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Lift the Bar Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 May 2023

Registration number: 10199677

 

Lift the Bar Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Lift the Bar Limited

Company Information

Director

C M Burgess

Company secretary

C M Burgess

Registered office

Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

Accountants

PKF-Francis Clark
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

Lift the Bar Limited

Balance Sheet

31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,000

4,000

Tangible assets

5

41,513

43,546

 

44,513

47,546

Current assets

 

Debtors

6

78,230

-

Cash at bank and in hand

 

87

6,413

 

78,317

6,413

Creditors: Amounts falling due within one year

7

(259,751)

(270,640)

Net current liabilities

 

(181,434)

(264,227)

Total assets less current liabilities

 

(136,921)

(216,681)

Creditors: Amounts falling due after more than one year

7

(46,101)

-

Net liabilities

 

(183,022)

(216,681)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(183,122)

(216,781)

Shareholders' deficit

 

(183,022)

(216,681)

 

Lift the Bar Limited

Balance Sheet

31 May 2023

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 8 October 2024
 

.........................................
C M Burgess
Director

Company Registration Number: 10199677

 

Lift the Bar Limited

Notes to the Financial Statements

Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

The principal place of business is:
7 Bristol Road
Paulton
Bristol
Somerset
BS39 7NX

These financial statements were authorised for issue by the director on 8 October 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

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.

Going concern

Despite having negative reserves at the balance sheet date, the company relies upon the continued financial support of the director. Therefore, these financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at the fair value of the consideration due. Where a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the total expected consideration at completion.

 

Lift the Bar Limited

Notes to the Financial Statements

Year Ended 31 May 2023

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

Plant and machinery

20% reducing balance

Office equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

Lift the Bar Limited

Notes to the Financial Statements

Year Ended 31 May 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 9).

 

Lift the Bar Limited

Notes to the Financial Statements

Year Ended 31 May 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

10,000

10,000

At 31 May 2023

10,000

10,000

Amortisation

At 1 June 2022

6,000

6,000

Amortisation charge

1,000

1,000

At 31 May 2023

7,000

7,000

Carrying amount

At 31 May 2023

3,000

3,000

At 31 May 2022

4,000

4,000

5

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2022

5,481

129,543

135,024

Additions

9,008

-

9,008

At 31 May 2023

14,489

129,543

144,032

Depreciation

At 1 June 2022

3,907

87,571

91,478

Charge for the year

2,646

8,395

11,041

At 31 May 2023

6,553

95,966

102,519

Carrying amount

At 31 May 2023

7,936

33,577

41,513

At 31 May 2022

1,574

41,972

43,546

 

Lift the Bar Limited

Notes to the Financial Statements

Year Ended 31 May 2023

6

Debtors

2023
£

2022
£

Other debtors

78,230

-

78,230

-

 

Lift the Bar Limited

Notes to the Financial Statements

Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

96,888

131,183

Trade creditors

 

5,100

6,763

Taxation and social security

 

107,776

98,858

Accruals and deferred income

 

3,750

4,500

Other creditors

 

46,237

29,336

 

259,751

270,640

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

46,101

-

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

96,858

131,183

Bank overdrafts

30

-

96,888

131,183

9

Related party transactions

Transactions with the director

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

C M Burgess

Directors loan account, repayable on demand

(5,244)

138,600

(55,126)

78,230