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Registration number: 09740742

Independent Contract Lifting Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Independent Contract Lifting Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Independent Contract Lifting Services Limited

Company Information

Directors

Mrs Emma Jane Weeks

Mr Ian James Weeks

Registered office

10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

Independent Contract Lifting Services Limited

(Registration number: 09740742)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,337,362

1,175,257

Current assets

 

Stocks

5

190,000

110,000

Debtors

6

407,484

406,743

Cash at bank and in hand

 

45,848

30,058

 

643,332

546,801

Creditors: Amounts falling due within one year

7

(795,266)

(661,235)

Net current liabilities

 

(151,934)

(114,434)

Total assets less current liabilities

 

1,185,428

1,060,823

Creditors: Amounts falling due after more than one year

7

(979,892)

(798,984)

Provisions for liabilities

(185,359)

(133,133)

Net assets

 

20,177

128,706

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

20,175

128,704

Shareholders' funds

 

20,177

128,706

 

Independent Contract Lifting Services Limited

(Registration number: 09740742)
Balance Sheet as at 31 October 2024

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

Directors' responsibilities:

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

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

Approved and authorised by the Board on 24 July 2025 and signed on its behalf by:
 

.........................................
Mr Ian James Weeks
Director

 

Independent Contract Lifting Services Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

The principal place of business is:
Unit 1, Matching Airfield
Anchor Lane
Abbess Roding
Ongar
Essex
CM5 0JR

These financial statements were authorised for issue by the Board on 24 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Going concern

The financial statements have been prepared on a going concern basis.

 

Independent Contract Lifting Services Limited

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

Revenue recognition

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

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

Tax

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

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

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

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

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Computer Equipment

35% Reducing Balance

Plant & Machinery

12% Straight Line

Cash and cash equivalents

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

 

Independent Contract Lifting Services Limited

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

Trade debtors

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

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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

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

Borrowings

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

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

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

 

Independent Contract Lifting Services Limited

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

Leases

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

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

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

Share capital

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

Dividends

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 20).

 

Independent Contract Lifting Services Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

2,982

152,591

1,442,256

1,597,829

Additions

-

-

371,779

371,779

At 31 October 2024

2,982

152,591

1,814,035

1,969,608

Depreciation

At 1 November 2023

2,060

78,279

342,233

422,572

Charge for the year

323

18,578

190,773

209,674

At 31 October 2024

2,383

96,857

533,006

632,246

Carrying amount

At 31 October 2024

599

55,734

1,281,029

1,337,362

At 31 October 2023

922

74,312

1,100,023

1,175,257

5

Stocks

2024
£

2023
£

Work in progress

160,000

110,000

Other inventories

30,000

-

190,000

110,000

6

Debtors

2024
£

2023
£

Trade debtors

329,752

352,187

Prepayments

20,020

-

Other debtors

43,045

38,151

Directors Loan Account

14,667

16,405

407,484

406,743

The carrying amount of trade debtors pledged as security for liabilities amounted to £273,439 (2023 - £Nil).

 

Independent Contract Lifting Services Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

205,944

10,243

Trade creditors

 

244,478

196,488

Taxation and social security

 

64,288

210,724

Accruals and deferred income

 

1,139

971

Other creditors

 

18,852

19,153

Hire Purchase under 1 year

 

260,565

223,656

 

795,266

661,235

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

82,331

24,756

Hire Purchase over 1 year

 

897,561

774,228

 

979,892

798,984

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordianry A of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

2

2

2

2

 

Independent Contract Lifting Services Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

82,331

24,756

Hire purchase contracts

897,561

774,228

979,892

798,984

Current loans and borrowings

2024
£

2023
£

Bank borrowings

22,032

10,243

Hire purchase contracts

260,565

223,656

Other borrowings

183,912

-

466,509

233,899