2023-02-012024-01-312024-01-31false07919378Horsler Lift Services 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Horsler Lift Services Limited

Registered Number
07919378
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

Horsler Lift Services Limited
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

Mrs K Horsler
P Horsler

Registered Address

8 Spur Road
Cosham
Portsmouth
PO6 3EB

Registered Number

07919378 (England and Wales)
Horsler Lift Services Limited
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3138,723142,285
138,723142,285
Current assets
Stocks464,85255,597
Debtors5682,229533,136
Cash at bank and on hand48,16162,953
795,242651,686
Creditors amounts falling due within one year7(534,867)(469,925)
Net current assets (liabilities)260,375181,761
Total assets less current liabilities399,098324,046
Creditors amounts falling due after one year8(201,149)(289,740)
Net assets197,94934,306
Capital and reserves
Called up share capital200200
Profit and loss account197,74934,106
Shareholders' funds197,94934,306
The financial statements were approved and authorised for issue by the Board of Directors on 31 October 2024, and are signed on its behalf by:
Mrs K Horsler
Director
Registered Company No. 07919378
Horsler Lift Services Limited
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Vehicles25
Office Equipment25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year1514
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 February 2378,302205,09458,769342,165
Additions-44,82871045,538
Disposals-(10,000)-(10,000)
At 31 January 2478,302239,92259,479377,703
Depreciation and impairment
At 01 February 2352,644104,71442,522199,880
Charge for year4,07735,2475,55744,881
On disposals-(5,781)-(5,781)
At 31 January 2456,721134,18048,079238,980
Net book value
At 31 January 2421,581105,74211,400138,723
At 31 January 2325,658100,38016,247142,285
4.Stocks

2024

2023

££
Work in progress64,85255,597
Total64,85255,597
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables180,063255,746
Other debtors500,813276,101
Prepayments and accrued income1,3531,289
Total682,229533,136
6.Current asset investments
During the year, the company entered into a private annuity contract with its director. This contract was entered into on arm’s length commercial terms, and provides for an annual payment to the company of £21,675.23, for the life of the director, in return for a capital advance of £500,000.
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables261,598140,895
Bank borrowings and overdrafts114,197154,565
Taxation and social security153,322168,516
Accrued liabilities and deferred income5,7505,949
Total534,867469,925
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts201,149289,740
Total201,149289,740