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REGISTERED NUMBER: 10876465 (England and Wales)

























Unaudited Financial Statements for the Year Ended 31 December 2023

for

Powerlift Materials Handling Ltd

Powerlift Materials Handling Ltd (Registered number: 10876465)






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 Materials Handling Ltd

Company Information
for the Year Ended 31 December 2023







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





REGISTERED OFFICE: Easylift Materials Handling Ltd
1 Selby Place
Stanley Industrial Estate
Skelmersdale
Lancashire
WN8 8EF





REGISTERED NUMBER: 10876465 (England and Wales)





ACCOUNTANTS: IN Accountancy Limited
2 Station View
Bramhall Moor Lane
Hazel Grove
Stockport
Cheshire
SK7 5ER

Powerlift Materials Handling Ltd (Registered number: 10876465)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,128,754 2,155,467

CURRENT ASSETS
Stocks 948,903 231,770
Debtors 5 895,682 571,063
Cash at bank 320,771 66,070
2,165,356 868,903
CREDITORS
Amounts falling due within one
year

6

1,862,500

696,935
NET CURRENT ASSETS 302,856 171,968
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,431,610

2,327,435

CREDITORS
Amounts falling due after more
than one year

7

2,898,906

2,825,711
NET LIABILITIES (467,296 ) (498,276 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (467,396 ) (498,376 )
SHAREHOLDERS' FUNDS (467,296 ) (498,276 )

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 Materials Handling Ltd (Registered number: 10876465)

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 Statement of Income and Retained Earnings 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 Materials Handling Ltd (Registered number: 10876465)

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

1. STATUTORY INFORMATION

Powerlift Materials Handling 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 £.

Turnover
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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 10% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Powerlift Materials Handling Ltd (Registered number: 10876465)

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

2. ACCOUNTING POLICIES - continued

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.

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 36 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 2,951,160
Additions 372,626
Disposals (197,738 )
Reclassification/transfer (23,395 )
At 31 December 2023 3,102,653
DEPRECIATION
At 1 January 2023 795,695
Charge for year 253,499
Eliminated on disposal (68,877 )
Reclassification/transfer (6,418 )
At 31 December 2023 973,899
NET BOOK VALUE
At 31 December 2023 2,128,754
At 31 December 2022 2,155,465


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 751,389 461,419
Amounts owed by joint ventures 131,476 92,880
Other debtors 12,817 16,764
895,682 571,063

Powerlift Materials Handling Ltd (Registered number: 10876465)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 5,223 5,131
Hire purchase contracts 238,096 107,223
Trade creditors 1,378,487 353,410
Amounts owed to participating interests 42,451 42,451
Taxation and social security 32,166 135,076
Other creditors 166,077 53,644
1,862,500 696,935

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 31,467 36,775
Hire purchase contracts 308,327 199,524
Amounts owed to group undertakings 1,863,295 1,864,795
Other creditors 695,817 724,617
2,898,906 2,825,711

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 10,584 16,250

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 546,423 306,747

9. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

There is a fixed and floating charge dated which covers all of the property or undertaking of the company's assets in relation to a debenture held by the parent company.

Powerlift Materials Handling Ltd (Registered number: 10876465)

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

10. RELATED PARTY DISCLOSURES

Powerlift Holdings Ltd

Powerlift Holdings Ltd is a company which owns all the shares within the company.

As at the financial year end the company owed Powerlift Holdings Ltd £1,863,295 (2022: £1,864,795). The loan is repayable on demand and the rate of interest charged is 0%.

Stem Investments Limited

Stem Investments Limited is a company where two of the directors are also directors in the company.

As at the financial year end the company owed Stem Investments Limited £42,451 (2021: £42,451). The loan is repayable on demand and the rate of interest charged is 0%.


Easylift Materials Handling Limited

Easylift Materials Handling Limited is a company where all of the directors are also the directors in the company.

As at the financial year end Easylift Materials Limited owed the company £131,476 (2022: £92,880) the loan is repayable on demand and the rate of interest charged is 0%.

Directors loan account

As at the financial year end date the company owed the director £695,817 (2021: creditor £724,617). No interest was charged on the loan and no security given. The loan is repayable on demand.

11. SHARE OPTIONS

On 29 July 2021, the parent company implemented a share based payment scheme to help incentivise and retain key employees of this company. 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.