Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

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

The address of its registered office is:
Arnolds Field Estate
Wickwar
Wotton-Under-Edge
Gloucestershire
GL12 8JD
England

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.

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 11 November 2025 was Peter Roberts, who signed for and on behalf of Roberts & Co (Bristol) Limited.

.........................................

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

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
Freehold Property	2% straight line
Plant and machinery	15% reducing balance
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance
Computer hardware and software	50% reducing balance

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.

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.

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

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 65 (2024 - 64).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £
Cost or valuation
At 1 April 2024	598,714	273,437	1,263,093	253,991
Additions	-	6,006	10,115	19,934
Disposals	-	-	(10,634)	-
At 31 March 2025	598,714	279,443	1,262,574	273,925
Depreciation
At 1 April 2024	91,044	163,447	711,336	233,748
Charge for the year	10,694	17,399	84,643	17,930
Eliminated on disposal	-	-	(9,424)	-
At 31 March 2025	101,738	180,846	786,555	251,678
Carrying amount
At 31 March 2025	496,976	98,597	476,019	22,247
At 31 March 2024	507,670	109,990	551,757	20,243

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

4	Tangible assets (continued)

	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	139,046	2,528,281
Additions	56,534	92,589
Disposals	(28,145)	(38,779)
At 31 March 2025	167,435	2,582,091
Depreciation
At 1 April 2024	89,310	1,288,885
Charge for the year	21,505	152,171
Eliminated on disposal	(24,036)	(33,460)
At 31 March 2025	86,779	1,407,596
Carrying amount
At 31 March 2025	80,656	1,174,495
At 31 March 2024	49,736	1,239,396

Included within the net book value of land and buildings above is £496,976 (2024 - £507,670) in respect of freehold land and buildings.
 

5

Stocks

	2025 £	2024 £
Stock	1,430,216	954,120

6

Debtors

	Note	2025 £	2024 £
Trade debtors		1,116,050	942,672
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	1,415,333	1,415,333
Prepayments		33,512	23,633
		2,564,895	2,381,638

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings		723,352	318,406
Trade creditors		422,715	367,807
Taxation and social security		463,864	365,943
Accruals and deferred income		77,417	138,946
		1,687,348	1,191,102

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £682,998 (2024 - £262,456).

Bank loans and overdrafts are secured by way of a charge over the assets of the company.

Hire purchase assets are secured on the assets to which they relate.

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings		111,566	191,521

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £108,147 (2024 - £147,749).

Majorlift Hydraulic Equipment Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary Shares of £1 each	30,100	30,100	30,100	30,100

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	4,500	4,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £18,000 (2024 - £18,000).

10	Related party transactions

Summary of transactions with parent

At the year end date the company was owed a balance of £1,415,333 (2024 - £1,415,333) by its 100% parent company, Majorlift Holdings Limited.

Summary of transactions with other related parties

During the year the company leased premises owned by the directors' pension fund. Rent payable in the year amounted to £18,000 (2024 - £18,000).

11	Parent and ultimate parent undertaking

The company's immediate parent is Majorlift Holdings Limited, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Majorlift Holdings Limited. These financial statements are available upon request from Companies House website https://find-and-update.company-information.service.gov.uk/company/04616837