Caseware UK (AP4) 2023.0.135 2023.0.135 2025-05-292025-05-292025-05-29falseInstallation of industrial machinery and equipment2023-09-0187false89falsefalse 1993546 2023-09-01 2024-08-31 1993546 2024-08-31 1993546 2023-08-31 1993546 2023-09-01 2024-08-31 1993546 2022-09-01 2023-08-31 1993546 2024-08-31 1993546 2023-08-31 1993546 2022-09-01 1993546 2 2023-09-01 2024-08-31 1993546 2 2022-09-01 2023-08-31 1993546 4 2023-09-01 2024-08-31 1993546 4 2022-09-01 2023-08-31 1993546 d:Director2 2023-09-01 2024-08-31 1993546 d:RegisteredOffice 2023-09-01 2024-08-31 1993546 d:Agent1 2023-09-01 2024-08-31 1993546 e:Buildings 2023-09-01 2024-08-31 1993546 e:Buildings 2024-08-31 1993546 e:Buildings 2023-08-31 1993546 e:Buildings e:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 1993546 e:PlantMachinery 2023-09-01 2024-08-31 1993546 e:PlantMachinery 2024-08-31 1993546 e:PlantMachinery 2023-08-31 1993546 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 1993546 e:MotorVehicles 2023-09-01 2024-08-31 1993546 e:MotorVehicles 2024-08-31 1993546 e:MotorVehicles 2023-08-31 1993546 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 1993546 e:FurnitureFittings 2023-09-01 2024-08-31 1993546 e:FurnitureFittings 2024-08-31 1993546 e:FurnitureFittings 2023-08-31 1993546 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 1993546 e:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 1993546 e:CurrentFinancialInstruments 2024-08-31 1993546 e:CurrentFinancialInstruments 2023-08-31 1993546 e:Non-currentFinancialInstruments 2024-08-31 1993546 e:Non-currentFinancialInstruments 2023-08-31 1993546 e:CurrentFinancialInstruments e:WithinOneYear 2024-08-31 1993546 e:CurrentFinancialInstruments e:WithinOneYear 2023-08-31 1993546 e:Non-currentFinancialInstruments e:AfterOneYear 2024-08-31 1993546 e:Non-currentFinancialInstruments e:AfterOneYear 2023-08-31 1993546 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-08-31 1993546 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-08-31 1993546 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-08-31 1993546 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-08-31 1993546 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-08-31 1993546 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-08-31 1993546 e:ReportableOperatingSegment1 2023-09-01 2024-08-31 1993546 e:ReportableOperatingSegment1 2022-09-01 2023-08-31 1993546 f:UnitedKingdom 2023-09-01 2024-08-31 1993546 f:UnitedKingdom 2022-09-01 2023-08-31 1993546 e:ShareCapital 2023-09-01 2024-08-31 1993546 e:ShareCapital 2024-08-31 1993546 e:ShareCapital 2022-09-01 2023-08-31 1993546 e:ShareCapital 2023-08-31 1993546 e:ShareCapital 2022-09-01 1993546 e:SharePremium 2023-09-01 2024-08-31 1993546 e:SharePremium 2024-08-31 1993546 e:SharePremium 2022-09-01 2023-08-31 1993546 e:SharePremium 2023-08-31 1993546 e:SharePremium 2022-09-01 1993546 e:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 1993546 e:RetainedEarningsAccumulatedLosses 2024-08-31 1993546 e:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 1993546 e:RetainedEarningsAccumulatedLosses 2023-08-31 1993546 e:RetainedEarningsAccumulatedLosses 2022-09-01 1993546 d:OrdinaryShareClass1 2023-09-01 2024-08-31 1993546 d:OrdinaryShareClass1 2024-08-31 1993546 d:OrdinaryShareClass1 2023-08-31 1993546 d:FRS102 2023-09-01 2024-08-31 1993546 d:Audited 2023-09-01 2024-08-31 1993546 d:FullAccounts 2023-09-01 2024-08-31 1993546 d:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 1993546 e:WithinOneYear 2024-08-31 1993546 e:WithinOneYear 2023-08-31 1993546 e:AcceleratedTaxDepreciationDeferredTax 2024-08-31 1993546 e:AcceleratedTaxDepreciationDeferredTax 2023-08-31 1993546 6 2023-09-01 2024-08-31 1993546 g:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 1993546









London Hoist Limited









Annual report and financial statements

For the Year Ended 31 August 2024

 
London Hoist Limited
 
 
Company Information


Director
W F Vonck 




Registered number
1993546



Registered office
43 London Road
Stanford Rivers

Ongar

Essex

CM5 9PJ




Independent auditors
Mantax Lynton
Chartered Accountants & Statutory Auditors

2nd Floor Equitable House

7 General Gordon Square

London

SE18 6FH




Bankers
Barclays Bank PLC





 
London Hoist Limited
 

Contents



Page
Strategic report
1
Director's report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 27


 
London Hoist Limited
 
 
Strategic report
For the Year Ended 31 August 2024

Introduction
 
The directors present their strategic report for the year ended 31 August 2024

Business review
 
Due to uncertainties in the economy and difficult trading conditions in construction sector, Company's turnover has decreased from £8.3m in 2023 to £6.4m in the current year. Increase in wages costs and general  inflation, gross margins were decreased from 42% in 2023 to 33% in the current year, resulting to operating losses of £912k (2023: operating profits £180k). The management is consolidating the operation, critically analysing the costing method and revamping the business processes and structures to reduce the costs and overheads which will lead to steady turnover and operating profits. 
Net assets of the company at year end were decreased to £3.2m from £4.1m in 2023.  

Principal risks and uncertainties
 
In today's working environment Health and Safety is an ever-increasing risk and issue in the building industry. The company employs a firm of Health and safety consultants that provide staff training, policy documents, site inspections and tool box talks to the workforce. The company subscribes to 'The Contractors Health and Safety Scheme' that regularly updates the company on Health and Safety matters and regulation.
Other risks include lack of equipment to meet the increased demand in the marketplace which has been addressed by ensuring further investment and supplies of equipment. With the increased demand the company's cost cutting policy will ensure improved profitability for the future.
Interest Rate Risk
The company has no bank loans. The interest under a debt amortisation agreement with it's main supplier  is fixed at a flat rate of 2.5% per annum. 
Credit Risk
The company's principal financial assets are investments, trade and other receivables. The trade and other debtors are net of allowances for doubtful receivables with exposure over a large number of counter parties and customers.
Liquidity Risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations the company manages its cash flow from operations. In doing so it has support from its main creditor. 

Financial key performance indicators
 
Turnover, GP margin and current ratio are the key performance indicators of the company. Directors closely monitor the key performance indicators on a monthly basis.


This report was approved by the board on 29 May 2025 and signed on its behalf.


W F Vonck
Director

Page 1

 
London Hoist Limited
 
 
 
Director's report
For the Year Ended 31 August 2024

The director presents his report and the financial statements for the year ended 31 August 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:


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

make judgments and accounting estimates that are reasonable and prudent;

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The loss for the year, after taxation, amounted to £936,640 (2023 - profit £88,162).



Director

The director who served during the year was:

W F Vonck 

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 2

 
London Hoist Limited
 
 
 
Director's report (continued)
For the Year Ended 31 August 2024

Auditors

The auditorsMantax Lyntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 May 2025 and signed on its behalf.
 





W F Vonck
Director

Page 3

 
London Hoist Limited
 
 
 
Independent auditors' report to the members of London Hoist Limited
 

Opinion


We have audited the financial statements of London Hoist Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 August 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 4

 
London Hoist Limited
 
 
 
Independent auditors' report to the members of London Hoist Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
London Hoist Limited
 
 
 
Independent auditors' report to the members of London Hoist Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant taxation legislation.
 
We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition, carrying value of intangibles and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases, corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.
 
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
 
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
London Hoist Limited
 
 
 
Independent auditors' report to the members of London Hoist Limited (continued)


Use of our report
 

This report is made solely to the Company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's shareholders those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.





Janak Raj Pokhrel (Senior statutory auditor)
  
for and on behalf of
Mantax Lynton
 
Chartered Accountants & Statutory Auditors
  
2nd Floor Equitable House
7 General Gordon Square
London
SE18 6FH

29 May 2025
Page 7

 
London Hoist Limited
 
 
Statement of comprehensive income
For the Year Ended 31 August 2024

2024
2023
Note
£
£

  

Turnover
 4 
6,361,608
8,322,191

Cost of sales
  
(4,434,226)
(4,812,952)

Gross profit
  
1,927,382
3,509,239

Distribution costs
  
(665,235)
(868,879)

Administrative expenses
  
(2,174,715)
(2,460,043)

Operating (loss)/profit
 5 
(912,568)
180,317

Interest payable and similar expenses
 9 
(71,518)
(75,627)

(Loss)/profit before tax
  
(984,086)
104,690

Tax on (loss)/profit
 10 
47,446
(16,528)

(Loss)/profit for the financial year
  
(936,640)
88,162

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 27 form part of these financial statements.

Page 8

 
London Hoist Limited
Registered number: 1993546

Statement of financial position
As at 31 August 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
3,682,981
3,864,855

Investments
 12 
1,262,344
1,262,344

  
4,945,325
5,127,199

Current assets
  

Stocks
 13 
8,847
48,864

Debtors: amounts falling due within one year
 14 
5,503,252
5,316,846

Cash at bank and in hand
 15 
164,545
311,870

  
5,676,644
5,677,580

Creditors: amounts falling due within one year
 16 
(4,653,066)
(3,851,790)

Net current assets
  
 
 
1,023,578
 
 
1,825,790

Total assets less current liabilities
  
5,968,903
6,952,989

Creditors: amounts falling due after more than one year
 17 
(2,770,063)
(2,770,063)

Provisions for liabilities
  

Deferred tax
 19 
-
(47,446)

  
 
 
-
 
 
(47,446)

Net assets
  
3,198,840
4,135,480


Capital and reserves
  

Called up share capital 
 20 
1,333
1,333

Share premium account
 21 
4,999,667
4,999,667

Profit and loss account
 21 
(1,802,160)
(865,520)

  
3,198,840
4,135,480


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 May 2025.




W F Vonck
Director

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
London Hoist Limited
 

Statement of changes in equity
For the Year Ended 31 August 2024


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

£
£
£
£


At 1 September 2022
1,333
4,999,667
(953,682)
4,047,318


Comprehensive income for the year

Profit for the year

-
-
88,162
88,162


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
88,162
88,162


Total transactions with owners
-
-
-
-



At 1 September 2023
1,333
4,999,667
(865,520)
4,135,480


Comprehensive income for the year

Loss for the year

-
-
(936,640)
(936,640)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(936,640)
(936,640)


Total transactions with owners
-
-
-
-


At 31 August 2024
1,333
4,999,667
(1,802,160)
3,198,840


The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
London Hoist Limited
 

Statement of cash flows
For the Year Ended 31 August 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(984,086)
104,690

Adjustments for:

Depreciation of tangible assets
342,390
388,915

Loss or (gain) on disposal of tangible assets
(99,350)
53,941

Interest paid
71,518
75,627

Decrease/(increase) in stocks
40,017
(21,805)

(Increase)/ decrease in debtors
(186,406)
(1,408,028)

Increase or (decrease) in creditors
801,276
391,940

Net cash generated from operating activities

(14,641)
(414,720)


Cash flows from investing activities

Purchase of tangible fixed assets
(174,984)
(166,019)

Sale of tangible fixed assets
113,818
29,296

Purchase of unlisted and other investments
-
(15,258)

Net cash from investing activities

(61,166)
(151,981)

Cash flows from financing activities

Repayment of other loans
-
(162,641)

Interest paid
(71,518)
(75,627)

Net cash used in financing activities
(71,518)
(238,268)

Net (decrease) in cash and cash equivalents
(147,325)
(804,969)

Cash and cash equivalents at beginning of year
311,870
1,116,839

Cash and cash equivalents at the end of year
164,545
311,870


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
164,545
311,870

164,545
311,870


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
London Hoist Limited
 

Analysis of Net Debt
For the Year Ended 31 August 2024




At 1 September 2023
Cash flows
At 31 August 2024
£

£

£

Cash at bank and in hand

311,870

(147,325)

164,545

Debt due after 1 year

(2,770,063)

-

(2,770,063)

Debt due within 1 year

(180,119)

13,365

(166,754)


(2,638,312)
(133,960)
(2,772,272)

The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

1.


General information

London Hoist 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.
The presentation currency of the financial statements is the Pound Sterling (£).

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis which assumes that the company will be able to continue to trade for the foreseeable future. Directors are confident that the Company will have adequate resources to pay its debts when they fall due and be able to continue its trade for the foreseeable future. Hence its appropriate to prepare the financial statements on going concern basis. 

Page 13

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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.

 
2.9

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 15

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Land
-
Not depreciated
Plant and machinery
-
10%
Reducing balance method
Motor vehicles
-
25%
Reducing balance method
Fixtures, fittings & Equipments
-
25%
Reducing balance method

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.

 
2.11

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

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.

 
2.13

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 16

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.14

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

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.

 
2.16

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.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 17

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Hire of hoist equipments
6,361,608
8,322,191

6,361,608
8,322,191


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
6,361,608
8,322,191

6,361,608
8,322,191


Page 18

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
188,532
161,777


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,000
12,000

7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,056,341
4,047,260

Social security costs
417,156
404,680

Cost of defined contribution scheme
82,268
78,683

4,555,765
4,530,623


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Admin, sales and site workers
89
87

Page 19

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

8.


Director's remuneration

2024
2023
£
£

Director's emoluments
29,675
42,549

Company contributions to defined contribution pension schemes
263
805

29,938
43,354


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Interest payable on other loans
71,518
75,627

71,518
75,627


10.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(47,446)
16,528

Total deferred tax
(47,446)
16,528


Tax on (loss)/profit
(47,446)
16,528

Factors affecting tax charge for the year

The Company made losses in the year hence no corporation tax is payable. There were no other factors that affected the tax charge for the year which would have been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2023 - 19%).


Page 20

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

The Company has tax losses of approximately £2.8 million which are carried forward and available to offset against future profits. 


11.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures, fittings & equipments
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
565,180
9,177,154
592,867
40,938
10,376,139


Additions
-
153,649
19,690
1,645
174,984


Disposals
-
(9,937)
(56,053)
-
(65,990)



At 31 August 2024

565,180
9,320,866
556,504
42,583
10,485,133



Depreciation


At 1 September 2023
-
6,010,730
468,956
31,598
6,511,284


Charge for the year on owned assets
-
308,439
32,200
1,751
342,390


Disposals
-
-
(51,522)
-
(51,522)



At 31 August 2024

-
6,319,169
449,634
33,349
6,802,152



Net book value



At 31 August 2024
565,180
3,001,697
106,870
9,234
3,682,981

Freehold property represents land which is not subject to depreciation. 
There were no outstanding capital commitments at the year end. 

Page 21

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

12.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 September 2023
1,262,344



At 31 August 2024
1,262,344





13.


Stocks

2024
2023
£
£

Spare parts
8,847
48,864

8,847
48,864



14.


Debtors

2024
2023
£
£


Trade debtors
4,470,133
4,532,750

Other debtors
585,492
563,771

Prepayments and accrued income
447,627
220,325

5,503,252
5,316,846



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
164,545
311,870

164,545
311,870


Page 22

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
166,754
166,754

Trade creditors
3,707,680
3,271,412

Other taxation and social security
599,537
223,531

Other creditors
20,487
40,587

Accruals and deferred income
158,608
149,506

4,653,066
3,851,790


2024
2023
£
£

Other taxation and social security

PAYE/NI control
298,868
82,686

VAT control
300,669
140,845

599,537
223,531



17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
2,770,063
2,770,063

2,770,063
2,770,063


Page 23

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
166,754
166,754


166,754
166,754

Amounts falling due 1-2 years

Other loans
170,972
170,972


170,972
170,972

Amounts falling due 2-5 years

Other loans
539,297
539,297


539,297
539,297

Amounts falling due after more than 5 years

Other loans
2,059,794
2,059,794

2,059,794
2,059,794

2,936,817
2,936,817


Other loans represents an unsecured loan which is repayable by monthly installments and carries interest @2.5% p.a.

Page 24

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

19.


Deferred taxation




2024
2023


£

£






At beginning of year
(47,446)
(30,918)


Charged to profit or loss
47,446
(16,528)



At end of year
-
(47,446)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(47,446)

-
(47,446)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,333 (2023 - 1,333) Ordinary shares of £1.00 each
1,333
1,333



21.


Reserves

Share premium account

Share premium represents the premium received on issue of shares.This is not distributable reserve.

Profit and loss account

Profit and loss represents the retained earnings/accumulated losses of the company.


22.


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 £82,268 (2023: £78,683).  Contributions totaling £2,654 (2023: £Nil) were payable to the fund at the reporting date and are included in other creditors.

Page 25

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

23.


Commitments under operating leases

At 31 August 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
64,250
64,250

64,250
64,250


24.


Transactions with directors

During the year, the Company provided interest free unsecured advances totaling £42,596 (2023: £24,577) to the director. The director repaid £507 (2023: £200,000). Amount owed by the director at the year end was £28,724 (2023: owed to £13,365) which is included in other creditors and is repayable on demand.  


25.


Related party transactions

The Company holds £1,000,000 fully paid preference shares (2023: £1,000,000) in a Company under common control by the same director.
During the year, the Company invoiced £882,048 (2023: £1,494,605) and bought goods/services worth £47,195 (2023: £247,958) from a Company under common control. Balance at year end with the Company under common control was £3,089,408 (2023: £2,620,877) which is included in trade debtors. Also, the Company charged management fees of £300,000 to a Company under common control which is included in prepayment and accrued income. 
During the year, the Company provided various advances totaling £126,589 (2023: £372,580) to a Company under common control. The Company under common control repaid £135,851 (2023: £261,785) during the year. Amount receivable at year end was £540,962 (2023: £550,224) which is included in other debtors. These are interest free unsecured advances which are repayable on demand.
During the year, the Company bought goods/services amounting to £285,739 (2023: £462,200) from Access Equipment Ltd (AEL), a Company based in Hong Kong, which controls 25% stake in the Company.  Amount payable to AEL at the year end was £2,804,741 (2023: £2,519,002) which is included in trade creditors.
Other loans represent an unsecured loan from AEL which is repayable by monthly installments and carries interest @2.5% p.a. During the year interest payable on other loans of £71,518 (2023: £75,627) has been included in accruals. 
During the year, the Company paid rents totaling £64,250 (2023: £64,250) to an entity under common by the director.  

Page 26

 
London Hoist Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

26.


Charges

Barclays bank PLC has created a fixed and floating charges over all assets of the Company in favour of the overdraft facility. Also, the bank has created charge against the director Mr W F Vonck for all monies due or to become due from the company.
The Secretary of State for Environment, Food and Rural Affairs has created a legal charge against the freehold property of the Company known as Area B at Extra farm, Battlegate Road, Boxworth, Cambridgeshire CB23 4NJ. 


27.


Controlling party

The Company is controlled by the director. 

 
Page 27