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Company registration number: 10410704
Nationwide Lift Services Ltd
Unaudited filleted financial statements
31 December 2024
Nationwide Lift Services Ltd
Contents
Statement of financial position
Notes to the financial statements
Nationwide Lift Services Ltd
Statement of financial position
31st December 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 40,000 48,000
Tangible assets 6 24,900 37,525
_______ _______
64,900 85,525
Current assets
Stocks 75,000 60,500
Debtors 7 306,980 285,852
Cash at bank and in hand 78,860 65,852
_______ _______
460,840 412,204
Creditors: amounts falling due
within one year 8 ( 312,399) ( 364,927)
_______ _______
Net current assets 148,441 47,277
_______ _______
Total assets less current liabilities 213,341 132,802
Creditors: amounts falling due
after more than one year 9 - ( 18,543)
Provisions for liabilities 1,819 402
_______ _______
Net assets 215,160 114,661
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 215,060 114,561
_______ _______
Shareholders funds 215,160 114,661
_______ _______
For the year ending 31 December 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 25 March 2025 , and are signed on behalf of the board by:
Mr Kenneth Chappell Mr Paul Stuart Robinson
Director Director
Company registration number: 10410704
Nationwide Lift Services Ltd
Notes to the financial statements
Year ended 31st December 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 Nationwide Lift Services Ltd, Unit 3, Rosevale Road, Parkhouse Industrial Estate West, Newcastle Under Lyme, Staffordshire, ST5 7EF.
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 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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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, 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 12 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st January 2024 and 31st December 2024 80,000 80,000
_______ _______
Amortisation
At 1st January 2024 32,000 32,000
Charge for the year 8,000 8,000
_______ _______
At 31st December 2024 40,000 40,000
_______ _______
Carrying amount
At 31st December 2024 40,000 40,000
_______ _______
At 31st December 2023 48,000 48,000
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1st January 2024 8,500 2,480 47,120 15,864 73,964
Additions - 2,190 23,375 2,853 28,418
Disposals - - ( 58,610) - ( 58,610)
_______ _______ _______ _______ _______
At 31st December 2024 8,500 4,670 11,885 18,717 43,772
_______ _______ _______ _______ _______
Depreciation
At 1st January 2024 4,063 620 22,823 8,933 36,439
Charge for the year 666 397 495 3,698 5,256
Disposals - - ( 22,823) - ( 22,823)
_______ _______ _______ _______ _______
At 31st December 2024 4,729 1,017 495 12,631 18,872
_______ _______ _______ _______ _______
Carrying amount
At 31st December 2024 3,771 3,653 11,390 6,086 24,900
_______ _______ _______ _______ _______
At 31st December 2023 4,437 1,860 24,297 6,931 37,525
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 255,511 268,083
Other debtors 51,469 17,769
_______ _______
306,980 285,852
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 156,148 152,440
Corporation tax 50,296 44,271
Social security and other taxes 47,405 56,742
Other creditors 58,550 111,474
_______ _______
312,399 364,927
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors - 18,543
_______ _______
10. 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 Paul Stuart Robinson - 48,931 - 48,931
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Paul Stuart Robinson 8,658 - ( 8,658) -
_______ _______ _______ _______