Company registration number SC196651 (Scotland)
CONSULT LIFT SERVICES LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CONSULT LIFT SERVICES LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CONSULT LIFT SERVICES LTD.
BALANCE SHEET
AS AT 8 MARCH 2024
08 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
90,180
Current assets
Debtors
4
1,000
2,606,997
Cash at bank and in hand
184
1,000
2,607,181
Creditors: amounts falling due within one year
5
(944,636)
Net current assets
1,000
1,662,545
Total assets less current liabilities
1,000
1,752,725
Creditors: amounts falling due after more than one year
6
(16,283)
Provisions for liabilities
(250,824)
Net assets
1,000
1,485,618
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
1,484,618
Total equity
1,000
1,485,618
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 8 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CONSULT LIFT SERVICES LTD.
BALANCE SHEET (CONTINUED)
AS AT 8 MARCH 2024
08 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
P Weil
T Yelchenko
Director
Director
Company Registration No. SC196651
CONSULT LIFT SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8 MARCH 2024
- 3 -
1
Accounting policies
Company information
Consult Lift Services Ltd. is a private company limited by shares incorporated in Scotland. The registered office is Pavillion 1, Parkway Court, 251 Springhill Parkway, Glasgow Business Park, Baillieston, Glasgow, G69 6GA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CONSULT LIFT SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 8 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
CONSULT LIFT SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 8 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.11
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
42
44
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 9 March 2023
40,000
8,439
53,824
306,015
408,278
Disposals
(40,000)
(8,439)
(53,824)
(306,015)
(408,278)
At 8 March 2024
Depreciation and impairment
At 9 March 2023
40,000
7,265
37,109
233,724
318,098
Depreciation charged in the year
261
2,162
10,845
13,268
Eliminated in respect of disposals
(40,000)
(7,526)
(39,271)
(244,569)
(331,366)
At 8 March 2024
Carrying amount
At 8 March 2024
At 8 March 2023
1,174
16,715
72,291
90,180
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
454,653
Other debtors
1,000
2,152,344
1,000
2,606,997
CONSULT LIFT SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 8 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
80,247
Trade creditors
369,597
Taxation and social security
468,592
Other creditors
26,200
944,636
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
16,283
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
800
800
1,000
1,000
Ordinary B of £1 each
200
200
-
-
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2024
2023
Amounts paid to related parties
£
£
Dividends paid to related parties
1,201,356
48,000
2024
2023
Amounts due from related parties
£
£
Other related parties
1,000
1,383,898
The loans are unsecured, interest free and have no fixed date for repayment.