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REGISTERED NUMBER: 10972266 (England and Wales)

























Unaudited Financial Statements for the Year Ended 31 December 2023

for

Powerlift Holdings Ltd

Powerlift Holdings Ltd (Registered number: 10972266)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Powerlift Holdings Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Ms C J Routledge
S J Routledge
Ms E J Routledge
J J Routledge





REGISTERED OFFICE: 120 Victoria Road
Formby
Liverpool
L37 1LP





REGISTERED NUMBER: 10972266 (England and Wales)






Powerlift Holdings Ltd (Registered number: 10972266)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 200 200
Investment property 5 582,642 582,642
582,842 582,842

CURRENT ASSETS
Debtors 6 1,893,294 1,894,795

CREDITORS
Amounts falling due within one
year

7

1,500

1,500
NET CURRENT ASSETS 1,891,794 1,893,295
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,474,636

2,476,137

CREDITORS
Amounts falling due after more
than one year

8

2,542,645

2,486,435
NET LIABILITIES (68,009 ) (10,298 )

CAPITAL AND RESERVES
Called up share capital 100,200 100,200
Retained earnings (168,209 ) (110,498 )
(68,009 ) (10,298 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Powerlift Holdings Ltd (Registered number: 10972266)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Ms E J Routledge - Director


Powerlift Holdings Ltd (Registered number: 10972266)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Powerlift Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Going concern
The balance sheet is insolvent. The company is reliant upon the continued support of its directors and they have indicated that this support will be forthcoming. As a result of this, the accounts have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 200
NET BOOK VALUE
At 31 December 2023 200
At 31 December 2022 200

Powerlift Holdings Ltd (Registered number: 10972266)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 582,642
NET BOOK VALUE
At 31 December 2023 582,642
At 31 December 2022 582,642

6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 1,893,294 1,894,795

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 1,500 1,500

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 2,542,645 2,486,435

9. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

There is a fixed and floating charge dated 20 August 2019 which covers all of the property or undertaking of the company. This charge is in relation to a group member and is in favour of the directors. At the year end the liability was £695,817 (2022: £724,617). The loan is interest free and does not have a fixed repayment date.

There is a fixed and floating charge dated 30 August 2019 which covers all of the property or undertaking of the company.

10. DIRECTORS TRANSACTIONS

Included within other creditors due after one year is an amount of £2,248,413 (2022: £2,248,413) owed to the directors' retirement benefit scheme. During the year, the directors' retirement benefit scheme introduced £Nil (2022: NIL) and withdrew £Nil (2022: £Nil). During the year, interest of £ 56,210 (2022: £56,210) was incurred on the loan.

Also included within other creditors due after one year is an amount is an amount of £53,600 (2022:
£53,600) owed to directors. The loan is interest free and does not have a fixed repayment date.

11. SHARE OPTIONS

On 29 July 2021, the company participated in a share-based payment arrangement granted to employees of Powerlift Materials Handling Limited to help incentivise and retain key employees. The fair value of the options at the grant date was deemed not to be material and as such no adjustments have been made to the financial statements.