REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Easylift Materials Handling Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Easylift Materials Handling Limited |
Easylift Materials Handling Limited (Registered number: 10198768) |
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 |
Easylift Materials Handling Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Easylift Materials Handling Limited (Registered number: 10198768) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
Easylift Materials Handling Limited (Registered number: 10198768) |
Balance Sheet - continued |
31 December 2023 |
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 |
Easylift Materials Handling Limited (Registered number: 10198768) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Easylift Materials Handling Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 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. |
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. |
Easylift Materials Handling Limited (Registered number: 10198768) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company had a net liabilities position at the year end. The directors have considered the current position and have plans to improve the financial position of the business. In the interim, the directors have indicated that they will continue to financially support the company for a period of at least 12 months from the date of approving these financial statements, and therefore the accounts have been prepared on a going concern basis. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is |
reasonable assurance that the grant conditions will be met and the grants will be received. |
The government grant income received during the prior year relates to the Government's Coronavirus Bounce Back Loan and the Coronavirus Job Retention Scheme. |
A grant that specifies performance conditions is recognised in income when the performance conditions are |
met. Where a grant does not specify performance conditions it is recognised in income when the proceeds |
are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a |
liability. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
Easylift Materials Handling Limited (Registered number: 10198768) |
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 |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 14,572 | 14,572 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Hire purchase contracts | 36,423 | 59,209 |
9. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
There is a fixed and floating charge dated 14 January 2020 which covers all of the property or undertaking of the company's assets in relation to a debenture held by the parent company. |
There is a fixed and floating charge dated 19 December 2016 which covers all of the property or undertaking of the company's assets in relation to a debenture held by the company. |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the year end the directors owed the company £1,300 (2022: 1,050). This loan will be repaid within 9 months and 1 day of the year end and does not attract any interest. |
Easylift Materials Handling Limited (Registered number: 10198768) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | RELATED PARTY DISCLOSURES |
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 Easylift Materials Limited £7,440 (2022: £7,440). The loan is repayable on demand and the rate of interest charged is 0%. |
Powerlift Materials Handling Limited |
Powerlift Materials Handling Limited is a company where all of the directors are also the directors in the company. |
As at the financial year end the company owed Powerlift Materials Handling Limited £131,476 (2022: £92,981). The loan is repayable on demand and the rate of interest charged is 0%. |
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 was owed by Powerlift Holdings Ltd £30,000 (2022: £30,000). The loan is repayable on demand and the rate of interest charged is 0%. |
Included within long term creditors is £203,000 (2022: £203,000) owed to the directors by the company. The loan is interest free and and has no fixed date for repayment |