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REGISTERED NUMBER: 01110897 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

CHAINS AND LIFTING TACKLE (MIDLANDS)
LIMITED

CHAINS AND LIFTING TACKLE (MIDLANDS)
LIMITED (REGISTERED NUMBER: 01110897)

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










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 6


CHAINS AND LIFTING TACKLE (MIDLANDS)
LIMITED (REGISTERED NUMBER: 01110897)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 47,456 38,894
Investments 5 100 100
47,556 38,994

CURRENT ASSETS
Stocks 38,350 39,475
Debtors 6 292,536 274,351
Cash at bank and in hand 461,171 424,986
792,057 738,812
CREDITORS
Amounts falling due within one year 7 (196,183 ) (170,411 )
NET CURRENT ASSETS 595,874 568,401
TOTAL ASSETS LESS CURRENT
LIABILITIES

643,430

607,395

CREDITORS
Amounts falling due after more than one
year

8

(5,350

)

(2,836

)

PROVISIONS FOR LIABILITIES (9,628 ) (7,343 )
NET ASSETS 628,452 597,216

CAPITAL AND RESERVES
Called up share capital 500 500
Capital redemption reserve 500 500
Retained earnings 627,452 596,216
SHAREHOLDERS' FUNDS 628,452 597,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

CHAINS AND LIFTING TACKLE (MIDLANDS)
LIMITED (REGISTERED NUMBER: 01110897)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 December 2024 and were signed by:





P Wiggins - Director


CHAINS AND LIFTING TACKLE (MIDLANDS)
LIMITED (REGISTERED NUMBER: 01110897)

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


1. STATUTORY INFORMATION

Chains And Lifting Tackle (Midlands) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01110897

Registered office: Dewsbury Road
Berryhill Industrial Estate
Fenton
Stoke-On-Trent
Staffordshire
ST4 2TD

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Estimated useful lives and residual values of fixed assets

As described in the notes to the financial statements, amortisation of intangible fixed assets and depreciation of tangible fixed assets have been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

Revenue recognition
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.
Leasehold property improvements - 10% on cost
Plant and machinery - 20% reducing balance
Hire equipment - 20% reducing balance
Motor vehicles - 25% reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

CHAINS AND LIFTING TACKLE (MIDLANDS)
LIMITED (REGISTERED NUMBER: 01110897)

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


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

CHAINS AND LIFTING TACKLE (MIDLANDS)
LIMITED (REGISTERED NUMBER: 01110897)

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


4. TANGIBLE FIXED ASSETS
Leasehold
property Plant and Hire Motor
improvements machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1 August 2023 10,295 96,947 74,813 73,510 255,565
Additions - - - 25,490 25,490
Disposals - - - (17,800 ) (17,800 )
At 31 July 2024 10,295 96,947 74,813 81,200 263,255
DEPRECIATION
At 1 August 2023 10,295 93,943 74,369 38,064 216,671
Charge for year - 601 89 11,026 11,716
Eliminated on disposal - - - (12,588 ) (12,588 )
At 31 July 2024 10,295 94,544 74,458 36,502 215,799
NET BOOK VALUE
At 31 July 2024 - 2,403 355 44,698 47,456
At 31 July 2023 - 3,004 444 35,446 38,894

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 100
NET BOOK VALUE
At 31 July 2024 100
At 31 July 2023 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 275,351 259,002
Other debtors 17,185 15,349
292,536 274,351

CHAINS AND LIFTING TACKLE (MIDLANDS)
LIMITED (REGISTERED NUMBER: 01110897)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Hire purchase contracts (see note 9) 6,417 4,020
Trade creditors 57,596 29,421
Amounts owed to group undertakings 47,086 47,403
Taxation and social security 61,852 65,118
Other creditors 23,232 24,449
196,183 170,411

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Hire purchase contracts (see note 9) 5,350 2,836

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.7.24 31.7.23
£    £   
Net obligations repayable:
Within one year 6,417 4,020
Between one and five years 5,350 2,836
11,767 6,856

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company is party to a cross guarantee covering the bank overdraft and borrowing's of itself and Chains and Lifting Tackle (Coventry) Limited.