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REGISTERED NUMBER: 04373314 (England and Wales)















Liftech Solutions Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024






Liftech Solutions Limited (Registered number: 04373314)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Liftech Solutions Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: R E R Bond
P D Birbeck



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 04373314 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: Lloyds Bank plc
25 Cornhill
Bridgwater
Somerset
TA6 3AY

Liftech Solutions Limited (Registered number: 04373314)

Abridged Statement of Financial Position
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 125,554 99,276

CURRENT ASSETS
Stocks 102,738 136,996
Debtors 220,371 218,279
Cash at bank and in hand 310,840 131,666
633,949 486,941
CREDITORS
Amounts falling due within one year 478,839 352,879
NET CURRENT ASSETS 155,110 134,062
TOTAL ASSETS LESS CURRENT
LIABILITIES

280,664

233,338

CREDITORS
Amounts falling due after more than one year (11,250 ) (14,759 )

PROVISIONS FOR LIABILITIES (31,388 ) (18,862 )
NET ASSETS 238,026 199,717

CAPITAL AND RESERVES
Called up share capital 109 109
Share premium 7,429 7,429
Capital redemption reserve 1 1
Retained earnings 230,487 192,178
SHAREHOLDERS' FUNDS 238,026 199,717

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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.

Liftech Solutions Limited (Registered number: 04373314)

Abridged Statement of Financial Position - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2024 and were signed on its behalf by:





R E R Bond - Director


Liftech Solutions Limited (Registered number: 04373314)

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

1. STATUTORY INFORMATION

Liftech Solutions Limited 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. 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 the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost

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.

Liftech Solutions Limited (Registered number: 04373314)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 12 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 198,544
Additions 109,536
Disposals (27,903 )
At 31 May 2024 280,177
DEPRECIATION
At 1 June 2023 99,268
Charge for year 63,403
Eliminated on disposal (8,048 )
At 31 May 2024 154,623
NET BOOK VALUE
At 31 May 2024 125,554
At 31 May 2023 99,276

Liftech Solutions Limited (Registered number: 04373314)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 June 2023 33,410
Additions 44,113
Transfer to ownership (33,410 )
At 31 May 2024 44,113
DEPRECIATION
At 1 June 2023 16,706
Charge for year 11,028
Transfer to ownership (16,706 )
At 31 May 2024 11,028
NET BOOK VALUE
At 31 May 2024 33,085
At 31 May 2023 16,704

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 6,740 3,510
Between one and five years 11,250 14,759
17,990 18,269

Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Within one year 11,000 12,000
Between one and five years - 11,000
11,000 23,000

Liftech Solutions Limited (Registered number: 04373314)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 17,990 18,269

Hire purchase and finance leases are secured against the assets to which they relate.