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REGISTERED NUMBER: 02220215 (England and Wales)















CREST LIFTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






CREST LIFTS LIMITED (REGISTERED NUMBER: 02220215)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CREST LIFTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr K Duberley
Mr J R Garvey
Mr J Duberley





SECRETARY: Mr K Duberley





REGISTERED OFFICE: 11 Nimbus
Hercules Way
Farnborough
Hampshire
GU14 6UU





REGISTERED NUMBER: 02220215 (England and Wales)





AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

CREST LIFTS LIMITED (REGISTERED NUMBER: 02220215)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
(Unaudited)
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 530,828 561,912

CURRENT ASSETS
Stocks 2,200,296 1,374,916
Debtors 5 3,499,069 2,157,136
Cash at bank and in hand 932,633 1,976,887
6,631,998 5,508,939
CREDITORS
Amounts falling due within one year 6 5,157,541 4,357,395
NET CURRENT ASSETS 1,474,457 1,151,544
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,005,285

1,713,456

CREDITORS
Amounts falling due after more than one year 7 (181,739 ) (198,094 )

PROVISIONS FOR LIABILITIES (128,674 ) (135,559 )
NET ASSETS 1,694,872 1,379,803

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings 1,674,872 1,359,803
SHAREHOLDERS' FUNDS 1,694,872 1,379,803

CREST LIFTS LIMITED (REGISTERED NUMBER: 02220215)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





Mr K Duberley - Director


CREST LIFTS LIMITED (REGISTERED NUMBER: 02220215)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Crest Lifts Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of value added tax. The fair value of consideration takes into account trade discounts.

Revenue from the sale of goods is recognised when:
- the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods;
- the amount of the revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property-25% on reducing balance
Plant and machinery-25% on reducing balance
Fixtures and fittings-15% to 25% on reducing balance
Motor vehicles-20% to 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset and is credited or charged to the statement of comprehensive income.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


CREST LIFTS LIMITED (REGISTERED NUMBER: 02220215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within the borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 28 ) .

CREST LIFTS LIMITED (REGISTERED NUMBER: 02220215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 11,362 1,534 60,557 770,300 843,753
Additions - - - 198,365 198,365
Disposals - - - (23,577 ) (23,577 )
At 31 December 2024 11,362 1,534 60,557 945,088 1,018,541
DEPRECIATION
At 1 January 2024 11,362 1,534 56,336 212,609 281,841
Charge for year - - 4,221 217,363 221,584
Eliminated on disposal - - - (15,712 ) (15,712 )
At 31 December 2024 11,362 1,534 60,557 414,260 487,713
NET BOOK VALUE
At 31 December 2024 - - - 530,828 530,828
At 31 December 2023 - - 4,221 557,691 561,912

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 436,711
Additions 131,270
At 31 December 2024 567,981
DEPRECIATION
At 1 January 2024 107,894
Charge for year 127,793
At 31 December 2024 235,687
NET BOOK VALUE
At 31 December 2024 332,294
At 31 December 2023 328,817

CREST LIFTS LIMITED (REGISTERED NUMBER: 02220215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Trade debtors 1,576,814 1,251,659
Amounts owed by group undertakings 1,743,539 748,519
Other debtors 178,716 156,958
3,499,069 2,157,136

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Hire purchase contracts 112,955 88,605
Trade creditors 1,055,588 631,703
Amounts owed to group undertakings - 140,000
Taxation and social security 531,387 389,454
Other creditors 3,457,611 3,107,633
5,157,541 4,357,395

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
(Unaudited)
£    £   
Hire purchase contracts 181,739 198,094

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
(Unaudited)
£    £   
Hire purchase contracts 294,694 286,699

Hire purchase liabilities are secured on the assets acquired thereunder.

CREST LIFTS LIMITED (REGISTERED NUMBER: 02220215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Smith BSc FCA (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP

10. ULTIMATE PARENT COMPANY

The ultimate parent company is Provident Lifts Limited.