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REGISTERED NUMBER: 04327176 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

LIFTWORKS LIMITED

LIFTWORKS LIMITED (REGISTERED NUMBER: 04327176)






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


LIFTWORKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mrs JK Lines
Mr LA Lines
Mr J Brown
Mr P Hann
Mr P Juan





SECRETARY: Miss A O'Rourke





REGISTERED OFFICE: Unit 6 Deacon Trading Estate
Knight Road
Strood
Kent
ME2 2AU





REGISTERED NUMBER: 04327176 (England and Wales)





ACCOUNTANTS: Elliott, Mortlock, Busby & Co Limited
12 High Street
Stanford le Hope
Essex
SS17 0EY

LIFTWORKS LIMITED (REGISTERED NUMBER: 04327176)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 627,931 271,221
627,931 271,221

CURRENT ASSETS
Stocks 183,004 128,442
Debtors 7 2,828,755 2,057,722
Cash at bank 1,383,523 781,181
4,395,282 2,967,345
CREDITORS
Amounts falling due within one year 8 1,901,713 1,525,667
NET CURRENT ASSETS 2,493,569 1,441,678
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,121,500

1,712,899

CREDITORS
Amounts falling due after more than one year 9 (10,643 ) (20,596 )

PROVISIONS FOR LIABILITIES 10 (143,753 ) (67,468 )
NET ASSETS 2,967,104 1,624,835

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,967,004 1,624,735
SHAREHOLDERS' FUNDS 2,967,104 1,624,835

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.

LIFTWORKS LIMITED (REGISTERED NUMBER: 04327176)

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 30 August 2024 and were signed on its behalf by:





Mrs JK Lines - Director


LIFTWORKS LIMITED (REGISTERED NUMBER: 04327176)

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

1. STATUTORY INFORMATION

Liftworks 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.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company's activities.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2007, was fully amortised over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Capital expenditure on premises - 10% straight line basis
Plant and equipment - 25% on reducing balance
Fixtures, fittings and office equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.


LIFTWORKS LIMITED (REGISTERED NUMBER: 04327176)

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

3. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax.

The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Pension costs and other post-retirement benefits
The company operates two defined contribution pension schemes and the pension charge represents the amounts payable by the company to the funds in respect of the year.

Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 36 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 2,650
AMORTISATION
At 1 June 2023
and 31 May 2024 2,650
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

LIFTWORKS LIMITED (REGISTERED NUMBER: 04327176)

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

6. TANGIBLE FIXED ASSETS
Fixtures,
Capital fittings
expenditure and
on Plant and office Motor
premises equipment equipment vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 26,100 26,795 47,241 337,015 437,151
Additions - 54,649 7,947 432,195 494,791
Disposals - - - (21,000 ) (21,000 )
At 31 May 2024 26,100 81,444 55,188 748,210 910,942
DEPRECIATION
At 1 June 2023 26,100 25,396 22,561 91,873 165,930
Charge for year - 13,178 6,843 97,060 117,081
At 31 May 2024 26,100 38,574 29,404 188,933 283,011
NET BOOK VALUE
At 31 May 2024 - 42,870 25,784 559,277 627,931
At 31 May 2023 - 1,399 24,680 245,142 271,221

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,352,420 1,535,743
Other debtors 476,335 521,979
2,828,755 2,057,722

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,001 10,000
Trade creditors 633,668 836,683
Corporation tax 520,875 171,350
Social security and other taxes 434,346 288,632
Other creditors 132,795 97,790
Directors' current accounts 2,292 1,143
Deferred income 167,736 120,069
1,901,713 1,525,667

LIFTWORKS LIMITED (REGISTERED NUMBER: 04327176)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 643 10,596
10,643 20,596

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 143,753 67,468

Deferred
tax
£   
Balance at 1 June 2023 67,468
Charge to Income Statement during year 76,285
Balance at 31 May 2024 143,753

The provision for deferred taxation is made up of accelerated capital allowances.

11. PENSION COMMITMENTS

The company operates two defined contribution pension schemes, for the employees and directors. The assets of the schemes are held separately from those of the company in independently administered funds. At the balance sheet date there were £27,411 unpaid contributions (2023: £22,259).

12. COMMITMENTS, GUARANTEES AND CONTINGENCIES

The Company has a total commitments, guarantees and contingencies as at year end 2024 of £147,261 (2023: £215,441)

Included in the above are minimum lease payments under non-cancellable operating leases, falling due as follows:

2024 2023
£ £
Within one year 62,57683,664
Between one and five years84.685131,777
More than five years--
147.261215,441

13. RELATED PARTY DISCLOSURES

Included in debtors is a loan of £392,189 (2023 £392,189) to a Company under the control of the directors. The loan is interest free and repayable on demand.