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COMPANY REGISTRATION NUMBER: 03851206
THE LIFT AND ESCALATOR INDUSTRY ASSOCIATION LIMITED
Company Limited by Guarantee
FILLETED FINANCIAL STATEMENTS
31 December 2024
THE LIFT AND ESCALATOR INDUSTRY ASSOCIATION LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
6,093
2,617
Current assets
Debtors
7
249,158
142,450
Cash at bank and in hand
1,752,221
1,346,184
------------
------------
2,001,379
1,488,634
Creditors: amounts falling due within one year
8
650,552
134,728
------------
------------
Net current assets
1,350,827
1,353,906
------------
------------
Total assets less current liabilities
1,356,920
1,356,523
------------
------------
Net assets
1,356,920
1,356,523
------------
------------
Capital and reserves
Income and expenditure account
1,356,920
1,356,523
------------
------------
Members funds
1,356,920
1,356,523
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including income and expenditure account) has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 26 June 2025 , and are signed on behalf of the board by:
Mr N J Mellor
Mr P Turner
Director
Director
Company registration number: 03851206
THE LIFT AND ESCALATOR INDUSTRY ASSOCIATION LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Rotherwick House, 3 Thomas More Street, St Katharine's & Wapping, London, E1W 1YZ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the Statement of Comprehensive Income.
Reserves
The Association has a policy to retain in excess of 75% of the annual running costs in reserves out of prudence of any issues with its Membership and due to the fact it is a Trade Association and it should always retain resources in case it needs to be wound up.
As professional advisers to its members, the Association feels there is a need to hold these reserves as there is a potential risk in connection with a claim in the event wrongful advice is given.
The Association is also committed to investing large sums of money in its sector over the next few years and therefore this increases the need for the reserves held.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover represents members' subscriptions and services rendered. Members' subscriptions are accounted for on a receivable basis. Every three years the association organises a Lift Exhibition on behalf of the members. The association invoices the members in advance based on their budgeted expected costs. After the event has occurred and all costs have been incurred the association would invoice the members for any deficits or refund any surplus back to the members. It is the association's policy to recognise the income equal to the costs recognised.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the Statement of Comprehensive Income. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in the Statement of Comprehensive Income.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
3 Years Straight line
Fixtures and Fittings
-
3 Years Straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the the Statement of Comprehensive Income in the year they are payable.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end date. If any impairments exist the debtors are re-measured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then re-measured to the present value of the expected future cash outflows.
4. Company limited by guarantee
The company is limited by guarantee and has no share capital.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 9 ).
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
25,104
394
25,498
Additions
7,274
7,274
--------
----
--------
At 31 December 2024
32,378
394
32,772
--------
----
--------
Depreciation
At 1 January 2024
22,619
262
22,881
Charge for the year
3,666
132
3,798
--------
----
--------
At 31 December 2024
26,285
394
26,679
--------
----
--------
Carrying amount
At 31 December 2024
6,093
6,093
--------
----
--------
At 31 December 2023
2,485
132
2,617
--------
----
--------
7. Debtors
2024
2023
£
£
Trade debtors
71,123
40,305
Other debtors
178,035
102,145
----------
----------
249,158
142,450
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
47,192
48,252
Social security and other taxes
20,024
7,018
Other creditors
583,336
79,458
----------
----------
650,552
134,728
----------
----------
9. Contingent liabilities
The company acts as a guarantor to a Contract Guarantee Scheme that it has arranged with an insurer on behalf of its members. Under the terms of the guarantee, the company could be exposed to a maximum loss in any one financial year of £110,000.
10. Summary audit opinion
The auditor's report dated 26 June 2025 was unqualified .
The senior statutory auditor was Philip Benson Woodman FCCA , for and on behalf of Opass Billings Wilson & Honey LLP .