Company registration number 00833384 (England and Wales)
TRANSLIFT BENDI LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TRANSLIFT BENDI LIMITED
COMPANY INFORMATION
Directors
Mr Paul Berrow
Mr Guy Hemington
Mr David Tucker
Mr R J Bull
Company number
00833384
Registered office
22 Padgets Lane
Redditch
B98 0RB
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
TRANSLIFT BENDI LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
10
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
11 - 24
TRANSLIFT BENDI 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 company remains the supply and service of material handling products with the main focus being the articulated forklift truck.
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 represents a key competitive advantage for the company and differentiates the business from many of the market competitors.
The company remains committed to preventing and mitigating adverse effects upon the environment and upon people, which arise from its activities. An example would be the company making a move towards a paperless office framework where possible and reducing unnecessary travel.
The company 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 company is an equal opportunities employer and seeks to encourage and promote all employees to maximize their potential.
Principal risks and uncertainties
The principal risk that could affect sales volumes is the overall health of the UK economy. The company has sought to mitigate this risk by diversifying the range of products that it sells and by sourcing multiple suppliers to reduce dependency of critical 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 company has reduced its foreign currency risk for products supplied from overseas, by revising the principal terms of trade so that its exposure to foreign currency purchases are significantly reduced.
The company has 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 company was £14m (2023: £11.62m); an increase of 20.4% from the previous year. Gross profit for the company was £3.81m (2023: £3.23m); an increase of 17.96% from the previous year. The gross profit margin was 27.2% compared to 27.8% in the prior year.
Profit before taxation was £350,623 compared to £103,910 in 2023.
Mr R J Bull
Director
22 July 2024
TRANSLIFT BENDI 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.
Principal activities
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a final 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 Guy Hemington
Mr David Tucker
Mr R J Bull
Auditor
In accordance with the company's articles, a resolution proposing that BK Plus Audit Limited be reappointed as auditor of the company 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 company’s auditor 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 company’s auditor 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
TRANSLIFT BENDI 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TRANSLIFT BENDI LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRANSLIFT BENDI LIMITED
- 4 -
Opinion
We have audited the financial statements of Translift Bendi Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
TRANSLIFT BENDI LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRANSLIFT BENDI LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 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 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.
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:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance, if available;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.
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 BENDI LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRANSLIFT BENDI LIMITED (CONTINUED)
- 6 -
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
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
TRANSLIFT BENDI LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
14,005,917
11,623,103
Cost of sales
(10,195,340)
(8,392,884)
Gross profit
3,810,577
3,230,219
Administrative expenses
(3,380,834)
(3,093,139)
Other operating income
1,500
Operating profit
3
429,743
138,580
Interest receivable and similar income
6
28
11,348
Interest payable and similar expenses
7
(79,148)
(46,018)
Profit before taxation
350,623
103,910
Tax on profit
8
(53,561)
55,571
Profit for the financial year
297,062
159,481
The profit and loss account has been prepared on the basis that all operations are continuing operations.
TRANSLIFT BENDI LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
240,744
397,473
Current assets
Stocks
11
2,799,074
2,650,969
Debtors
12
4,010,189
3,765,773
Cash at bank and in hand
97,085
205,214
6,906,348
6,621,956
Creditors: amounts falling due within one year
13
(4,995,118)
(4,908,768)
Net current assets
1,911,230
1,713,188
Total assets less current liabilities
2,151,974
2,110,661
Creditors: amounts falling due after more than one year
14
(303,401)
(459,465)
Provisions for liabilities
Provisions
17
74,696
74,381
(74,696)
(74,381)
Net assets
1,773,877
1,576,815
Capital and reserves
Called up share capital
19
931,321
931,321
Capital redemption reserve
20
500
500
Profit and loss reserves
20
842,056
644,994
Total equity
1,773,877
1,576,815
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:
Mr R J Bull
Director
Company registration number 00833384 (England and Wales)
TRANSLIFT BENDI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
931,321
500
500,513
1,432,334
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
159,481
159,481
Dividends
9
-
-
(15,000)
(15,000)
Balance at 31 March 2023
931,321
500
644,994
1,576,815
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
297,062
297,062
Dividends
9
-
-
(100,000)
(100,000)
Balance at 31 March 2024
931,321
500
842,056
1,773,877
TRANSLIFT BENDI LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
£
£
Profit for the year
297,062
159,481
Other comprehensive income
-
-
Total comprehensive income for the year
297,062
159,481
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information
Translift Bendi Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Padgets Lane, 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.
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. The principal accounting policies adopted are set out below.
This 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Translift Group of Companies Ltd. These consolidated financial statements are available from its registered office, 22 Padgets Lane, Redditch, B98 0RB.
1.2
Change in accounting estimate
During the year to 31 March 2024, the company 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 BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.3
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.true
The company has made a profit during this and 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 company 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 company over the next 12 months. The board reached a decision that the company had sufficient resources to meet its liabilities over the next 12 months. On this basis the directors are confident that the company 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.
1.4
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.
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.
1.5
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:
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 credited or charged to profit or loss.
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.6
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.
1.7
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.
1.8
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.
1.9
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.
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
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 company 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 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.
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
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 company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company 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 company.
1.11
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.
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company 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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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 leases asset are consumed.
1.16
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
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
14,005,917
11,623,103
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Turnover analysed by geographical market
UK
14,005,917
11,623,103
2024
2023
£
£
Other revenue
Interest income
28
11,348
3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
3,911
14,936
Fees payable to the company's auditor for the audit of the company's financial statements
27,000
29,357
Depreciation of owned tangible fixed assets
83,120
128,704
Depreciation of tangible fixed assets held under finance leases
92,999
92,999
Operating lease charges
416,937
413,868
4
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
390,761
388,710
Company pension contributions to defined contribution schemes
20,581
10,403
411,342
399,113
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Remuneration disclosed above include 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
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration
22
19
Works and services
61
61
Total
83
80
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,363,730
3,201,984
Social security costs
331,965
318,367
Pension costs
119,403
87,923
3,815,098
3,608,274
6
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
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
4,721
Interest on finance leases and hire purchase contracts
79,148
41,297
79,148
46,018
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
58,345
Adjustments in respect of prior periods
(4,784)
Total current tax
53,561
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Taxation
2024
2023
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
(55,571)
Total tax charge/(credit)
53,561
(55,571)
The actual charge/(credit) 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
350,623
103,910
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
87,656
19,743
Tax effect of expenses that are not deductible in determining taxable profit
26,098
18,218
Tax effect of utilisation of tax losses not previously recognised
(1,462)
Unutilised tax losses carried forward
(6,267)
Change in unrecognised deferred tax assets
29,532
Group relief
(12,754)
Research and development tax credit
(79,110)
(86,662)
Under/(over) provided in prior years
(4,784)
Deferred tax adjustments in respect of prior years
8,385
Depreciation in excess of capital allowances
(9,670)
Other tax adjustments
9,067
Taxation charge/(credit) for the year
53,561
(55,571)
9
Dividends
2024
2023
£
£
Interim paid
100,000
15,000
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
225,782
401,164
141,125
371,997
1,140,068
Additions
2,901
15,864
625
19,390
At 31 March 2024
228,683
417,028
141,750
371,997
1,159,458
Depreciation and impairment
At 1 April 2023
174,623
304,408
121,276
142,288
742,595
Depreciation charged in the year
16,335
50,896
15,889
92,999
176,119
At 31 March 2024
190,958
355,304
137,165
235,287
918,714
Carrying amount
At 31 March 2024
37,725
61,724
4,585
136,710
240,744
At 31 March 2023
51,159
96,756
19,849
229,709
397,473
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
136,709
229,708
11
Stocks
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
766,498
522,224
2,799,074
2,650,969
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,788,226
1,854,787
Amounts owed by group undertakings
2,095,726
1,825,578
Other debtors
1,750
48
Prepayments and accrued income
124,487
85,360
4,010,189
3,765,773
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Debtors
(Continued)
- 21 -
Amounts owed by group undertakings are interest free and repayable on demand.
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
16
79,431
64,784
Other borrowings
15
45,080
188,376
Trade creditors
1,561,311
1,954,312
Amounts owed to group undertakings
226,027
11,768
Corporation tax
58,345
Other taxation and social security
578,739
456,717
Other creditors
1,162,611
996,670
Accruals and deferred income
1,283,574
1,236,141
4,995,118
4,908,768
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
146,069
224,870
Other borrowings
15
157,332
234,595
303,401
459,465
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
15
Loans and overdrafts
2024
2023
£
£
Other loans
202,412
422,971
Payable within one year
45,080
188,376
Payable after one year
157,332
234,595
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Loans and overdrafts
(Continued)
- 22 -
Amounts owed to group undertakings are interest free and repayable on demand.
Included in other creditors is an amount of £1,083,144 (2023: £957,024) relating to invoice discounting, this is secured by a debenture held with Aldermore Bank PLC, dated 13/04/2022, 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 .
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
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
94,848
81,978
In two to five years
195,311
290,159
290,159
372,137
Less: future finance charges
(64,659)
(82,483)
225,500
289,654
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
17
Provisions for liabilities
2024
2023
£
£
Warranty provision
74,696
74,381
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Provisions for liabilities
(Continued)
- 23 -
Movements on provisions:
Warranty provision
£
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.
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
119,403
87,923
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
931,321
931,321
931,321
931,321
20
Reserves
Capital redemption reserve
Capital redemption reserve represents 500 Ordinary shares with a nominal value of £1 which were redeemed by the company in prior years.
Profit and loss account
The profit and loss account represents accumulated profit and losses for the year and prior periods less dividends paid.
TRANSLIFT BENDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
140,623
285,685
Between two and five years
188,538
257,362
329,161
543,047
22
Related party transactions
Advantage has been taken of the exemption provided by FRS102 Section 33.1A not to disclose transactions with fellow group companies and disclosure of key personnel as the company is a wholly owned subsidiary of a company whose consolidated accounts include the results of the subsidiary and are publicly available.
23
Ultimate controlling party
The parent company of Translift Bendi Limited is JPE Investments Limited and its registered office is 22 Padgets Lane, Redditch, West Midlands, B98 0RB.
The ultimate parent company of Translift Bendi 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.
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.
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