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Company registration number: 10379950
LEVATE SOLUTIONS LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 September 2024
LEVATE SOLUTIONS LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
LEVATE SOLUTIONS LTD
DIRECTORS AND OTHER INFORMATION
Directors Mr P A Austin
Mr J C Davies
Ms A H Curtis (Appointed 9 September 2024)
Company number 10379950
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address Unit 2 St Kenelm Business Park
107 Longden Road
Shrewsbury
Shropshire
SY3 9PU
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
LEVATE SOLUTIONS LTD
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LEVATE SOLUTIONS LTD
YEAR ENDED 30TH SEPTEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Levate Solutions Ltd for the year ended 30 September 2024 as set out on pages 5 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Levate Solutions Ltd, as a body, in accordance with the terms of our engagement letter dated 18 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Levate Solutions Ltd and state those matters that we have agreed to state to the board of directors of Levate Solutions Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Levate Solutions Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Levate Solutions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Levate Solutions Ltd. You consider that Levate Solutions Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Levate Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
27 November 2024
LEVATE SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION
30TH SEPTEMBER 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 240,232 203,288
_______ _______
240,232 203,288
Current assets
Stocks and Work-in-Progress 81,781 70,187
Debtors 6 599,961 368,253
Cash at bank and in hand 721,935 243,720
_______ _______
1,403,677 682,160
Creditors: amounts falling due
within one year 7 ( 1,413,695) ( 684,798)
_______ _______
Net current liabilities ( 10,018) ( 2,638)
_______ _______
Total assets less current liabilities 230,214 200,650
Creditors: amounts falling due
after more than one year 8 ( 49,175) ( 69,743)
Provisions for liabilities ( 29,547) ( 25,140)
_______ _______
Net assets 151,492 105,767
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 151,490 105,765
_______ _______
Shareholders funds 151,492 105,767
_______ _______
For the year ending 30 September 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 have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr P A Austin Mr J C Davies
Director Director
Company registration number: 10379950
LEVATE SOLUTIONS LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30TH SEPTEMBER 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 October 2022 2 58,521 58,523
Profit for the year 137,244 137,244
_______ _______ _______
Total comprehensive income for the year - 137,244 137,244
Dividends paid and payable ( 90,000) ( 90,000)
_______ _______ _______
Total investments by and distributions to owners - ( 90,000) ( 90,000)
_______ _______ _______
At 30 September 2023 and 1 October 2023 2 105,765 105,767
Profit for the year 145,725 145,725
_______ _______ _______
Total comprehensive income for the year - 145,725 145,725
Dividends paid and payable ( 100,000) ( 100,000)
_______ _______ _______
Total investments by and distributions to owners - ( 100,000) ( 100,000)
_______ _______ _______
At 30 September 2024 2 151,490 151,492
_______ _______ _______
LEVATE SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30TH SEPTEMBER 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 Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 10 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Stocks and Work-in-Progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 16 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2023 89,186 35,267 20,293 166,689 311,435
Additions 438 20,621 4,251 61,770 87,080
Disposals - - ( 981) ( 24,055) ( 25,036)
_______ _______ _______ _______ _______
At 30 September 2024 89,624 55,888 23,563 204,404 373,479
_______ _______ _______ _______ _______
Depreciation
At 1 October 2023 17,726 8,900 5,991 75,530 108,147
Charge for the year 8,951 6,953 2,404 26,421 44,729
Disposals - - ( 211) ( 19,418) ( 19,629)
_______ _______ _______ _______ _______
At 30 September 2024 26,677 15,853 8,184 82,533 133,247
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2024 62,947 40,035 15,379 121,871 240,232
_______ _______ _______ _______ _______
At 30 September 2023 71,460 26,367 14,302 91,159 203,288
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 557,430 338,056
Other debtors 42,531 30,197
_______ _______
599,961 368,253
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 40,688 106,642
Trade creditors 367,313 223,005
Corporation tax 37,040 21,419
Social security and other taxes 159,775 75,662
Other creditors 808,879 258,070
_______ _______
1,413,695 684,798
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 6,667 16,667
Other creditors 42,508 53,076
_______ _______
49,175 69,743
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr P A Austin ( 22,554) - 22,232 ( 322)
Mr J C Davies ( 22,595) - 22,282 ( 313)
_______ _______ _______ _______
( 45,149) - 44,514 ( 635)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr P A Austin ( 7,171) ( 15,383) - ( 22,554)
Mr J C Davies ( 7,269) ( 15,326) - ( 22,595)
_______ _______ _______ _______
( 14,440) ( 30,709) - ( 45,149)
_______ _______ _______ _______