Caseware UK (AP4) 2023.0.135 2023.0.135 Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.2025-05-202025-05-20The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.one of the directors shareholderfalse10The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetruefalse2023-07-01No description of principal activity14 NI604828 2023-07-01 2024-06-30 NI604828 2022-07-01 2023-06-30 NI604828 2024-06-30 NI604828 2023-06-30 NI604828 2022-07-01 NI604828 c:CompanySecretary1 2023-07-01 2024-06-30 NI604828 c:Director1 2023-07-01 2024-06-30 NI604828 c:Director2 2023-07-01 2024-06-30 NI604828 c:Director3 2023-07-01 2024-06-30 NI604828 c:Director3 2024-06-30 NI604828 c:RegisteredOffice 2023-07-01 2024-06-30 NI604828 c:Agent1 2023-07-01 2024-06-30 NI604828 d:PlantMachinery 2023-07-01 2024-06-30 NI604828 d:PlantMachinery 2024-06-30 NI604828 d:PlantMachinery 2023-06-30 NI604828 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI604828 d:MotorVehicles 2023-07-01 2024-06-30 NI604828 d:MotorVehicles 2024-06-30 NI604828 d:MotorVehicles 2023-06-30 NI604828 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI604828 d:OfficeEquipment 2023-07-01 2024-06-30 NI604828 d:OfficeEquipment 2024-06-30 NI604828 d:OfficeEquipment 2023-06-30 NI604828 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI604828 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI604828 d:Goodwill 2023-07-01 2024-06-30 NI604828 d:Goodwill 2024-06-30 NI604828 d:Goodwill 2023-06-30 NI604828 d:CurrentFinancialInstruments 2024-06-30 NI604828 d:CurrentFinancialInstruments 2023-06-30 NI604828 d:Non-currentFinancialInstruments 2024-06-30 NI604828 d:Non-currentFinancialInstruments 2023-06-30 NI604828 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 NI604828 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 NI604828 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 NI604828 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 NI604828 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 NI604828 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 NI604828 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 NI604828 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 NI604828 d:ShareCapital 2023-07-01 2024-06-30 NI604828 d:ShareCapital 2024-06-30 NI604828 d:ShareCapital 2023-06-30 NI604828 d:ShareCapital 2022-07-01 NI604828 d:SharePremium 2023-07-01 2024-06-30 NI604828 d:SharePremium 2024-06-30 NI604828 d:SharePremium 2023-06-30 NI604828 d:SharePremium 2022-07-01 NI604828 d:CapitalRedemptionReserve 2023-07-01 2024-06-30 NI604828 d:CapitalRedemptionReserve 2024-06-30 NI604828 d:CapitalRedemptionReserve 2023-06-30 NI604828 d:CapitalRedemptionReserve 2022-07-01 NI604828 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 NI604828 d:RetainedEarningsAccumulatedLosses 2024-06-30 NI604828 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 NI604828 d:RetainedEarningsAccumulatedLosses 2023-06-30 NI604828 d:RetainedEarningsAccumulatedLosses 2022-07-01 NI604828 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 NI604828 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 NI604828 d:TaxLossesCarry-forwardsDeferredTax 2024-06-30 NI604828 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 NI604828 d:OtherDeferredTax 2024-06-30 NI604828 d:OtherDeferredTax 2023-06-30 NI604828 c:OrdinaryShareClass1 2023-07-01 2024-06-30 NI604828 c:OrdinaryShareClass1 2024-06-30 NI604828 c:OrdinaryShareClass1 2023-06-30 NI604828 c:PreferenceShareClass1 2023-07-01 2024-06-30 NI604828 c:PreferenceShareClass1 2024-06-30 NI604828 c:PreferenceShareClass1 2023-06-30 NI604828 c:FRS102 2023-07-01 2024-06-30 NI604828 c:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 NI604828 c:FullAccounts 2023-07-01 2024-06-30 NI604828 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI604828 d:EntityControlledByKeyManagementPersonnel1 2023-07-01 2024-06-30 NI604828 d:EntityControlledByKeyManagementPersonnel1 2024-06-30 NI604828 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-01 2024-06-30 NI604828 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-06-30 NI604828 d:WithinOneYear 2024-06-30 NI604828 d:WithinOneYear 2023-06-30 NI604828 d:BetweenOneFiveYears 2024-06-30 NI604828 d:BetweenOneFiveYears 2023-06-30 NI604828 d:HirePurchaseContracts d:WithinOneYear 2024-06-30 NI604828 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 NI604828 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-06-30 NI604828 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 NI604828 2 2023-07-01 2024-06-30 NI604828 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Unaudited Financial Statements
Clearlift Material Handling Limited
For the year ended 30 June 2024





































Registered number: NI604828

 
Clearlift Material Handling Limited
 

Company Information


Directors
Mr J Savage 
Mr S J Morrow 
Mr M P McGinn (appointed 30 September 2024)




Company secretary
Mr K O'Connor



Registered number
NI604828



Registered office
3 Carn Drive
Carn Industrial Estate

Portadown

Craigavon

BT63 5WJ




Accountants
Grant Thornton Advisors (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
HSBC
25 - 29 Royal Avenue

Belfast

BT1 1FB




Solicitors
RJW Law
1st Floor, Lesley Suites

2-12 Montgomery Street

Belfast

BT1 4NX





 
Clearlift Material Handling Limited
 

Contents



Page
Directors' report
1
Accountants' report
2
Statement of financial position
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 19


 
Clearlift Material Handling Limited
 
 
Directors' report
For the year ended 30 June 2024

The directors present their report and the unaudited financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Mr J Savage 
Mr S J Morrow 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 20 May 2025 and signed on its behalf.
 





Mr J Savage
Director

Page 1

  
img2447.png
Independent Accountant's Report to the directors of the unaudited financial statements of Clearlift Material Handling Limited for the year ended 30 June 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Clearlift Material Handling Limited for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements. 
 
This report is made solely to the directors of Clearlift Material Handling Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Clearlift Material Handling Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clearlift Material Handling Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410  (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board  (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered  Accountants Ireland relating to members undertaking the compilation of financial statements. 

You have approved the financial statements for the year ended 30 June 2024 and you have acknowledged on the Statement of financial position as at 30 June 2024 your duty to ensure that Clearlift Material Handling Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Clearlift Material Handling Limited is exempt from the statutory audit requirement for the year ended 30 June 2024.

We have not been instructed to carry out an audit or review the financial statements of Clearlift Material Handling Limited. 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. 




  


Grant Thornton Advisors (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   20 May 2025
Page 2

 
Clearlift Material Handling Limited
Registered number:NI604828

Statement of financial position
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
6,478,630
5,209,078

  
6,478,630
5,209,078

Current assets
  

Stocks
 7 
1,014,004
1,156,993

Debtors: amounts falling due within one year
 8 
622,490
631,020

Cash at bank and in hand
 9 
17,728
14,272

  
1,654,222
1,802,285

Creditors: amounts falling due within one year
 10 
(2,350,493)
(2,307,201)

Net current liabilities
  
 
 
(696,271)
 
 
(504,916)

Total assets less current liabilities
  
5,782,359
4,704,162

Creditors: amounts falling due after more than one year
 11 
(2,944,282)
(2,403,862)

Provisions for liabilities
  

Deferred tax
 14 
(283,915)
(244,035)

  
 
 
(283,915)
 
 
(244,035)

Net assets
  
2,554,162
2,056,265


Capital and reserves
  

Called up share capital 
 15 
2,017,606
1,597,456

Share premium account
 16 
199,700
199,700

Capital redemption reserve
 16 
210,352
210,352

Profit and loss account
 16 
126,504
48,757

  
2,554,162
2,056,265


Page 3

 
Clearlift Material Handling Limited
Registered number:NI604828

Statement of financial position (continued)
As at 30 June 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 May 2025.




Mr J Savage
Director

The notes on pages 6 to 19 form part of these financial statements.

Page 4

 
Clearlift Material Handling Limited
 

Statement of changes in equity
For the year ended 30 June 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2023
1,597,456
199,700
210,352
48,757
2,056,265



Profit for the year
-
-
-
77,747
77,747

Shares issued during the year
420,150
-
-
-
420,150


At 30 June 2024
2,017,606
199,700
210,352
126,504
2,554,162


The notes on pages 6 to 19 form part of these financial statements.


Statement of changes in equity
For the year ended 30 June 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2022
1,597,456
199,700
210,352
(130,270)
1,877,238



Profit for the year
-
-
-
179,027
179,027


At 30 June 2023
1,597,456
199,700
210,352
48,757
2,056,265


The notes on pages 6 to 19 form part of these financial statements.

Page 5

 
Clearlift Material Handling Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

1.


General information

Clearlift Material Handling Limited is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 3 Carn Drive, Carn Industrial Estate, Portadown, Craigavon, Northern Ireland, BT63 5WJ.
The principal activity of the company was the sale and purchase of fork lifts.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business. 

Page 6

 
Clearlift Material Handling Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 7

 
Clearlift Material Handling Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Rendering of services
 
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 8

 
Clearlift Material Handling Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 9

 
Clearlift Material Handling Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
12.5% / 16.67%
Motor vehicles
-
20%
Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 10

 
Clearlift Material Handling Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. 
c) Carrying value of stock
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.

Page 11

 
Clearlift Material Handling Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 10).


5.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
98,399



At 30 June 2024

98,399



Amortisation


At 1 July 2023
98,399



At 30 June 2024

98,399



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 12

 
Clearlift Material Handling Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 July 2023
7,622,017
357,880
108,197
8,088,094


Additions
2,514,049
221,756
19,648
2,755,453


Disposals
(750,490)
(51,331)
-
(801,821)



At 30 June 2024

9,385,576
528,305
127,845
10,041,726



Depreciation


At 1 July 2023
2,623,466
152,237
103,313
2,879,016


Charge for the year
941,529
62,218
4,518
1,008,265


Disposals
(272,854)
(51,331)
-
(324,185)



At 30 June 2024

3,292,141
163,124
107,831
3,563,096



Net book value



At 30 June 2024
6,093,435
365,181
20,014
6,478,630



At 30 June 2023
4,998,551
205,643
4,884
5,209,078

At 30 June 2024, the net carrying amount of plant and machinery and motor vehicles under hire purchase agreements was £4,384,193 (2023: £3,487,706).


7.


Stocks

2024
2023
£
£

Parts and equipment
1,005,717
1,145,707

Work in progress
8,287
11,286

1,014,004
1,156,993


Page 13

 
Clearlift Material Handling Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

8.


Debtors

2024
2023
£
£


Trade debtors
567,832
589,119

Amounts owed by related party
-
1,554

Other debtors
22,353
11,065

Called up share capital not paid
150
-

Prepayments and accrued income
32,155
29,282

622,490
631,020



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
17,728
14,272

Less: bank overdrafts
(370,910)
(323,010)

(353,182)
(308,738)


Page 14

 
Clearlift Material Handling Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
370,910
323,010

Bank loans
42,000
42,000

Other loans
493,431
561,877

Trade creditors
143,656
124,341

Amounts owed to related party
2,297
-

Other taxation and social security
36,609
85,074

Obligations under finance lease and hire purchase contracts
1,243,271
1,039,290

Other creditors
6,465
107,844

Accruals and deferred income
11,854
23,765

2,350,493
2,307,201


Bank loans are subject to interest at a rate of 5.9% per annum. The loan is repaid in monthly installments over 6 years from the drawdown date. 
Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms. 
Hire purchase agreements are secured on the assets to which they relate.
There is a fixed and floating charge over all the assets of the company.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
91,000
133,000

Other loans
200,000
-

Net obligations under finance leases and hire purchase contracts
2,653,282
2,270,862

2,944,282
2,403,862


Bank loans and hire purchase liabilities are secured as stated in note 10.
Other loans due after more than one year comprise of loans due from related parties, details of which are disclosed in note 19. 

Page 15

 
Clearlift Material Handling Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
42,000
42,000

Other loans
493,431
561,877


535,431
603,877

Amounts falling due 1-2 years

Bank loans
42,000
42,000


42,000
42,000

Amounts falling due 2-5 years

Bank loans
49,000
91,000


49,000
91,000


626,431
736,877



13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
1,243,271
1,039,290

Between 1-5 years
2,653,282
2,270,862

3,896,553
3,310,152

Page 16

 
Clearlift Material Handling Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

14.


Deferred taxation




2024
2023


£

£






At beginning of year
(244,035)
(186,835)


Charged to profit or loss
(39,880)
(57,200)



At end of year
(283,915)
(244,035)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(800,682)
(595,433)

Short term timing differences
400
1,679

Losses and other deductions
516,367
349,719

(283,915)
(244,035)


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



11,000 (2023 - 9,500) Ordinary shares of £0.10 each
1,100
950
2,016,506 (2023 - 1,596,506) Preference shares of £1.00 each
2,016,506
1,596,506

2,017,606

1,597,456


During the year the Company issued 1,500 Ordinary shares at £0.10 each and 420,000 Preference shares at £1.00 each. 

Page 17

 
Clearlift Material Handling Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

16.


Reserves

Share premium account

This includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

Includes amounts transferred from the profit and loss account on the redemption of share capital.

Profit and loss account

Profit and loss account includes all current and prior year retained profits and losses.


17.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,712 (2023 - £4,270). Contributions totalling £1,601 (2023 - £18,054) were payable to the fund at the balance sheet date.


18.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
42,500
-

Later than 1 year and not later than 5 years
123,958
-

166,458
-


19.


Related party transactions

During the year, the Company had net transactions amounting to £3,851 with a company related by virute of common directors. At 30 June 2024 a balance of £2,297 was owed to the related party (2023: £1,554 owed from the related party).
During the year, the Company had net transactions of £56,388 with one of the directors. This included an amount of £120k in relation to Preference shares transferred to the director/shareholder during the year. At 30 June 2024 a balance of £13,893 was owed by the director to the Company (2023: £42,495 owed to the director). The loan is interest free.
 
During the year the Company was advanced funds of £200,000 from a shareholder. At 30 June 2024 a balance of £200,000 (2023: £Nil) was owed to the shareholder. The loan is interest free. 

Page 18

 
Clearlift Material Handling Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

20.


Comparative information

Certain prior year balances have been reclassified for comparative purposes.


Page 19