Majorlift Hydraulic Equipment Limited 01358382 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the design and manufacture of a range of garage lifting equipment marketed under the brand name Majorlift. Majorlift are also importers of the Compac range of jacking and garage equipment manufactured in Denmark, which compliments the Majorlift brand. Digita Accounts Production Advanced 6.30.9574.0 true true 01358382 2023-04-01 2024-03-31 01358382 2024-03-31 01358382 bus:OrdinaryShareClass1 2024-03-31 01358382 core:CurrentFinancialInstruments 2024-03-31 01358382 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01358382 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01358382 core:WithinOneYear 2024-03-31 01358382 core:FurnitureFittings 2024-03-31 01358382 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 01358382 core:MotorVehicles 2024-03-31 01358382 core:OfficeEquipment 2024-03-31 01358382 core:PlantMachinery 2024-03-31 01358382 bus:SmallEntities 2023-04-01 2024-03-31 01358382 bus:Audited 2023-04-01 2024-03-31 01358382 bus:FilletedAccounts 2023-04-01 2024-03-31 01358382 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01358382 bus:RegisteredOffice 2023-04-01 2024-03-31 01358382 bus:Chairman 2023-04-01 2024-03-31 01358382 bus:CompanySecretaryDirector2 2023-04-01 2024-03-31 01358382 bus:Director2 2023-04-01 2024-03-31 01358382 bus:Director3 2023-04-01 2024-03-31 01358382 bus:Director4 2023-04-01 2024-03-31 01358382 bus:Director5 2023-04-01 2024-03-31 01358382 bus:Director7 2023-04-01 2024-03-31 01358382 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01358382 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01358382 core:ComputerEquipment 2023-04-01 2024-03-31 01358382 core:FurnitureFittings 2023-04-01 2024-03-31 01358382 core:LandBuildings 2023-04-01 2024-03-31 01358382 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01358382 core:MotorVehicles 2023-04-01 2024-03-31 01358382 core:OfficeEquipment 2023-04-01 2024-03-31 01358382 core:PlantMachinery 2023-04-01 2024-03-31 01358382 1 2023-04-01 2024-03-31 01358382 countries:AllCountries 2023-04-01 2024-03-31 01358382 2023-03-31 01358382 core:FurnitureFittings 2023-03-31 01358382 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01358382 core:MotorVehicles 2023-03-31 01358382 core:OfficeEquipment 2023-03-31 01358382 core:PlantMachinery 2023-03-31 01358382 2022-04-01 2023-03-31 01358382 2023-03-31 01358382 bus:OrdinaryShareClass1 2023-03-31 01358382 core:CurrentFinancialInstruments 2023-03-31 01358382 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01358382 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01358382 core:WithinOneYear 2023-03-31 01358382 core:FurnitureFittings 2023-03-31 01358382 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01358382 core:MotorVehicles 2023-03-31 01358382 core:OfficeEquipment 2023-03-31 01358382 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01358382

Majorlift Hydraulic Equipment Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Majorlift Hydraulic Equipment Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Majorlift Hydraulic Equipment Limited

Company Information

Chairman

W H Gardiner

Directors

D F Abel Smith

L M Abel Smith

T J W Southgate

E V D Abel Smith

D McLean

S V Bowcock

Company secretary

D McLean

Registered office

Arnolds Field Estate
Wickwar
Wotton-Under-Edge
Gloucestershire
GL12 8JD

Auditors

Roberts & Co (Bristol) Limited
Chartered Accountants & Statutory Auditors
24 High Street
Chipping Sodbury
Bristol
BS37 6AH

 

Majorlift Hydraulic Equipment Limited

(Registration number: 01358382)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,239,396

1,195,042

Current assets

 

Stocks

5

954,120

963,699

Debtors

6

2,381,638

2,451,098

Cash at bank and in hand

 

6,876

446,719

 

3,342,634

3,861,516

Creditors: Amounts falling due within one year

7

(1,191,102)

(2,050,949)

Net current assets

 

2,151,532

1,810,567

Total assets less current liabilities

 

3,390,928

3,005,609

Creditors: Amounts falling due after more than one year

7

(191,521)

(194,730)

Provisions for liabilities

(182,932)

(172,351)

Net assets

 

3,016,475

2,638,528

Capital and reserves

 

Called up share capital

8

30,100

30,100

Revaluation reserve

59,082

65,356

Retained earnings

2,927,293

2,543,072

Shareholders' funds

 

3,016,475

2,638,528

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
W H Gardiner
Chairman

 

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Arnolds Field Estate
Wickwar
Wotton-Under-Edge
Gloucestershire
GL12 8JD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 25 September 2024 was Peter Roberts, who signed for and on behalf of Roberts & Co (Bristol) Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

2% straight line

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Computer hardware and software

50% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 64 (2023 - 50).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2023

598,714

230,728

1,186,426

253,991

Additions

-

42,709

128,917

-

Disposals

-

-

(52,250)

-

At 31 March 2024

598,714

273,437

1,263,093

253,991

Depreciation

At 1 April 2023

80,350

145,157

675,248

213,503

Charge for the year

10,694

18,290

86,313

20,245

Eliminated on disposal

-

-

(50,225)

-

At 31 March 2024

91,044

163,447

711,336

233,748

Carrying amount

At 31 March 2024

507,670

109,990

551,757

20,243

At 31 March 2023

518,364

85,571

511,178

40,488

 

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets (continued)

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

121,197

2,391,056

Additions

28,349

199,975

Disposals

(10,500)

(62,750)

At 31 March 2024

139,046

2,528,281

Depreciation

At 1 April 2023

81,756

1,196,014

Charge for the year

13,317

148,859

Eliminated on disposal

(5,763)

(55,988)

At 31 March 2024

89,310

1,288,885

Carrying amount

At 31 March 2024

49,736

1,239,396

At 31 March 2023

39,441

1,195,042

Included within the net book value of land and buildings above is £507,670 (2023 - £518,364) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Stock

954,120

963,699

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

942,672

991,610

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

1,415,333

1,415,333

Prepayments

 

23,633

19,856

Other debtors

 

-

24,299

 

2,381,638

2,451,098

 

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

318,406

891,087

Trade creditors

 

367,807

894,800

Taxation and social security

 

365,943

200,600

Accruals and deferred income

 

138,946

64,462

 

1,191,102

2,050,949

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £262,456 (2023 - £853,189).

Bank loans and overdrafts are secured by way of a charge over the assets of the company.

Hire purchase assets are secured on the assets to which they relate.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

191,521

194,730

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £113,267 (2023 - £111,833).

 

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

30,100

30,100

30,100

30,100

       

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

4,500

4,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £18,000 (2023 - £18,000).

10

Related party transactions

Summary of transactions with parent

At the year end date the company was owed a balance of £1,415,333 (2023 - £1,415,333) by its 100% parent company, Majorlift Holdings Limited.

Summary of transactions with other related parties

During the year the company leased premises owned by the directors' pension fund. Rent payable in the year amounted to £18,000 (2023 - £18,000).

11

Parent and ultimate parent undertaking

The company's immediate parent is Majorlift Holdings Limited, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Majorlift Holdings Limited. These financial statements are available upon request from Companies House website https://find-and-update.company-information.service.gov.uk/company/04616837