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Registration number: 01216462

Able Lifting Gear (Swansea) Limited

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Able Lifting Gear (Swansea) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Able Lifting Gear (Swansea) Limited

Company Information

Director

Mr N B Tate

Registered office

Unit 22 St Davids Industrial
Estate St Davids Road
Swansea Enterprise Park
Swansea
SA6 8RX
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Able Lifting Gear (Swansea) Limited

(Registration number: 01216462)
Balance Sheet as at 30 April 2024

Note

30 April
2024
£

30 April
2023
£

Fixed assets

 

Tangible assets

4

110,087

129,597

Current assets

 

Stocks

5

10,015

10,005

Debtors

6

192,539

204,347

Cash at bank and in hand

 

421,400

397,241

 

623,954

611,593

Creditors: Amounts falling due within one year

7

(163,436)

(175,913)

Net current assets

 

460,518

435,680

Total assets less current liabilities

 

570,605

565,277

Creditors: Amounts falling due after more than one year

7

(7,583)

(14,583)

Provisions for liabilities

(20,916)

(24,623)

Net assets

 

542,106

526,071

Capital and reserves

 

Called up share capital

8

50

50

Capital redemption reserve

50

50

Retained earnings

542,006

525,971

Shareholders' funds

 

542,106

526,071

For the financial year ending 30 April 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.

 

Able Lifting Gear (Swansea) Limited

(Registration number: 01216462)
Balance Sheet as at 30 April 2024

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 10 September 2024
 

.........................................
Mr N B Tate
Director

 

Able Lifting Gear (Swansea) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Unit 22 St Davids Industrial
Estate St Davids Road
Swansea Enterprise Park
Swansea
SA6 8RX

These financial statements were authorised for issue by the director on 10 September 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 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 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.

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.

 

Able Lifting Gear (Swansea) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

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.

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 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 & machinery

15% Reducing Balance

Office equipment

15% Reducing Balance

Motor Vehicles

25% 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.

 

Able Lifting Gear (Swansea) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Able Lifting Gear (Swansea) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Able Lifting Gear (Swansea) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 9).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

21,500

128,407

96,548

246,455

Additions

4,289

11,300

1,903

17,492

Disposals

-

(23,630)

-

(23,630)

At 30 April 2024

25,789

116,077

98,451

240,317

Depreciation

At 1 May 2023

14,907

46,719

55,232

116,858

Charge for the year

1,306

18,079

6,362

25,747

Eliminated on disposal

-

(12,375)

-

(12,375)

At 30 April 2024

16,213

52,423

61,594

130,230

Carrying amount

At 30 April 2024

9,576

63,654

36,857

110,087

At 30 April 2023

6,593

81,688

41,316

129,597

5

Stocks

30 April
2024
£

30 April
2023
£

Other inventories

10,015

10,005

 

Able Lifting Gear (Swansea) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

6

Debtors

Current

30 April
2024
£

30 April
2023
£

Trade debtors

186,897

198,878

Prepayments

498

326

Other debtors

5,144

5,143

 

192,539

204,347

 

Able Lifting Gear (Swansea) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

30 April
2024
£

30 April
2023
£

Due within one year

 

Bank loans and overdrafts

9

7,000

6,999

Trade creditors

 

85,719

92,844

Taxation and social security

 

18,846

10,902

Accruals and deferred income

 

1,450

1,320

Other creditors

 

50,421

63,848

 

163,436

175,913

Creditors: amounts falling due after more than one year

Note

30 April
2024
£

30 April
2023
£

Due after one year

 

Loans and borrowings

9

7,583

14,583

8

Share capital

Allotted, called up and fully paid shares

30 April
2024

30 April
2023

No.

£

No.

£

Ordinary of £1 each

50

50

50

50

       

9

Loans and borrowings

Non-current loans and borrowings

30 April
2024
£

30 April
2023
£

Bank borrowings

7,583

14,583

 

Able Lifting Gear (Swansea) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

Current loans and borrowings

30 April
2024
£

30 April
2023
£

Bank borrowings

7,000

6,999

10

Dividends

30 April
2024

30 April
2023

£

£

Interim dividend of £2,416.00 (2023 - £2,520.00) per ordinary share

120,821

126,000

 

 

11

Related party transactions

Director's remuneration

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

2024
£

2023
£

Remuneration

12,116

10,000

Contributions paid to money purchase schemes

60,000

60,000

72,116

70,000