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LIFTE LIMITED

Registered Number
02578029
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

LIFTE LIMITED
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

Mrs D Baldwin
Mrs C R D Hill
P J Hill

Registered Address

2 Jubilee Road
Burgess Hill
RH15 9TL

Registered Number

02578029 (England and Wales)
LIFTE LIMITED
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets34,878,5954,874,241
4,878,5954,874,241
Current assets
Debtors576,50067,587
Cash at bank and on hand167,466188,814
243,966256,401
Creditors amounts falling due within one year6(462,095)(435,462)
Net current assets (liabilities)(218,129)(179,061)
Total assets less current liabilities4,660,4664,695,180
Creditors amounts falling due after one year7(985,604)(1,151,374)
Provisions for liabilities8(214,677)(212,829)
Accruals and deferred income(25,024)(28,180)
Net assets3,435,1613,302,797
Capital and reserves
Called up share capital100100
Revaluation reserve895,843895,843
Profit and loss account2,539,2182,406,854
Shareholders' funds3,435,1613,302,797
The financial statements were approved and authorised for issue by the Board of Directors on 25 March 2025, and are signed on its behalf by:
Mrs C R D Hill
Director
P J Hill
Director

Registered Company No. 02578029
LIFTE LIMITED
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover represents rental income receivable in the year. The company is not registered for value added tax.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Fixtures and fittings-10
Office Equipment33-
Investment property
Investment property is included at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 244,862,12615,39924,7721,3184,903,615
Additions-4,0084,199-8,207
At 31 December 244,862,12619,40728,9711,3184,911,822
Depreciation and impairment
At 01 January 24-3,84924,3851,14029,374
Charge for year-3,305489593,853
At 31 December 24-7,15424,8741,19933,227
Net book value
At 31 December 244,862,12612,2534,0971194,878,595
At 31 December 234,862,12611,5503871784,874,241
4.Revaluation of property, plant and equipment
If freehold land and buildings had not been revalued they would have been included at the following historical cost: £3,736,148 (2023: £3,736,148) Freehold land and buildings were valued on an open market basis on 31 December 2024 by the directors of the company.
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables7,200867
Other debtors55,81052,810
Prepayments and accrued income13,49013,910
Total76,50067,587
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables5,86519,218
Bank borrowings and overdrafts146,167126,488
Taxation and social security43,27130,035
Other creditors266,792259,721
Total462,095435,462
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts985,6041,151,374
Total985,6041,151,374
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)214,677212,829
Total214,677212,829
9.Related party transactions
Included in the financial statements are the following transactions and balances with related parties: Mexmast Limited, a company controlled by the directors, P J Hill and Mrs C R D Hill: Turnover: £312,500 (2023: £287,000) Creditors: Amounts falling due within one year: £259,714 (2023: £259,714)
10.Controlling party
The company is controlled by the directors, PJ and Mrs CRD Hill, by virtue of their 100% ownership of the issued share capital.