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Registration number: 07016336

Industrial Lifting Solutions Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Industrial Lifting Solutions Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Industrial Lifting Solutions Ltd

Company Information

Director

Mr E Williams

Company secretary

Mr E Williams

Registered office

Jesmond Cottage
Cowley
Cheltenham
Gloucestershire
GL53 9NJ

Accountants

Holberton and Co
Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

 

Industrial Lifting Solutions Ltd

(Registration number: 07016336)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

78,508

90,334

Current assets

 

Debtors

5

119,936

72,304

Cash at bank and in hand

 

116,701

113,185

 

236,637

185,489

Prepayments and accrued income

 

-

6,353

Creditors: Amounts falling due within one year

(120,991)

(103,622)

Net current assets

 

115,646

88,220

Total assets less current liabilities

 

194,154

178,554

Creditors: Amounts falling due after more than one year

(22,123)

(43,948)

Net assets

 

172,031

134,606

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

171,031

133,606

Shareholders' funds

 

172,031

134,606

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 October 2024
 

 

Industrial Lifting Solutions Ltd

(Registration number: 07016336)
Abridged Balance Sheet as at 31 March 2024

.........................................
Mr E Williams
Company secretary and director

 

Industrial Lifting Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
Jesmond Cottage
Cowley
Cheltenham
Gloucestershire
GL53 9NJ

The principal place of business is:
Jesmond Cottage
Cowley
Cheltenham
Gloucestershire
GL53 9NJ

These financial statements were authorised for issue by the director on 24 October 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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

Industrial Lifting Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% Reducing Balance

Fixtures and fittings

15% Reducing Balance

Motor vehicles

25% Reducing Balance

Office equipment

33% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Industrial Lifting Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

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 the director) during the year, was 2 (2023 - 2).

 

Industrial Lifting Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

56,174

26,275

3,109

79,288

Additions

-

9,158

1,234

-

At 31 March 2024

56,174

35,433

4,343

79,288

Depreciation

At 1 April 2023

27,200

20,333

2,633

25,288

Charge for the year

4,346

2,866

564

13,500

At 31 March 2024

31,546

23,199

3,197

38,788

Carrying amount

At 31 March 2024

24,628

12,234

1,146

40,500

At 31 March 2023

28,974

6,884

476

54,000

Total
£

Cost or valuation

At 1 April 2023

164,846

Additions

10,392

At 31 March 2024

175,238

Depreciation

At 1 April 2023

75,454

Charge for the year

21,276

At 31 March 2024

96,730

Carrying amount

At 31 March 2024

78,508

At 31 March 2023

90,334

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

Industrial Lifting Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

7

Dividends

2024

2023

£

£

Interim dividend of £83.00 (2023 - £55.00) per ordinary share

83,000

55,000

 

 

8

Related party transactions

 

Industrial Lifting Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

12,570

Contributions paid to money purchase schemes

17,750

14,350

30,320

26,920