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COMPANY REGISTRATION NUMBER: 06281244
LIFT-Financial Ltd
Unaudited Financial Statements
30 June 2024
LIFT-Financial Ltd
Financial Statements
Year ended 30th June 2024
Contents
Page
Directors' report
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5
LIFT-Financial Ltd
Directors' Report
Year ended 30th June 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2024 .
Principal activities
The principal activity of the company during the year was the provision of financial advice.
Directors
The directors who served the company during the year were as follows:
Mr J M Adams
Mr M I Holden
Mr C J Westbrook
Mr J H Stubbs
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 January 2025 and signed on behalf of the board by:
Mr C J Westbrook
Director
Registered office:
Century House
Regent Road
Altrincham
Cheshire
WA14 1RR
LIFT-Financial Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of LIFT-Financial Ltd
Year ended 30th June 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30th June 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
EDWARDS VEEDER LLP Chartered accountants
Alex House 260-268 Chapel Street Salford M3 5JZ
30 January 2025
LIFT-Financial Ltd
Statement of Income and Retained Earnings
Year ended 30th June 2024
2024
2023
Note
£
£
Turnover
5,936,552
5,874,003
Cost of sales
5,937,244
5,873,782
------------
------------
Gross (loss)/profit
( 692)
221
Administrative expenses
174
150
----
----
Operating (loss)/profit
( 866)
71
Other interest receivable and similar income
4
1,804
207
-------
----
Profit before taxation
938
278
Tax on profit
( 227)
53
-------
----
Profit for the financial year and total comprehensive income
1,165
225
-------
----
Retained earnings at the start of the year
360,358
360,133
---------
---------
Retained earnings at the end of the year
361,523
360,358
---------
---------
All the activities of the company are from continuing operations.
LIFT-Financial Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Current assets
Debtors
5
238,000
274,308
Cash at bank and in hand
123,702
86,051
---------
---------
361,702
360,359
Creditors: amounts falling due within one year
6
178
---------
---------
Net current assets
361,524
360,359
---------
---------
Total assets less current liabilities
361,524
360,359
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
361,523
360,358
---------
---------
Shareholders funds
361,524
360,359
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30th June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
Mr C J Westbrook
Director
Company registration number: 06281244
LIFT-Financial Ltd
Notes to the Financial Statements
Year ended 30th June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Century House, Regent Road, Altrincham, Cheshire, WA14 1RR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
4. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
1,804
207
-------
----
5. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
238,000
271,324
Other debtors
2,984
---------
---------
238,000
274,308
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
178
----
----
7. Related party transactions
The company was under the control of LIFT-Financial Group Ltd a company registered in the United Kingdom.
8. Controlling party
The ultimate parent undertaking is LIFT-Financial Group Ltd a company registered in the United Kingdom.