Traditional Lift Products Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03900095 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TRADITIONAL LIFT PRODUCTS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A M Campbell

Mrs A J Campbell

SECRETARY:

Mrs A J Campbell

REGISTERED OFFICE:

Unit 2, The Brambles

Lees Road, Knowsley Industrial Estate

Kirby

Liverpool

Merseyside

L33 7RW

REGISTERED NUMBER:

03900095 (England and Wales)

ACCOUNTANTS:

Livesey Spottiswood Ltd

Chartered Accountants

17 George Street

St Helens

Merseyside

WA10 1DB

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

32,892

47,168

32,892

47,168

CURRENT ASSETS

Stocks

66,444

63,874

Debtors

173,525

274,899

Cash at bank

94,713

35,625

334,682

374,398

CREDITORS

Amounts falling due within one year

(220,405

)

(246,143

)

NET CURRENT ASSETS

114,277

128,255

TOTAL ASSETS LESS CURRENT
LIABILITIES

147,169

175,423

CREDITORS

Amounts falling due after more than one year

(31,058

)

(95,790

)

NET ASSETS

116,111

79,633

CAPITAL AND RESERVES

Called up share capital

8

48,000

Capital redemption reserve

24,000

Retained earnings

44,111

7,633

SHAREHOLDERS' FUNDS

116,111

79,633

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2025 and were signed on its behalf by:

Mr A M Campbell - Director

1.	STATUTORY INFORMATION

Traditional Lift Products Limited 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Long term contracts

When the outcome of a long term contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to labour hours incurred to date as a percentage of total labour hours for each contract.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

The amount by which contract turnover exceeds payments on account is classified as "amounts recoverable on contracts" and included in debtors. To the extent that payments on account exceed contract turnover, the excess is included as "payments on account" within creditors.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007 is classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is three years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery

-

10% and 20% straight line

Fixtures and fittings

-

10% and 33.33% straight line

Motor vehicles

-

20% straight line

Stocks and work in progress

Stock and work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs incurred in bringing each item to its present location and condition, as follows:

Raw materials and consumables

-

Purchase cost on a first in first out basis

Work in progress and finished goods

-

Cost of direct materials and labour plus attributable overheads based on
a normal level of activity

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

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

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Rectification provisions

Provision is made for liabilities arising in respect of expected rectification claims.

Grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

and 31 December 2024

10,000

AMORTISATION

At 1 January 2024

and 31 December 2024

10,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

474,035

Additions

2,600

Disposals

(8,029

)

At 31 December 2024

468,606

DEPRECIATION

At 1 January 2024

426,867

Charge for year

16,876

Eliminated on disposal

(8,029

)

At 31 December 2024

435,714

NET BOOK VALUE

At 31 December 2024

32,892

At 31 December 2023

47,168

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

Within one year

42,500

Between one and five years

31,875

74,375

116,875

7.	SECURED DEBTS

The bank overdraft is secured by a fixed and floating charge over the assets of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

48,000

Ordinary

£1

48,000