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Registration number: 05260243

East Anglian Forklifts Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

East Anglian Forklifts Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

East Anglian Forklifts Limited

Company Information

Director

Mr G A Crowe

Company secretary

Mrs E Crowe

Registered office

9 Robberds Way
Bowthorpe Employment Area
Norwich
Norfolk
NR5 9JF

Accountants

Jeremy Clark Accountants Ltd T/A AIMS
The Moat House
Sallow Lane
Wacton
Norwich
Norfolk
NR15 2UL

 

East Anglian Forklifts Limited

(Registration number: 05260243)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,106,558

1,787,971

Current assets

 

Stocks

6

18,000

18,000

Debtors

7

132,236

183,094

Cash at bank and in hand

 

73,780

55,324

 

224,016

256,418

Creditors: Amounts falling due within one year

8

(533,367)

(488,884)

Net current liabilities

 

(309,351)

(232,466)

Total assets less current liabilities

 

1,797,207

1,555,505

Creditors: Amounts falling due after more than one year

8

(965,584)

(806,823)

Provisions for liabilities

(190,855)

(166,763)

Net assets

 

640,768

581,919

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

640,767

581,918

Shareholders' funds

 

640,768

581,919

 

East Anglian Forklifts Limited

(Registration number: 05260243)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Profit and Loss Account.

Approved and authorised by the director on 5 March 2025
 

.........................................
Mr G A Crowe
Director

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

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

The address of its registered office is:
9 Robberds Way
Bowthorpe Employment Area
Norwich
Norfolk
NR5 9JF

These financial statements were authorised for issue by the director on 5 March 2025.

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.

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

Tax

The tax expense for the period comprises deferred 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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

18,000

18,000

At 31 October 2024

18,000

18,000

Amortisation

At 1 November 2023

18,000

18,000

At 31 October 2024

18,000

18,000

Carrying amount

At 31 October 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

4,789

132,541

3,152,727

3,290,057

Additions

-

56,725

715,701

772,426

Disposals

-

-

(82,845)

(82,845)

At 31 October 2024

4,789

189,266

3,785,583

3,979,638

Depreciation

At 1 November 2023

4,091

46,971

1,451,024

1,502,086

Charge for the year

230

23,756

410,307

434,293

Eliminated on disposal

-

-

(63,299)

(63,299)

At 31 October 2024

4,321

70,727

1,798,032

1,873,080

Carrying amount

At 31 October 2024

468

118,539

1,987,551

2,106,558

At 31 October 2023

698

85,570

1,701,703

1,787,971

6

Stocks

2024
£

2023
£

Other inventories

18,000

18,000

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

132,236

143,445

Other debtors

-

39,649

 

132,236

183,094

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

493,125

455,700

Trade creditors

 

33,382

24,995

Taxation and social security

 

3,832

8,133

Other creditors

 

3,028

56

 

533,367

488,884

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

965,584

806,823

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       
 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

10

Loans and borrowings

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £15,833 (2023 - £25,833).

11

Obligations under leases and hire purchase contracts

Finance leases

The hire purchase agreements are secured by a specific charge over the individual assets purchased under each agreement.

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

483,125

445,700

Later than one year and not later than five years

959,751

790,990

1,442,876

1,236,690

12

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £1,442,876 (2023 - £1,236,690). The company has multiple hire purchase agreements in place to finance the fork lift truck fleet. The agreements are secured by fixed charges over the individual assets specific to each agreement

 

East Anglian Forklifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

13

Related party transactions

Transactions with the director

2024

At 1 November 2023
£

Repayments by director
£

At 31 October 2024
£

Mr G A Crowe

Director loan - interest payable at HMRC rate for beneficial loans

39,649

(39,649)

-

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Mr G A Crowe

Director loan - interest payable at HMRC rate for beneficial loans

-

39,649

39,649