including the hire fleet and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Although the company incurred a loss during the year, the company is in a net asset position as at the year end. The financial forecasts prepared by the directors show that the company will be able to operate within the facilities available to it.true
On this basis the directors are confident that the company has adequate resources to continue in operation for the 12 months from the date of approval of these financial statements and have therefore adopted the going concern basis in preparing the financial statements.
1.3
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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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:
Hire fleet
14.29% on cost
TRANSLIFT RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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 credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
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.
1.6
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.
1.7
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
TRANSLIFT RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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 company after deducting all of its liabilities.
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.
1.8
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 when the company has 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.
1.9
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.
TRANSLIFT RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
There were no staff costs for either period. The directors did not receive any emoluments during the period in respect of their services to this company. The directors were paid by Translift Bendi Limited, a subsidiary of Translift Group of Companies Limited.
4
Tangible fixed assets
Hire fleet
£
Cost or valuation
At 1 April 2023
4,071,119
Additions
481,716
Disposals
(418,223)
At 31 March 2024
4,134,612
Depreciation and impairment
At 1 April 2023
1,850,186
Depreciation charged in the year
574,199
Eliminated in respect of disposals
(249,752)
At 31 March 2024
2,174,633
Carrying amount
At 31 March 2024
1,959,979
At 31 March 2023
2,220,933
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.
TRANSLIFT RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Tangible fixed assets
(Continued)
- 6 -
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2024
2023
£
£
Cost
2,929,262
3,077,262
Accumulated depreciation
(2,307,788)
(1,992,352)
Carrying value
621,474
1,084,910
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,000
4,000
Other debtors
52,432
4,000
56,432
Amounts owed by group undertakings are interest free and repayable on demand.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
84,716
Obligations under finance leases
239,857
536,350
Amounts owed to group undertakings
966,945
912,638
Corporation tax
84,182
18,954
Other creditors
200
200
Accruals and deferred income
69,674
68,072
1,360,858
1,620,930
Amounts owed to group undertakings are interest free and repayable on demand.
Net obligations under finance leases and hire purchase contract are secured on the assets to which they relate.
TRANSLIFT RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
103,431
416,402
Accruals and deferred income
53,248
103,431
469,650
Amounts owed to group undertakings are interest free and repayable on demand.
Net obligations under finance leases and hire purchase contract are secured on the assets to which they relate.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
625,118
625,118
625,118
625,118
9
Revaluation reserve
The revaluation reserve relates to amounts revalued on the hire fleet.
Profit and loss account
The profit and loss account represents accumulated profit and losses for the year and prior periods less dividends paid.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Hession C.A.
Statutory Auditor:
BK Plus Audit Limited
Date of audit report:
22 July 2024
11
Parent company
The parent company of Translift Rentals Limited is JPE Investments Limited and its registered office is 22 Padgets Lane, Redditch, West Midlands, B98 0RB.
The ultimate parent company of Translift Rentals Limited is Translft Group of Companies Limited and its registered office is 22 Padgets Lane, Redditch, West Midlands, B98 0RB.
In the opinion of the directors, there is no ultimate controlling party.
TRANSLIFT RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Parent company
(Continued)
- 8 -
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
Translift Group of Companies Limited
Smallest group
Translift Group of Companies Limited
Consolidated accounts are available from the registered office of Translift Group of Companies Limited.