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Registration number: 13817181

AMF Lifting Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

AMF Lifting Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

AMF Lifting Ltd

Company Information

Directors

A M Fussey

Mrs K Fussey

Miss R J Allen

Registered office

27 Louth Road
Holton-Le-Clay
Grimsby
DN36 5HN

 

AMF Lifting Ltd

(Registration number: 13817181)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

48,730

51,630

Current assets

 

Stocks

5

6,627

-

Debtors

6

343,876

291,640

Cash at bank and in hand

 

5,297

16,730

 

355,800

308,370

Creditors: Amounts falling due within one year

7

(358,906)

(298,752)

Net current (liabilities)/assets

 

(3,106)

9,618

Total assets less current liabilities

 

45,624

61,248

Creditors: Amounts falling due after more than one year

7

(16,659)

(22,419)

Provisions for liabilities

(9,259)

(9,810)

Net assets

 

19,706

29,019

Capital and reserves

 

Called up share capital

100

1

Retained earnings

19,606

29,018

Shareholders' funds

 

19,706

29,019

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

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 May 2025 and signed on its behalf by:
 

.........................................
A M Fussey
Director

.........................................
Miss R J Allen
Director

 
     
 

AMF Lifting Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, registration number 13817181. These financial statements cover the individual entity, AMF Lifting Ltd.

The address of its registered office is:
27 Louth Road
Holton-Le-Clay
Grimsby
DN36 5HN

These financial statements were authorised for issue by the Board on 16 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 taxable income.

 

AMF Lifting Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Motor vehicles

20% Reducing balance

Fixtures and fittings

20% Reducing balance

Land

No deprciation charged

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

AMF Lifting Ltd

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

Trade creditors

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

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

 

AMF Lifting Ltd

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

Borrowings

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

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

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

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

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

Share capital

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

Dividends

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

AMF Lifting Ltd

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

-

7,123

52,193

59,316

Additions

520

1,998

12,486

15,004

Disposals

-

(1,079)

(6,627)

(7,706)

At 31 December 2024

520

8,042

58,052

66,614

Depreciation

At 1 January 2024

-

988

6,698

7,686

Charge for the year

64

2,131

8,332

10,527

Eliminated on disposal

-

(329)

-

(329)

At 31 December 2024

64

2,790

15,030

17,884

Carrying amount

At 31 December 2024

456

5,252

43,022

48,730

At 31 December 2023

-

6,135

45,495

51,630

5

Stocks

2024
£

2023
£

Other inventories

6,627

-

6

Debtors

Current

2024
£

2023
£

Trade debtors

331,355

268,973

Prepayments

7,009

7,845

Other debtors

5,512

14,822

 

343,876

291,640

 

AMF Lifting Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

105,902

92,337

Trade creditors

 

6,202

3,341

Taxation and social security

 

237,222

199,637

Accruals and deferred income

 

5,192

3,437

Other creditors

 

4,388

-

 

358,906

298,752

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

16,659

22,419

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

16,659

22,419

Current loans and borrowings

2024
£

2023
£

Bank borrowings

96,627

87,396

Hire purchase contracts

5,760

4,941

Other borrowings

3,515

-

105,902

92,337

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £275 (2023 - £Nil).

10

Related party transactions

 

AMF Lifting Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

73,984

42,003

11

Transition to FRS 102

The Company has transitioned to FRS102 including section 1a during the financial year as it no longer meets the criteria to comply with FRS105 due to the Company's increase in Turnover and Balance Sheet value. The only adjustment made to the figures during transition is the inclusion of the Deferred Tax Provision.

Balance Sheet at 1 January 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

1,882

-

-

1,882

Current assets

Debtors

53,637

-

-

53,637

Cash at bank and in hand

22,075

-

-

22,075

75,712

-

-

75,712

Creditors: Amounts falling due within one year

(55,452)

-

-

(55,452)

Net current assets

20,260

-

-

20,260

Total assets less current liabilities

22,142

-

-

22,142

Provisions for liabilities

-

-

358

358

Net assets

22,142

-

358

22,500

Capital and reserves

Called up share capital

1

-

-

1

Retained earnings

22,141

-

(358)

21,783

Total equity

22,142

-

(358)

21,784

 

AMF Lifting Ltd

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

Balance Sheet at 31 December 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

51,630

-

-

51,630

Current assets

Debtors

291,640

-

-

291,640

Cash at bank and in hand

16,730

-

-

16,730

308,370

-

-

308,370

Creditors: Amounts falling due within one year

(298,752)

-

-

(298,752)

Net current assets

9,618

-

-

9,618

Total assets less current liabilities

61,248

-

-

61,248

Creditors: Amounts falling due after more than one year

(22,419)

-

-

(22,419)

Provisions for liabilities

-

-

9,810

9,810

Net assets

38,829

-

9,810

48,639

Capital and reserves

Called up share capital

1

-

-

1

Retained earnings

38,828

-

(9,810)

29,018

Total equity

38,829

-

(9,810)

29,019