| REGISTERED NUMBER: |
| TEMPLE LIFTS LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| TEMPLE LIFTS LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Statement of Comprehensive Income | 10 |
| Statement of Financial Position | 11 |
| Statement of Changes in Equity | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 16 |
| TEMPLE LIFTS LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditor |
| 15-17 Church Street |
| Stourbridge |
| West Midlands |
| DY8 1LU |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| STRATEGIC REPORT |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| The directors present their strategic report for the period 1 October 2023 to 31 December 2024. |
| The principal activity of the company continues to be the maintenance, repair and assembly/modernisation of lifts in England. |
| REVIEW OF BUSINESS |
| The company's results for the fifteen month period to 31 December 2024 show a gross profit of £5,286,606 (eighteen months to 30 September 2023: £5,410,066 gross profit), with a gross margin of 32% (period to 30 September 2023: 22%). Revenue decreased from £23,962,158 generated in the eighteen months to 30 September 2023 to £16,283,223 in the fifteen month period to 31 December 2024. |
| The profit before taxation in the period was £384,319 (period to 30 September 2023: £1,562,142 loss). This includes £214,271 (period to 30 September 2023: £389,437) of exceptional administrative expenses and £743,033 of income in respect of a group loan written off (period to 30 September 2023: £nil). This reflects the decision to exit loss-making contracts as part of the business turnaround strategy. |
| On 29 October 2024 the company was purchased by Lafone Lifts Limited. Following the company's acquisition by Lafone Lifts Limited the business has refocused its business activities, organisational structure and resources and set clear operational and financial objectives going forward. |
| The directors are confident that the operational and financial improvements delivered to date and planned for the near future will put the business in a great position to grow profitability in 2025. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The management of the business and the execution of the company's strategy are subject to a number of risks. |
| Demand and execution risk |
| The key business risk relates to changes in the economy impacting the expenditure plans of institutional and private landlords. The directors manage this risk by closely monitoring the sector and working closely with customers, key suppliers and trade bodies to identify changes and impacts. |
| Execution risk on major work projects and large repairs is continually appraised by both operational management and the board of directors. |
| Credit risk |
| Credit risk is managed by careful review of customers' financial standing and appropriate credit checks on potential customers prior to sale as well as via active management of cash collections and credit limits once onboarded. The company maintains a wide portfolio of customers across a number of sectors. |
| Price risk |
| The company is exposed to raw material and labour cost increases. To mitigate this risk all key raw materials have several suppliers and most customer contracts are subject to fixed pricing and annual increase arrangements for predetermined periods of time. |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| STRATEGIC REPORT |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| Health and safety |
| Managing and eliminating risk to our people in the environments in which they work continues to be a major part of our responsibility. |
| ON BEHALF OF THE BOARD: |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the period 1 October 2023 to 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the period under review was that of the maintenance, repair and assembly/modernisation of lifts in England. |
| DIVIDENDS |
| No dividends will be distributed for the period ended 31 December 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| GOING CONCERN |
| The company's statement of financial position as at 31 December 2024 shows net current assets and net assets. The directors have considered this when reviewing the appropriateness of the going concern basis in the preparation of the financial statements. |
| The directors have undertaken an assessment of the company's financial position, resources and principal risks and their impact on forecast sales, profits and cash flows in determining the basis on which to prepare the accounts. The directors believe that these forecasts, in conjunction with the company's ability to satisfactorily manage financing and other business risks, means there is a reasonable expectation that the company will have adequate resources to continue in operation for at least 12 months from the signing date. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently; |
| - | make judgements 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. |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| Pembroke Briggs Chartered Accountants resigned as auditors of the company on 11 February 2024 and Folkes Worton LLP were appointed in their place. Folkes Worton LLP will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| TEMPLE LIFTS LIMITED |
| Opinion |
| We have audited the financial statements of Temple Lifts Limited (the 'company') for the period ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 December 2024 and of its profit for the period 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 UK, including the FRC'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 directors' 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 directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our 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. |
| In connection with our audit of the financial statements, 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| TEMPLE LIFTS LIMITED |
| Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where 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 directors' 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 Statement of Directors' Responsibilities set out on pages four and five, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| TEMPLE LIFTS LIMITED |
| 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Identifying and responding to risks of material misstatement due to fraud |
| The level of risk and ability to detect irregularities due to fraud was considered during the planning stage of the audit. A risk assessment was undertaken, taking into consideration the Company's policies, procedures and enquiries with management. |
| We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. |
| As required by auditing standards and considering our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls and the risk of fraudulent transactions, in particular the risk that management may be in a position to make inappropriate accounting entries. |
| We performed procedures including: |
| - Evaluating the business purpose of journal entries and comparing the identified entries to supporting documentation. |
| - Evaluating the business purpose of significant bank payments and receipts and comparing these to supporting documentation. |
| - Walk through and further substantive testing on sales and purchases to identify weaknesses and override of internal controls. |
| - Using analytical procedures to identify any unusual or unexpected variances. |
| Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations |
| The level of risk and ability to detect irregularities due to non-compliance with laws and regulations was considered during the planning stage of the audit. A risk assessment was undertaken, taking into consideration the company's policies, procedures and compliance with laws and regulations. |
| We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
| The company is subject to laws and regulations that directly affect the financial statements including financial reporting and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
| The company is also subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. |
| Context of the ability of the audit to detect fraud or breaches of law or regulation |
| 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. For example, there is a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. |
| 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 Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| TEMPLE LIFTS LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditor |
| 15-17 Church Street |
| Stourbridge |
| West Midlands |
| DY8 1LU |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT/(LOSS) | 4 | ( |
) |
| Interest receivable and similar income |
| 374,557 | (1,527,552 | ) |
| Interest payable and similar expenses | 6 | ( |
) |
| PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
| Tax on profit/(loss) | 7 | ( |
) |
| PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 13 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | 16 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 April 2022 | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 September 2023 | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2024 | ( |
) |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| STATEMENT OF CASH FLOWS |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of period |
2 |
1,973,206 |
| Cash and cash equivalents at end of period | 2 | 818,211 | 738,278 |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| £ | £ |
| Profit/(loss) before taxation | ( |
) |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Finance costs | (9,762 | ) | 34,590 |
| Finance income | (11,656 | ) | (8,971 | ) |
| 397,069 | (1,503,605 | ) |
| Decrease/(increase) in stocks | ( |
) |
| Decrease in trade and other debtors |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Period ended 31 December 2024 |
| 31/12/24 | 1/10/23 |
| £ | £ |
| Cash and cash equivalents | 818,211 | 738,278 |
| Period ended 30 September 2023 |
| 30/9/23 | 1/4/22 |
| £ | £ |
| Cash and cash equivalents | 738,278 | 1,973,206 |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/10/23 | Cash flow | At 31/12/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 738,278 | 79,933 | 818,211 |
| 738,278 | 818,211 |
| Total | 738,278 | 79,933 | 818,211 |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Temple Lifts Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Revenue from the provision of services by the company is recognised as soon as the amount can be reliably estimated and work in progress recorded in the balance sheet under prepayments and accrued income. The outcome of a transaction can be estimated reliably when all the following conditions are met: |
| - the amount of revenue from ordinary activities can be measured reliably; |
| - it is probable that the economic benefits will flow to the entity; |
| - the stage of completion of the transaction at the reporting date can be measured reliably; |
| - the costs incurred for the transaction and the costs to complete the transaction can be measured. |
| When the outcome of a transaction involving the provision of services can be estimated reliably, the income from ordinary activities associated with the transaction must be recognised by reference to the stage of completion of the transaction at the reporting date. |
| The stage of completion is measured by reference to the proportion that costs incurred to date bear to the estimated total costs. Profit is not recognised if the stage of completion of the contract cannot be estimated reliably. |
| In the event that a loss on completion of a contract is forecast, a provision for losses to contract completion is recognised irrespective of the stage of completion of the contract, by reference to the best estimate of the forecast results measured on a reasonable basis. Provisions for losses on contract completion are presented within prepayments and accrued income in the statement of financial position. |
| Payments on account received in excess of costs incurred and attributable profit are included within accruals and deferred income. Foreseeable losses, if any, in excess of costs incurred less related payments on account are included in provisions as appropriate. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Computer software has been amortised over its estimated useful life of three years. |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 the cost less estimated residual value of each asset over its estimated useful life. |
| Short leasehold | - | over 25 years or the period of the lease |
| Plant and machinery | - | 25% on reducing balance |
| 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 |
| Work in progress is valued at the lower of cost and net realisable value. |
| 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. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Basic financial assets |
| Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price and are subsequently carried at amortised cost. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 period 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 |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the period was as follows: |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| Contracts | 50 | 73 |
| Administration | 28 | 39 |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS - continued |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| Information regarding the highest paid director is as follows: |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| £ | £ |
| Emoluments etc |
| 4. | OPERATING PROFIT/(LOSS) |
| The operating profit (2023 - operating loss) is stated after charging: |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| 5. | EXCEPTIONAL ITEMS |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| £ | £ |
| Exceptional items | - | (389,437 | ) |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| £ | £ |
| Bank loan interest | ( |
) |
| 7. | TAXATION |
| Analysis of the tax credit |
| The tax credit on the profit for the period was as follows: |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| £ | £ |
| Deferred tax | ( |
) |
| Tax on profit/(loss) | ( |
) |
| Reconciliation of total tax credit included in profit and loss |
| The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period | Period |
| 1/10/23 | 1/4/22 |
| to | to |
| 31/12/24 | 30/9/23 |
| £ | £ |
| Profit/(loss) before tax | ( |
) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of (2023 - |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Utilisation of tax losses |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Group loan written off | (185,758 | ) | - |
| Total tax credit | (1,022 | ) | - |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| 8. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 October 2023 |
| Disposals | ( |
) |
| At 31 December 2024 |
| AMORTISATION |
| At 1 October 2023 |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 30 September 2023 |
| 9. | TANGIBLE FIXED ASSETS |
| Short | Plant and |
| leasehold | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 30 September 2023 |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| 10. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Work in progress |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| VAT | 356,120 | 217,293 |
| Other creditors |
| Accruals |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| The group loan balance was written off in October 2024. |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| TEMPLE LIFTS LIMITED (REGISTERED NUMBER: 02388497) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 2,001,000 | 2,001,000 |
| 16. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 | ( |
) |
| Profit for the period |
| At 31 December 2024 | ( |
) |
| 17. | RELATED PARTY DISCLOSURES |
| During the period, the company purchased management and advisory services from a company which, until 29 October 2024, was under common control, totalling £195,657 (period to 30 September 2023: £224,000). As the balance sheet date, the company owed £Nil (30 September 2023: £24,000) to that company. |
| At 30 September 2023, the company owed £743,033 to an entity formerly under common control. This loan was written off in October 2024. |
| 18. | ULTIMATE CONTROLLING PARTY |
| The immediate parent company is Temple Lifts Holdings Limited, a company incorporated in England and Wales. |
| The ultimate parent company is Provident Lifts Ltd, a company incorporated in England and Wales. |
| Until 29 October 2024 the ultimate controlling party was Mr J. Constable. From 29 October 2024 the ultimate controlling party was Mr K. Duberley, a director of the company, by virtue of his interest in the share capital of Provident Lifts Ltd. |
| 19. | PENSION COMMITMENTS |
| The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the fund and during the period to 31 December 2024 amounted to £170,027 (period to 30 September 2023: £331,232). At the period ended 31 December 2024 contributions totalling £30,608 (period to 30 September 2023: £37,762) were payable to the fund. |