Company registration number 06238093 (England and Wales)
TEAM LIFTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
30-31 St. James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
TEAM LIFTING LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
TEAM LIFTING LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr G A Polkinghorne
Miss C L Bowle
Company number
06238093
Registered office
30-31 St. James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
Accountants
TC Group
30-31 St. James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
TEAM LIFTING LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
68,387
22,088
Current assets
Stocks
2,824
-
Debtors
4
20,298
17,145
23,122
17,145
Creditors: amounts falling due within one year
5
(32,018)
(26,123)
Net current liabilities
(8,896)
(8,978)
Total assets less current liabilities
59,491
13,110
Creditors: amounts falling due after more than one year
6
(38,332)
(9,970)
Provisions for liabilities
(14,378)
(1,555)
Net assets
6,781
1,585
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
6,681
1,485
Total equity
6,781
1,585
TEAM LIFTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 3 -

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 31 July 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.

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Mr G A Polkinghorne
Miss C L Bowle
Director
Director
Company Registration No. 06238093
TEAM LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

Team Lifting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30-31 St. James Place, Mangotsfield, Bristol, United Kingdom, BS16 9JB.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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.

TEAM LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -

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:

Freehold land and buildings
10% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
25% reducing balance
Computers
15% reducing balance
Motor vehicles
25% reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

TEAM LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2023
11,350
60,004
71,354
Additions
-
0
60,359
60,359
At 31 July 2024
11,350
120,363
131,713
Depreciation and impairment
At 1 August 2023
7,945
41,321
49,266
Depreciation charged in the year
1,135
12,925
14,060
At 31 July 2024
9,080
54,246
63,326
Carrying amount
At 31 July 2024
2,270
66,117
68,387
At 31 July 2023
3,405
18,683
22,088
TEAM LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
512
5,782
Other debtors
19,786
11,363
20,298
17,145
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15,701
8,104
Trade creditors
314
2,962
Taxation and social security
-
0
15,483
Other creditors
16,003
(426)
32,018
26,123
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,000
9,970
Other creditors
33,332
-
0
38,332
9,970
2024-07-312023-08-01false24 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr G A PolkinghorneMiss C L Bowlefalsefalse062380932023-08-012024-07-3106238093bus:Director12023-08-012024-07-3106238093bus:Director22023-08-012024-07-3106238093bus:RegisteredOffice2023-08-012024-07-31062380932024-07-31062380932023-07-3106238093core:LandBuildings2024-07-3106238093core:OtherPropertyPlantEquipment2024-07-3106238093core:LandBuildings2023-07-3106238093core:OtherPropertyPlantEquipment2023-07-3106238093core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-3106238093core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3106238093core:Non-currentFinancialInstrumentscore:AfterOneYear2024-07-3106238093core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3106238093core:CurrentFinancialInstruments2024-07-3106238093core:CurrentFinancialInstruments2023-07-3106238093core:Non-currentFinancialInstruments2024-07-3106238093core:Non-currentFinancialInstruments2023-07-3106238093core:ShareCapital2024-07-3106238093core:ShareCapital2023-07-3106238093core:RetainedEarningsAccumulatedLosses2024-07-3106238093core:RetainedEarningsAccumulatedLosses2023-07-3106238093core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-012024-07-3106238093core:PlantMachinery2023-08-012024-07-3106238093core:FurnitureFittings2023-08-012024-07-3106238093core:ComputerEquipment2023-08-012024-07-3106238093core:MotorVehicles2023-08-012024-07-31062380932022-08-012023-07-3106238093core:LandBuildings2023-07-3106238093core:OtherPropertyPlantEquipment2023-07-31062380932023-07-3106238093core:LandBuildings2023-08-012024-07-3106238093core:OtherPropertyPlantEquipment2023-08-012024-07-3106238093core:WithinOneYear2024-07-3106238093core:WithinOneYear2023-07-3106238093bus:PrivateLimitedCompanyLtd2023-08-012024-07-3106238093bus:SmallCompaniesRegimeForAccounts2023-08-012024-07-3106238093bus:FRS1022023-08-012024-07-3106238093bus:AuditExemptWithAccountantsReport2023-08-012024-07-3106238093bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP