15 17 LTC Powered Access Ltd 10738156 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the provision of the hire of powered access equipment Digita Accounts Production Advanced 6.30.9574.0 true 10738156 2023-09-01 2024-08-31 10738156 2024-08-31 10738156 core:CurrentFinancialInstruments 2024-08-31 10738156 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 10738156 core:WithinOneYear 2024-08-31 10738156 bus:SmallEntities 2023-09-01 2024-08-31 10738156 bus:Audited 2023-09-01 2024-08-31 10738156 bus:FilletedAccounts 2023-09-01 2024-08-31 10738156 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 10738156 bus:RegisteredOffice 2023-09-01 2024-08-31 10738156 bus:Director1 2023-09-01 2024-08-31 10738156 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10738156 countries:EnglandWales 2023-09-01 2024-08-31 10738156 2022-09-01 2023-08-31 10738156 2023-08-31 10738156 core:CurrentFinancialInstruments 2023-08-31 10738156 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 10738156 core:WithinOneYear 2023-08-31 xbrli:pure iso4217:GBP

Registration number: 10738156

LTC Powered Access Ltd

Filleted Financial Statements

for the Year Ended 31 August 2024

 

LTC Powered Access Ltd

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 6

 

LTC Powered Access Ltd

(Registration number: 10738156)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

1,165,032

1,594,199

Cash at bank and in hand

 

276,405

253,213

 

1,441,437

1,847,412

Creditors: Amounts falling due within one year

5

(315,304)

(398,706)

Net assets

 

1,126,133

1,448,706

Capital and reserves

 

Called up share capital

10,000

10,000

Profit and loss account

1,116,133

1,438,706

Shareholders' funds

 

1,126,133

1,448,706


These financial statements have been prepared and 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 Statement of Comprehensive Income.

Approved and authorised by the director on 27 February 2025
 


Mr R A Wills
Director

 

LTC Powered Access Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Wixenford Depot
Colesdown Hill
PLYMOUTH
Devon
PL9 8AA

Principal activity

The principal activity of the company is the provision of the hire of powered access equipment

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

LTC Powered Access Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 10 April 2024 was

Adam Croney ACA, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

 

LTC Powered Access Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises current 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

LTC Powered Access Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2023 - 17).

 

LTC Powered Access Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

4

Debtors

Note

2024
£

2023
£

Trade debtors

 

491,239

492,874

Amounts owed by group undertakings

613,409

1,044,665

Other debtors

 

-

100

Prepayments

 

60,384

56,560

 

1,165,032

1,594,199

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

61,868

65,611

Taxation and social security

197,468

280,484

Accruals and deferred income

21,707

20,475

Other creditors

34,261

32,136

315,304

398,706

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

45,000

45,000

45,000

45,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £45,000 (2023 - £45,000). The rent is payable to LTC Group87 Ltd.