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REGISTERED NUMBER: 15145702 (England and Wales)















PROVIDENT LIFTS LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

18 SEPTEMBER 2023 TO 31 DECEMBER 2024






PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 18


PROVIDENT LIFTS LTD

COMPANY INFORMATION
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024







DIRECTORS: Mr K Duberley
Mr J Duberley
Mr S Duberley
Mr T Duberley





REGISTERED OFFICE: 15-17 Church Street
Stourbridge
West Midlands
DY8 1LU





REGISTERED NUMBER: 15145702 (England and Wales)





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

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

GROUP STRATEGIC REPORT
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


The directors present their strategic report of the company and the group for the period 18 September 2023 to 31 December 2024.

ON BEHALF OF THE BOARD:





Mr K Duberley - Director


29 May 2025

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

REPORT OF THE DIRECTORS
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


The directors present their report with the financial statements of the company and the group for the period 18 September 2023 to 31 December 2024.

INCORPORATION
The group was incorporated on 18 September 2023 .

DIVIDENDS
Interim dividends totalling £1025 per share were paid during the period. The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 31 December 2024 will be £ 152,500 .

DIRECTORS
Mr K Duberley has held office during the whole of the period from 18 September 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mr J Duberley - appointed 16 February 2024
Mr S Duberley - appointed 16 February 2024
Mr T Duberley - appointed 16 February 2024

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

REPORT OF THE DIRECTORS
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


AUDITORS
The auditors, Folkes Worton LLP, having been appointed during the period, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr K Duberley - Director


29 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROVIDENT LIFTS LTD


Opinion
We have audited the financial statements of Provident Lifts Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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
PROVIDENT LIFTS LTD


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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 page three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROVIDENT LIFTS LTD


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.

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.

Based on our understanding of the group, the company and their industry, we identified the principal risks of
non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to:
- Posting inappropriate journal entries to increase revenue or reduce expenditure;
- Management override of controls; and
- Management bias in accounting estimates and judgements.

In response to the above identified risks, audit procedures were designed to enable us to arrive at appropriately drawn conclusions. These audit procedures include;
- Review and challenging of journal entries, in particular unusual transactions and account combinations;
- Challenging of assumptions and judgements made by management in their assessment of significant accounting
estimates; and
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

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, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely it would be for the inherently limited procedures required by auditing standards to identify it. In addition, as with any audit, there remains a risk of not detecting irregularities as these may include collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. We are not responsible for preventing non-compliance 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/auditors responsibilities. This description forms part of our Report of the Auditors.

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
PROVIDENT LIFTS LTD


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.




Neil Smith BSc FCA (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

29 May 2025

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024

Notes £    £   

TURNOVER 5,952,179

Cost of sales 3,351,817
GROSS PROFIT 2,600,362

Administrative expenses 1,768,237
OPERATING PROFIT 4 832,125

Income from interest in associated undertakings 50,000
Interest receivable and similar income 46,777
96,777
928,902

Interest payable and similar expenses 5 399,296
PROFIT BEFORE TAXATION 529,606

Tax on profit 6 141,107
PROFIT FOR THE FINANCIAL PERIOD 388,499

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

Notes £    £   
FIXED ASSETS
Intangible assets 9 5,632,175
Tangible assets 10 558,577
Investments 11 -
6,190,752

CURRENT ASSETS
Stocks 12 2,276,344
Debtors 13 3,942,068
Cash at bank and in hand 1,867,620
8,086,032
CREDITORS
Amounts falling due within one year 14 9,229,772
NET CURRENT LIABILITIES (1,143,740 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,047,012

CREDITORS
Amounts falling due after more than one year 15 (4,681,739 )

PROVISIONS FOR LIABILITIES 19 (128,674 )
NET ASSETS 236,599

CAPITAL AND RESERVES
Called up share capital 20 600
Retained earnings 21 235,999
SHAREHOLDERS' FUNDS 236,599

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





Mr K Duberley - Director


PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

COMPANY BALANCE SHEET
31 DECEMBER 2024

Notes £    £   
FIXED ASSETS
Intangible assets 9 -
Tangible assets 10 -
Investments 11 3,500,500
3,500,500

CURRENT ASSETS
Debtors 13 100
Cash at bank 69,056
69,156
CREDITORS
Amounts falling due within one year 14 3,553,577
NET CURRENT LIABILITIES (3,484,421 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,079

CAPITAL AND RESERVES
Called up share capital 20 600
Retained earnings 21 15,479
SHAREHOLDERS' FUNDS 16,079

Company's profit for the financial year 130,479

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





Mr K Duberley - Director


PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 600 - 600
Dividends - (152,500 ) (152,500 )
Total comprehensive income - 388,499 388,499
Balance at 31 December 2024 600 235,999 236,599

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 600 - 600
Dividends - (115,000 ) (115,000 )
Total comprehensive income - 130,479 130,479
Balance at 31 December 2024 600 15,479 16,079

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024

Notes £   
Cash flows from operating activities
Cash generated from operations 1 277,230
Interest paid (356,465 )
Interest element of hire purchase payments paid (6,392 )
Tax paid (164,866 )
Net cash from operating activities (250,493 )

Cash flows from investing activities
Purchase of intangible fixed assets 2,199,372
Interest received 46,777
Dividends received 50,000
Net cash from investing activities 2,296,149

Cash flows from financing activities
Capital repayments in year (37,536 )
Amount introduced by directors 12,000
Amount withdrawn by directors (100 )
Share issue 100
Equity dividends paid (152,500 )
Net cash from financing activities (178,036 )

Increase in cash and cash equivalents 1,867,620
Cash and cash equivalents at beginning of
period

2

-

Cash and cash equivalents at end of period 2 1,867,620

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

£   
Profit before taxation 529,606
Depreciation charges 222,761
Loss on disposal of fixed assets 663
Finance costs 399,296
Finance income (96,777 )
1,055,549
Decrease in stocks 500,330
Decrease in trade and other debtors 363,100
Decrease in trade and other creditors (1,641,749 )
Cash generated from operations 277,230

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 December 2024
31/12/24 18/9/23
£    £   
Cash and cash equivalents 1,867,620 -


PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


3. ANALYSIS OF CHANGES IN NET DEBT

Acquisition
of
subsidiary
At 18/9/23 Cash flow companies At 31/12/24
£    £    £    £   
Net cash
Cash at bank
and in hand - (1,231,752 ) 3,099,372 1,867,620
- (1,231,752 ) 3,099,372 1,867,620
Debt
Finance leases - 37,536 (332,230 ) (294,694 )
Debts falling due
after 1 year - - (4,500,000 ) (4,500,000 )
- 37,536 (4,832,230 ) (4,794,694 )
Total - (1,194,216 ) (1,732,858 ) (2,927,074 )

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


4. ACQUISITION OF BUSINESS

During the period, the group acquired new subsidiary companies. Assets and liabilities acquired in the companies were as follows:
£
Tangible fixed assets - cost 1,085,215
Tangible fixed assets - accumulated depreciation (446,948 )
638,267
Stock 2,776,674
Trade and other debtors 4,305,068
Cash at bank and in hand 3,099,372
Trade and other creditors (8,970,905 )
Current taxation (259,211 )
Hire purchase liabilities (332,230 )
Deferred taxation (132,444 )
1,124,591
Goodwill 5,775,909
Investment in subsidiaries 6,900,500

The acquisitions were financed by:
Issue of share capital 500
Deferred proceeds 1,500,000
Loans 4,500,000
Cash 900,000
6,900,500

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


1. STATUTORY INFORMATION

Provident Lifts Ltd 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
In the group financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the period following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Provident Lifts Ltd and all of its subsidiaries (entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Results are incorporated from the date that control passes.

All financial statements are made up to 31 December and all accounting policies are consistent across the parent and its subsidiaries.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

The group profit and loss account includes the consolidated results for all subsidiaries detailed in note 11 for the year.

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.

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Turnover - continued
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.

Goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of the net assets acquired. It is initially recognised as an asset at cost. After initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite life and is amortised on a systematic basis over its expected life of 10 years which the directors believe is the period over which the acquisition will pay back the initial investment.

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.

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.

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts being presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Trade and other debtors, including accrued income, which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rate method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 borrowings in current liabilities.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
£   
Wages and salaries 1,351,561
Social security costs 140,875
Other pension costs 90,200
1,582,636

The average number of employees during the period was as follows:

Contracts 81
Administration 34
115

£   
Directors' remuneration 83,333
Directors' pension contributions to money purchase schemes 21,000

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


4. OPERATING PROFIT

The operating profit is stated after charging:

£   
Other operating leases 22,084
Depreciation - owned assets 32,767
Depreciation - assets on hire purchase contracts 46,260
Loss on disposal of fixed assets 663
Goodwill amortisation 143,734
Auditors' remuneration 6,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
£   
Bank loan interest 643
Loan interest 392,261
Hire purchase interest 6,392
399,296

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
£   
Current tax:
UK corporation tax 144,877

Deferred tax (3,770 )
Tax on profit 141,107

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

£   
Profit before tax 529,606
Profit multiplied by the standard rate of corporation tax in the UK of 25 % 132,402

Effects of:
Expenses not deductible for tax purposes 15,182
Income not taxable for tax purposes (12,500 )
Depreciation in excess of capital allowances 51,331
Utilisation of tax losses (45,308 )
Total tax charge 141,107

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
£   
Interim 152,500

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 5,775,909
At 31 December 2024 5,775,909
AMORTISATION
Amortisation for period 143,734
At 31 December 2024 143,734
NET BOOK VALUE
At 31 December 2024 5,632,175

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


10. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
Disposals - (9,672 ) - - (9,672 )
Acquisition of subsidiary 11,362 68,208 60,557 945,088 1,085,215
At 31 December 2024 11,362 58,536 60,557 945,088 1,075,543
DEPRECIATION
Charge for period - 1,966 - 77,061 79,027
Eliminated on disposal - (9,009 ) - - (9,009 )
Acquisition of subsidiary 11,362 37,830 60,557 337,199 446,948
At 31 December 2024 11,362 30,787 60,557 414,260 516,966
NET BOOK VALUE
At 31 December 2024 - 27,749 - 530,828 558,577

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Acquisition of subsidiary 567,981
At 31 December 2024 567,981
DEPRECIATION
Charge for period 46,260
Acquisition of subsidiary 189,427
At 31 December 2024 235,687
NET BOOK VALUE
At 31 December 2024 332,294

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 3,500,500
At 31 December 2024 3,500,500
NET BOOK VALUE
At 31 December 2024 3,500,500

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Crest Lifts Holdings Limited
Registered office: 11 Nimbus, Hercules Way, Farnborough, Hampshire, GU14 6UU
Nature of business:
%
Class of shares: holding
Ordinary 100.00

Crest Lifts Limited
Registered office: 11 Nimbus, Hercules Way, Farnborough, Hampshire, GU14 6UU
Nature of business:
%
Class of shares: holding
Ordinary 100.00

Lafone Lifts Limited
Registered office: 11 Nimbus, Hercules Way, Farnborough, Hampshire, GU14 6UU
Nature of business:
%
Class of shares: holding
Ordinary 100.00

Temple Lifts Holdings Limited
Registered office: 11 Raven Wharf, 14 Lafone Street, London, SE1 2LR
Nature of business:
%
Class of shares: holding
Ordinary 100.00

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


11. FIXED ASSET INVESTMENTS - continued

Temple Lifts Limited
Registered office: 11 Raven Wharf, 14 Lafone Street, London, SE1 2LR
Nature of business:
%
Class of shares: holding
Ordinary 100.00


12. STOCKS


Group
£   
Stocks 1,200
Work in progress 2,275,144
2,276,344

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Trade debtors 2,932,667 -
Other debtors 16,634 -
Directors' loan accounts 100 100
Prepayments 992,667 -
3,942,068 100

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Hire purchase contracts (see note 17) 112,955 -
Trade creditors 2,104,867 -
Amounts owed to group undertakings - 1,960,000
Tax 239,222 20,160
Social security and other taxes 764,676 26,167
Other creditors 1,584,144 1,535,250
Directors' loan accounts 12,000 12,000
Accruals 4,411,908 -
9,229,772 3,553,577

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


Group
£   
Other loans (see note 16) 4,500,000
Hire purchase contracts (see note 17) 181,739
4,681,739

16. LOANS

An analysis of the maturity of loans is given below:


Group
£   
Amounts falling due between one and two years:
Other loans 787,500
Amounts falling due between two and five years:
Other loans 3,712,500

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire
purchase
contracts
£   
Gross obligations repayable:
Within one year 125,777
Between one and five years 190,512
316,289

Finance charges repayable:
Within one year 12,822
Between one and five years 8,773
21,595

Net obligations repayable:
Within one year 112,955
Between one and five years 181,739
294,694

18. SECURED DEBTS

The following secured debts are included within creditors:


Group
£   
Other loans 4,500,000
Hire purchase contracts 294,694
4,794,694

Other loans are secured by a fixed charge over the company's investment and related rights in Crest Lifts Holdings Limited.

Hire purchase liabilities are secured on the assets acquired thereunder.

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


19. PROVISIONS FOR LIABILITIES


Group
£   
Deferred tax 128,674

Group
Deferred
tax
£   
Credit to Statement of Comprehensive Income during period (3,770 )
Acquisition of subsidiaries 132,444
Balance at 31 December 2024 128,674

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
600 Ordinary £1.00 600

During the period, the company issued 500 Ordinary shares of £1 each to Mr K. Duberley in exchange for his shareholding in Crest Lifts Holdings Limited.

21. RESERVES

Group
Retained
earnings
£   

Profit for the period 388,499
Dividends (152,500 )
At 31 December 2024 235,999

PROVIDENT LIFTS LTD (REGISTERED NUMBER: 15145702)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 SEPTEMBER 2023 TO 31 DECEMBER 2024


21. RESERVES - continued

Company
Retained
earnings
£   

Profit for the period 130,479
Dividends (115,000 )
At 31 December 2024 15,479


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2024:

£   
K Duberley
Balance outstanding at start of period -
Amounts advanced 100
Amounts repaid -
Amounts written off -
Amounts waived -
Balance outstanding at end of period 100