Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01manufacturing machinery and specialised lifting services2325truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05081091 2023-01-01 2023-12-31 05081091 2022-01-01 2022-12-31 05081091 2023-12-31 05081091 2022-12-31 05081091 2022-01-01 05081091 c:Director5 2023-01-01 2023-12-31 05081091 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 05081091 d:Buildings d:LongLeaseholdAssets 2023-12-31 05081091 d:Buildings d:LongLeaseholdAssets 2022-12-31 05081091 d:PlantMachinery 2023-01-01 2023-12-31 05081091 d:PlantMachinery 2023-12-31 05081091 d:PlantMachinery 2022-12-31 05081091 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05081091 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05081091 d:CurrentFinancialInstruments 2023-12-31 05081091 d:CurrentFinancialInstruments 2022-12-31 05081091 d:CurrentFinancialInstruments 1 2023-12-31 05081091 d:CurrentFinancialInstruments 1 2022-12-31 05081091 d:Non-currentFinancialInstruments 2023-12-31 05081091 d:Non-currentFinancialInstruments 2022-12-31 05081091 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05081091 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05081091 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05081091 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05081091 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 05081091 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 05081091 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 05081091 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 05081091 d:ShareCapital 2023-01-01 2023-12-31 05081091 d:ShareCapital 2023-12-31 05081091 d:ShareCapital 2022-01-01 2022-12-31 05081091 d:ShareCapital 2022-12-31 05081091 d:ShareCapital 2022-01-01 05081091 d:RevaluationReserve 2023-01-01 2023-12-31 05081091 d:RevaluationReserve 2023-12-31 05081091 d:RevaluationReserve 2022-01-01 2022-12-31 05081091 d:RevaluationReserve 2022-12-31 05081091 d:RevaluationReserve 2022-01-01 05081091 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05081091 d:RetainedEarningsAccumulatedLosses 2023-12-31 05081091 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05081091 d:RetainedEarningsAccumulatedLosses 2022-12-31 05081091 d:RetainedEarningsAccumulatedLosses 2022-01-01 05081091 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 05081091 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 05081091 c:FRS102 2023-01-01 2023-12-31 05081091 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05081091 c:FullAccounts 2023-01-01 2023-12-31 05081091 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05081091 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 05081091 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 05081091 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 05081091 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 05081091 2 2023-01-01 2023-12-31 05081091 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05081091 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05081091 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05081091










LIFT-RITE ENGINEERING SERVICES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LIFT-RITE ENGINEERING SERVICES LIMITED
REGISTERED NUMBER: 05081091

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
311,191
280,974

  
311,191
280,974

Current assets
  

Stocks
  
82,229
97,861

Debtors: amounts falling due within one year
 5 
1,483,405
1,132,284

Cash at bank and in hand
 6 
4,776
14,017

  
1,570,410
1,244,162

Creditors: amounts falling due within one year
 7 
(1,091,183)
(766,586)

Net current assets
  
 
 
479,227
 
 
477,576

Total assets less current liabilities
  
790,418
758,550

Creditors: amounts falling due after more than one year
 8 
(35,625)
(54,809)

Provisions for liabilities
  

Deferred tax
 12 
(77,633)
(70,045)

  
 
 
(77,633)
 
 
(70,045)

Net assets
  
677,160
633,696


Capital and reserves
  

Called up share capital 
  
112
112

Revaluation reserve
 13 
133,370
182,984

Profit and loss account
 13 
543,678
450,600

  
677,160
633,696


Page 1

 
LIFT-RITE ENGINEERING SERVICES LIMITED
REGISTERED NUMBER: 05081091
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.




................................................
J Russell
Director

The notes on pages 4 to 15 form part of these financial statements.

Page 2

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
112
226,200
306,929
533,241


Comprehensive income for the year

Profit for the year
-
-
100,455
100,455
Total comprehensive income for the year
-
-
100,455
100,455

Transfer to/from profit and loss account
-
(43,216)
43,216
-


Total transactions with owners
-
(43,216)
43,216
-



At 1 January 2023
112
182,984
450,600
633,696


Comprehensive income for the year

Profit for the year
-
-
43,464
43,464
Total comprehensive income for the year
-
-
43,464
43,464

Transfer to/from profit and loss account
-
(49,614)
49,614
-


Total transactions with owners
-
(49,614)
49,614
-


At 31 December 2023
112
133,370
543,678
677,160


The notes on pages 4 to 15 form part of these financial statements.

Page 3

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Lift-Rite Engineering Services Limited (company number: 05081091) is a private company limited by shares and incorporated in England and Wales. Its registered office is Benbecula Office, Wincomblee Road, Newcastle upon Tyne, Tyne and Wear, NE6 3QS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has cash resources and is supported by finance providers and shareholders. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, Depreciation is calculated on either a reducing balance or straight-line basis as shown below.

Depreciation is provided on the following basis:

Leasehold improvements
-
Reducing balance or straight-line basis at rates of 20% to 25% per annum
Plant and machinery
-
Reducing balance or straight-line basis at rates of 20% to 25% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carry amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in the profit or loss.

  
2.10

Stock

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2022 - 25).

Page 8

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold improve- ments
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
1,343
1,093,061
1,094,404


Additions
-
117,305
117,305


Disposals
-
(37,441)
(37,441)



At 31 December 2023

1,343
1,172,925
1,174,268



Depreciation


At 1 January 2023
548
812,882
813,430


Charge for the year on owned assets
135
79,857
79,992


Disposals
-
(30,345)
(30,345)



At 31 December 2023

683
862,394
863,077



Net book value



At 31 December 2023
660
310,531
311,191



At 31 December 2022
795
280,179
280,974

The net book value of assets on which there is an outstanding hire purchase liability is £28,039.

Page 9

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
978,990
530,989

Amounts owed by group undertakings
406,841
332,440

Other debtors
19,551
34,385

Prepayments and accrued income
78,023
234,470

1,483,405
1,132,284



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,776
14,017

4,776
14,017


Page 10

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
285,629
293,059

Amounts owed to group undertakings
189,086
195,972

Other taxation and social security
212,724
61,883

Obligations under finance lease and hire purchase contracts
9,681
8,842

Proceeds of factored debts
266,058
189,908

Accruals and deferred income
118,005
6,922

1,091,183
766,586


The following liabilities were secured:

2023
2022
£
£



Invoice discounting facility
266,058
189,908

Hire purchase liabilities
9,681
8,842

275,739
198,750

Details of security provided:

The invoice discounting facility is secured by way of fixed and floating charges over the Company's assets. 
The hire purchase liabilities are secured on the assets to which they relate. 

Page 11

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,640
26,667

Net obligations under finance leases and hire purchase contracts
16,985
28,142

35,625
54,809


The following liabilities were secured:

2023
2022
£
£



Hire purchase liabilities
16,985
28,142

16,985
28,142

Details of security provided:

The hire purchase liabilities are secured on the assets to which they relate. 

Page 12

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
18,640
10,000


18,640
10,000

Amounts falling due 2-5 years

Bank loans
-
16,667


-
16,667


28,640
36,667


Interest is charged on bank loans at 2.5%


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
9,681
8,842

Between 1-5 years
16,985
28,142

26,666
36,984

Page 13

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
4,776
14,017




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


12.


Deferred taxation




2023


£






At beginning of year
(70,045)


Charged to profit or loss
(7,588)



At end of year
(77,633)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(77,633)
(70,045)

(77,633)
(70,045)


13.


Reserves

Revaluation reserve

This reserve records the cumulative amount of tangible fixed asset revaluations. Movement is detailed in the Statement of Changes in Equity.

Profit and loss account

This reserve records the cumulative amount of profits and losses less any distribution of dividends. Movement is detailed in the Statement of Comprehensive Income.

Page 14

 
LIFT-RITE ENGINEERING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Controlling party

The immediate parent company is Lift-Rite Holdings Limited, a company incorporated in England and Wales, company number 06650091. 
The ultimate parent company is Benbecula Group Ltd, a company incorporated in England and Wales, company number 10441848.
Benbecula Group Ltd is controlled by Mr JP Reece and Mrs SE Reece.

Page 15