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REGISTERED NUMBER: 06569773 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

LIFTSAFE SOLUTIONS LIMITED

LIFTSAFE SOLUTIONS LIMITED (REGISTERED NUMBER: 06569773)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LIFTSAFE SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: Mr W C Housham





REGISTERED OFFICE: Sandars Road
Hepaham Road Industrial Estate
GAINSBOROUGH
Lincolnshire
DN21 1RZ





REGISTERED NUMBER: 06569773 (England and Wales)





ACCOUNTANTS: Shucksmith Accountants (Gainsborough) Limited
Orion House
28A Spital Terrace
GAINSBOROUGH
Lincolnshire
DN21 2HQ

LIFTSAFE SOLUTIONS LIMITED (REGISTERED NUMBER: 06569773)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 35,409 24,937

CURRENT ASSETS
Stocks 40,918 38,251
Debtors 5 70,956 86,601
Cash at bank and in hand 979 66
112,853 124,918
CREDITORS
Amounts falling due within one year 6 150,720 145,320
NET CURRENT LIABILITIES (37,867 ) (20,402 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,458

)

4,535

CREDITORS
Amounts falling due after more than one
year

7

42,079

36,248
NET LIABILITIES (44,537 ) (31,713 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 (44,637 ) (31,813 )
SHAREHOLDERS' FUNDS (44,537 ) (31,713 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

LIFTSAFE SOLUTIONS LIMITED (REGISTERED NUMBER: 06569773)

BALANCE SHEET - continued
29 FEBRUARY 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 director and authorised for issue on 25 February 2025 and were signed by:





Mr W C Housham - Director


LIFTSAFE SOLUTIONS LIMITED (REGISTERED NUMBER: 06569773)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Liftsafe Solutions 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.

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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

LIFTSAFE SOLUTIONS LIMITED (REGISTERED NUMBER: 06569773)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
At 29 February 2024 the company had a net excess of liabilities over assets of £44,537 (2023 - £31,713) and was technically insolvent.

The company is dependent upon the continued financial support of its bankers, which has been confirmed as ongoing. The financial statements have therefore been prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2023 2,903 30,855 129
Additions - 5,200 108
Disposals (2,903 ) (4,308 ) -
At 29 February 2024 - 31,747 237
DEPRECIATION
At 1 March 2023 1,806 18,342 35
Charge for year - 2,456 30
Eliminated on disposal (1,806 ) (2,975 ) -
At 29 February 2024 - 17,823 65
NET BOOK VALUE
At 29 February 2024 - 13,924 172
At 28 February 2023 1,097 12,513 94

LIFTSAFE SOLUTIONS LIMITED (REGISTERED NUMBER: 06569773)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 30,070 2,827 66,784
Additions 21,995 - 27,303
Disposals (15,645 ) (1,725 ) (24,581 )
At 29 February 2024 36,420 1,102 69,506
DEPRECIATION
At 1 March 2023 19,442 2,222 41,847
Charge for year 7,021 84 9,591
Eliminated on disposal (11,103 ) (1,457 ) (17,341 )
At 29 February 2024 15,360 849 34,097
NET BOOK VALUE
At 29 February 2024 21,060 253 35,409
At 28 February 2023 10,628 605 24,937

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 21,995
At 29 February 2024 21,995
DEPRECIATION
Charge for year 5,499
At 29 February 2024 5,499
NET BOOK VALUE
At 29 February 2024 16,496

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 56,754 64,853
Other debtors 135 135
Directors' current accounts 4,647 12,806
Tax 4,162 5,113
Prepayments and accrued income 5,258 3,694
70,956 86,601

LIFTSAFE SOLUTIONS LIMITED (REGISTERED NUMBER: 06569773)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts (see note 8) 26,712 26,930
Other loans (see note 8) 2,883 4,553
Hire purchase contracts (see note 9) 4,098 -
Trade creditors 31,565 31,504
Tax 496 4,154
Social security and other taxes 25,981 18,251
VAT 7,288 8,515
Other creditors 51,058 49,284
Accruals and deferred income 639 2,129
150,720 145,320

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans (see note 8) 30,808 36,248
Hire purchase contracts (see note 9) 11,271 -
42,079 36,248

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,031 15,776

8. LOANS

An analysis of the maturity of loans is given below:

29.2.24 28.2.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 20,268 20,486
Bank loans 6,444 6,444
Other loans 2,883 4,553
29,595 31,483

Amounts falling due between one and two years:
Bank loans - 1-2 years 6,444 6,444

Amounts falling due between two and five years:
Bank loans - 2-5 years 19,333 14,028

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,031 15,776

LIFTSAFE SOLUTIONS LIMITED (REGISTERED NUMBER: 06569773)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 4,098 -
Between one and five years 11,271 -
15,369 -

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 12,000 12,000

10. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank overdrafts 20,268 20,486
Hire purchase contracts 15,369 -
35,637 20,486

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Retained
earnings
£   

At 1 March 2023 (31,813 )
Deficit for the year (12,824 )
At 29 February 2024 (44,637 )

LIFTSAFE SOLUTIONS LIMITED (REGISTERED NUMBER: 06569773)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
Mr W C Housham
Balance outstanding at start of year 12,806 10,510
Amounts advanced - 2,296
Amounts repaid (8,159 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,647 12,806

Interest has been charged on this loan at a normal commercial rate.

During the year, the director, Mr W C Housham, charged the company £312 (2022 - £312) for use of home as office.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr W C Housham.