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Registration number: 1867365

B. Conway (Tail Lifts) Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

B. Conway (Tail Lifts) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

B. Conway (Tail Lifts) Limited

(Registration number: 1867365)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

555,996

466,739

Current assets

 

Stocks

513,405

451,732

Debtors

5

999,343

735,983

Investments

6

137,047

91,501

Cash at bank and in hand

 

1,673,029

2,082,109

 

3,322,824

3,361,325

Creditors: Amounts falling due within one year

7

(1,491,758)

(1,387,160)

Net current assets

 

1,831,066

1,974,165

Total assets less current liabilities

 

2,387,062

2,440,904

Provisions for liabilities

(116,832)

(110,410)

Net assets

 

2,270,230

2,330,494

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,270,130

2,330,394

Shareholders' funds

 

2,270,230

2,330,494

 

B. Conway (Tail Lifts) Limited

(Registration number: 1867365)
Statement of Financial Position as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Mr A M Conway
Director

.........................................
Mr M J Conway
Director

.........................................
Mrs V Conway
Director

     
 

B. Conway (Tail Lifts) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Hamilton Street
Oldham
Lancashire
OL4 1DA
United Kingdom

These financial statements were authorised for issue by the Board on 29 November 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 FRS102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

B. Conway (Tail Lifts) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Leasehold Property

12.5% straight line

Plant and Machinery

20% reducing balance

Fixtures and Fittings

15% reducing balance

Motor Vehicles

20% straight line

Equipment

20% straight line

Assets for Hire

Over 5 - 7 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

B. Conway (Tail Lifts) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2023 - 23).

 

B. Conway (Tail Lifts) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Leasehold property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

101,895

313,691

595,409

1,010,995

Additions

63,440

18,726

153,902

236,068

Disposals

-

-

(69,825)

(69,825)

At 29 February 2024

165,335

332,417

679,486

1,177,238

Depreciation

At 1 March 2023

87,108

223,098

234,050

544,256

Charge for the year

7,477

22,495

116,839

146,811

Eliminated on disposal

-

-

(69,825)

(69,825)

At 29 February 2024

94,585

245,593

281,064

621,242

Carrying amount

At 29 February 2024

70,750

86,824

398,422

555,996

At 28 February 2023

14,787

90,593

361,359

466,739

5

Debtors

Current

2024
£

2023
£

Trade debtors

674,234

583,714

Prepayments

29,035

35,113

Other debtors

296,074

117,156

 

999,343

735,983

6

Current asset investments

2024
£

2023
£

Investments

137,047

91,501

 

B. Conway (Tail Lifts) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

316,245

289,737

Taxation and social security

182,699

71,517

Accruals and deferred income

59,324

21,334

Other creditors

933,490

1,004,572

1,491,758

1,387,160

 

B. Conway (Tail Lifts) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr M J Conway

Loan repayable on demand with interest charged at HMRC's official rate

-

205,052

(193,127)

11,925

         
       

Mr A M Conway

Loan repayable on demand with interest charged at HMRC's official rate

51,478

215,714

(79,903)

187,289

         
       

 

Summary of transactions with other related parties


B Conway (Mechanical Handling) Limited

 
The Directors of B Conway (Mechanical Handling) Limited are also the Directors of B Conway (Tail Lifts) Limited.

 At the balance sheet date the amount owed to B. Conway (Mechanical Handling) Limited was £922,213 (2023 - £843,387). This amount is repayable on demand and no interest has been charged on the balance.