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REGISTERED NUMBER: 10200080 (England and Wales)















NETWORK LIFTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






NETWORK LIFTS LIMITED (REGISTERED NUMBER: 10200080)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NETWORK LIFTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: S N Waddington
P Burton





REGISTERED OFFICE: Valley House Aireside
Cononley
Keighley
West Yorkshire
BD20 8LT





REGISTERED NUMBER: 10200080 (England and Wales)





ACCOUNTANTS: DSC
Chartered Accountants
Birkbeck Suite G2
Water Street
Skipton
BD23 1PB

NETWORK LIFTS LIMITED (REGISTERED NUMBER: 10200080)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 60,498 29,165

CURRENT ASSETS
Stocks 79,031 98,587
Debtors 5 65,290 71,492
Prepayments and accrued income 2,205 4,048
Cash at bank and in hand 203,485 146,985
350,011 321,112
CREDITORS
Amounts falling due within one year 6 86,215 47,910
NET CURRENT ASSETS 263,796 273,202
TOTAL ASSETS LESS CURRENT
LIABILITIES

324,294

302,367

PROVISIONS FOR LIABILITIES (12,655 ) -

ACCRUALS AND DEFERRED INCOME (216,296 ) (199,006 )
NET ASSETS 95,343 103,361

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 95,243 103,261
95,343 103,361

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.

NETWORK LIFTS LIMITED (REGISTERED NUMBER: 10200080)

BALANCE SHEET - 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:




S N Waddington - Director



P Burton - Director


NETWORK LIFTS LIMITED (REGISTERED NUMBER: 10200080)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Network Lifts 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
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.

NETWORK LIFTS LIMITED (REGISTERED NUMBER: 10200080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 40,392
Additions 56,160
Disposals (3,900 )
At 31 May 2024 92,652
DEPRECIATION
At 1 June 2023 11,227
Charge for year 22,985
Eliminated on disposal (2,058 )
At 31 May 2024 32,154
NET BOOK VALUE
At 31 May 2024 60,498
At 31 May 2023 29,165

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 64,790 70,992
Other debtors 500 500
65,290 71,492

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 49,228 4,552
Taxation and social security 36,052 42,990
Other creditors 935 368
86,215 47,910