LIFT CRAFT LIMITED

Company Registration Number:
02221958 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2024

Period of accounts

Start date: 01 April 2023

End date: 31 March 2024

LIFT CRAFT LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Notes

LIFT CRAFT LIMITED

Balance sheet

As at 31 March 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 358,865 237,195
Total fixed assets: 358,865 237,195
Current assets
Stocks: 102,022 570,557
Debtors: 4 464,106 544,276
Cash at bank and in hand: 814,272 107,972
Total current assets: 1,380,400 1,222,805
Creditors: amounts falling due within one year: 5 (1,262,105) (1,103,147)
Net current assets (liabilities): 118,295 119,658
Total assets less current liabilities: 477,160 356,853
Creditors: amounts falling due after more than one year: 6 (174,180) (127,232)
Total net assets (liabilities): 302,980 229,621
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 302,880 229,521
Shareholders funds: 302,980 229,621

The notes form part of these financial statements

LIFT CRAFT LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 26 September 2024
and signed on behalf of the board by:

Name: P HAYWOOD
Status: Director

The notes form part of these financial statements

LIFT CRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. Plant and machinery at 15% reducing balance

Other 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. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 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 statement of financial position date. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Hire purchase and leasing commitments Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. Pension costs and other post-retirement benefits The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

LIFT CRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

2. Employees

2024 2023
Average number of employees during the period 23 21

LIFT CRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible Assets

Total
Cost £
At 01 April 2023 397,121
Additions 184,676
At 31 March 2024 581,797
Depreciation
At 01 April 2023 159,926
Charge for year 63,006
At 31 March 2024 222,932
Net book value
At 31 March 2024 358,865
At 31 March 2023 237,195

Fixed assets, included in the above, which are held under hire purchase contracts have a net book value of £168,099 at 31 March 2024.

LIFT CRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

2024 2023
££
Debtors due after more than one year: 0 0

Debtors includes trade debtors £88,531 (2023 - £58,642) and other debtors nil (2023 - £191,272).

LIFT CRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

Creditors includes bank loan £10,000 (2023 - £10,000), hire purchase contracts £63,968 (2023 - £45,855), trade creditors £353,767 (2023 - £350,793), taxation and social security £190,482 (2023 - £63,905) and other creditors £197,279 (£206,316).

LIFT CRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Creditors: amounts falling due after more than one year note

Creditors include bank loan £16,612 (2023 - £26,461), hire purchase contracts £157,568 (2023 - £100,771).

LIFT CRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

7. Financial commitments

The company has future operating lease commitments totalling £365,000 (2023 - £46,693).