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Registered number: 03381113
Liftec Express Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 July 2025
Shaikh & Co Ltd
Registered Auditors and Chartered Certified Accountants
Liftec Express Limited
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2—3
Directors' Report | 4—5
Independent Auditor's Report | 6—9
Profit and Loss Account | 10
Statement of Comprehensive Income | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Notes to the Statement of Cash Flows | 15
Notes to the Financial Statements | 16—32

Page 1
Liftec Express Limited
Company Information
For The Year Ended 31 July 2025
Company Information

Directors | Mr Maxime Yao
| W20s Directors Limited
Secretary | Cossey Cosec Services Limited
Company Number | 03381113
Registered Office | Blue Space Suscon
| Brunel Way
| Dartford
| DA1 5FW
Accountants | Shaikh & Co Ltd
| Registered Auditors and Chartered Certified Accountants
| 51 St Mary's Road
| Tonbridge
| Kent
| TN9 2LE

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Liftec Express Limited
Strategic Report
For The Year Ended 31 July 2025
Strategic Report
The directors present their strategic report for the year ended 31 July 2025.
Principal Activity
The principal activity of the Company during the year continued to be the installation, modernisation, servicing, maintenance and repair of lift equipment. There were no significant changes in the nature of the Company’s activities during the year.
Review of the Business
The results for the year and the Company’s financial position at the reporting date are set out in the accompanying financial statements.
The Company’s performance for the period was influenced by the mix and timing of projects undertaken and the profile of the customer base. Market conditions remain challenging, with ongoing pressures arising from increased customer expectations, supply chain lead times, and inflationary impacts on materials and labour. The Directors continue to focus on managing overheads, improving operational efficiency, and maintaining margins in a competitive trading environment.
The Company also continued integrating the activities acquired, standardisation of processes and systems across these operations has remained a priority, with further efficiencies expected as consolidation activities progress.
The Company maintained its ISO 9001 Quality Management, ISO 14001 Environmental Management and ISO 45001 Health & Safety accreditations during the year. Given the inherent health and safety risks within the lift industry, the Directors place significant emphasis on the safety of employees, customers, subcontractors and the public. The Company is pleased to report that no fatalities or permanent injuries occurred in the year.
Principal Risks and Uncertainties
Principal Risks and Uncertainties
The Company is exposed to a range of business, operational and financial risks. The principal risks and uncertainties identified by the Directors include:

- Market risk – economic conditions, competitive pressures and fluctuations in project activity may affect revenue and gross margins.

- Regulatory and compliance risk – changes to health & safety, environmental or industry specific regulations may increase operational requirements.

- Credit and counterparty risk – the financial stability of customers and suppliers may impact cash collection, project delivery and continuity of supply.

- Operational risk – risks associated with project execution, resource availability and supply chain reliability.

The Directors continuously monitor these risks and have policies and procedures in place to mitigate their impact, including credit control processes, supplier assessment, regular operational reviews and health & safety compliance frameworks.
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Liftec Express Limited
Strategic Report (continued)
For The Year Ended 31 July 2025
Future Developments
The Directors have reviewed the performance for the year and developed plans intended to support the continued improvement of the business. Areas of focus for the forthcoming period include:

- strengthening operational processes and project delivery performance;

- further integration of the activities acquired to improve consistency and efficiency;

- ongoing investment in employee training, health and safety, and compliance;

- disciplined cash and cost management to support financial stability; and

- selective pursuit of growth opportunities within both project and service markets.

The Directors remain confident that the actions being taken will support the Company’s operational and financial performance, although they recognise that external market conditions may continue to present challenges.
Key Performance Indicators
The Company’s key financial performance indicators during the period were as follows:

| 2025 | 2024 (18 month period)
Turnover | £16,926,091 | £37,095,413
Turnover growth/(reduction) | (54.4)% | 39.2%
Gross profit margin | 7.8% | 11.8%

On behalf of the board

Mr Maxime Yao Director
27/02/2026

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Liftec Express Limited
Company No. 03381113
Directors' Report For The Year Ended 31 July 2025
Directors' Report
The directors present their report and the financial statements for the year ended 31 July 2025.
Dividends
The value of dividends paid amounted to £24,514,784 .
The directors recommended a final dividend of £NIL .
Financial Instruments
Objectives and policies
The Company's principal financial instruments comprise bank balances, borrowings under a loan facility, trade creditors, trade debtors and lease liabilities. The main purpose of these instruments is to finance the Company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the Company there is no exposure to price risk. The Company's approach to managing other risks applicable to the financial instruments concerned is set out below.
Liquidity risk in respect of bank balances is managed by maintaining adequate cash reserves and by continuously monitoring forecast and actual cash flows. The Company seeks to ensure that sufficient funding is available to meet its liabilities as they fall due. The Company makes minimal use of money market facilities where funds are required.
Liquidity risk in respect of lease arrangements is managed by fixed rates of interest.
Trade debtors are managed in respect of credit and cash flow risk through policies governing the level of credit offered to customers and the regular monitoring of amounts outstanding against agreed time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Directors
The directors who held office during the year were as follows:

Mr Maxime Yao
W20s Directors Limited | Appointed | 30/05/2025
Mr Robert Sadler (Resigned) | Resigned | 30/05/2025
Mr Carlos Arango (Resigned) | Resigned | 26/03/2025
Mr Ales Korotvicka (Resigned) | Resigned | 30/05/2025
Mr Rajpal Singh (Resigned) | Appointed | 25/10/2024 | Resigned | 30/05/2025

Employees
The number of employees reduced slightly compared to the previous year. In the Directors’ view, this is sufficient numbers to maintain its operations, customer support and sales. The employees continue to play a key role in ensuring the Company provides a service required by our customers and so the Board of Directors, as always, would like to place on record their appreciation for their efforts, commitment and performance.
The Company is an equal opportunities employer and treats all employees in a dignified fair and equal manner in accordance with the law regardless of gender, marital status, race, colour, religion and beliefs, age, mental state, disability or sexual orientation.
The Directors’ recognise the need for continuous improvement and therefore continues to encourage and support employees of all levels and ability to undertake new or further training wherever possible.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
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Liftec Express Limited
Directors' Report (continued)
For The Year Ended 31 July 2025
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors
The auditors, Shaikh & Co Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mr Maxime Yao Director
27/02/2026

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Independent Auditor's Report
to the Members of
Liftec Express Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Liftec Express Limited for the year ended 31 July 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its profit/(loss) for the year 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and directors' report has been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)
to the Members of
Liftec Express Limited
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
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, or returns adequate for our audit have not been received from branches not visited by us;
- the financial statements are not in agreement with the accounting records or returns;
- certain disclosures of directors' remuneration specified by law are not made;
- we have not received all the information and explanations we require for our audit, or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4—5, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
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Independent Auditor's Report (continued)
to the Members of
Liftec Express Limited
Auditor's 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 an auditor's report 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates;
- We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.
To address the risk of fraud in relation to revenue recognition, we:

- Performed detailed substantive testing to address completeness and accuracy of sales;
- Assessed the appropriateness and application of the accounting policy concerning income recognition; and
- Performed detailed cut-off testing either side of the balance sheet date.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- Investigated the rationale behind significant or unusual transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
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Independent Auditor's Report (continued)
to the Members of
Liftec Express Limited
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report 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.

Gulam Shaikh (Senior Statutory Auditor) for and on behalf of Shaikh & Co Ltd , Statutory Auditor
27/02/2026

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Liftec Express Limited
Profit and Loss Account
For The Year Ended 31 July 2025
Profit and Loss Account

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 16,926,091 |  | 37,095,413
Cost of sales |  | (15,522,985 ) |  | (32,720,369 )
GROSS PROFIT |  | 1,403,106 |  | 4,375,044
Administrative expenses |  | (7,849,013 ) |  | (12,346,246 )
Other operating income |  | - |  | 22,444
Other operating expenses |  | (603,581 ) |  | (782,718 )
OPERATING LOSS | 5 | (7,049,488 ) |  | (8,731,476 )
Loss on disposal of fixed assets |  | (5,436 ) |  | -
Other interest receivable and similar income | 10 | 1,277,555 |  | 215,364
Interest payable and similar charges | 11 | (153,293 ) |  | (665,761 )
LOSS BEFORE TAXATION |  | (5,930,662 ) |  | (9,181,873 )
Tax on Loss |  | (1,785 ) |  | 64,938
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR |  | (5,932,447 ) |  | (9,116,935 )

The notes on pages 15 to 32 form part of these financial statements.
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Liftec Express Limited
Statement of Comprehensive Income
For The Year Ended 31 July 2025
Statement of Comprehensive Income

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
LOSS FOR THE FINANCIAL YEAR |  | (5,932,447 ) |  | (9,116,935 )
OTHER COMPREHENSIVE INCOME:
SPA tax covenant adjustment |  | (349,185 ) |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | (6,281,632 ) |  | (9,116,935 )

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Liftec Express Limited
Balance Sheet
As At 31 July 2025
Balance Sheet

| 31 July 2025 | 31 July 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets (including right-of-use assets) | 14 |  | 1,479,050 |  | 1,168,409
|  |  | 1,479,050 |  | 1,168,409
CURRENT ASSETS
Stocks | 15 | - |  | 3,099 |
Debtors | 16 | 25,662,424 |  | 85,060,152 |
Cash at bank and in hand |  | 2,858,933 |  | 250,869 |
|  | 28,521,357 |  | 85,314,120 |
Creditors: Amounts Falling Due Within One Year | 17 | (19,794,745 ) |  | (47,903,482 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 8,726,612 |  | 37,410,638
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 10,205,662 |  | 38,579,047
Creditors: Amounts Falling Due After More Than One Year | 18 |  | (3,169,118 ) |  | (551,611 )
PROVISIONS FOR LIABILITIES
Restructuring provision | 23 |  | (184,153 ) |  | (378,629 )
NET ASSETS |  |  | 6,852,391 |  | 37,648,807
CAPITAL AND RESERVES
Called up share capital | 24 |  | 66 |  | 66
Share premium account |  |  | 9,600,034 |  | 9,600,034
Merger reserve |  |  | (9,581,089 ) |  | (9,581,089 )
Profit and Loss Account |  |  | 6,833,380 |  | 37,629,796
SHAREHOLDERS' FUNDS |  |  | 6,852,391 |  | 37,648,807

On behalf of the board

Mr Maxime Yao Director
27/02/2026

The notes on pages 15 to 32 form part of these financial statements.
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Liftec Express Limited
Statement of Changes in Equity
For The Year Ended 31 July 2025
Statement of Changes in Equity

| Share Capital | Share Premium | Merger reserve | Profit and Loss Account | Total
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
As at 1 February 2023 | 65 | (399,965 ) | - | 6,746,731 | 6,346,831
Loss for the period and total comprehensive income | - | - | - | (9,116,935 ) | (9,116,935)
Arising on shares issued during the period | 1 | 49,999,999 | - | - | 50,000,000
Share capital reduction | - | (40,000,000 ) | - | 40,000,000 | -
Movement in merger reserve (see note 27) | - | - | (9,581,089) | - | (9,581,089)
As at 31 July 2024 and 1 August 2024 | 66 | 9,600,034 | (9,581,089 ) | 37,629,796 | 37,648,807
Loss for year | - | - | - | (5,932,447) | (5,932,447 )
SPA tax covenant adjustment | - | - | - | (349,185) | (349,185)
Other comprehensive income for the year | - | - | - | (349,185 ) | (349,185 )
Total comprehensive income for the year | - | - | - | (6,281,632 ) | (6,281,632)
Dividends paid | - | - | - | (24,514,784) | (24,514,784)
As at 31 July 2025 | 66 | 9,600,034 | (9,581,089 ) | 6,833,380 | 6,852,391

Page 13
Page 14
Liftec Express Limited
Statement of Cash Flows
For The Year Ended 31 July 2025
Statement of Cash Flows

| 31 July 2025 |  | 31 July 2024
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from/(used in) operations | 1 | 23,765,643 |  | (10,604,136 )
Interest paid |  | (153,293 ) |  | (665,761 )
Tax (paid)/refunded |  | (1,785 ) |  | 64,938
Net cash generated from/(used in) operating activities |  | 23,610,565 |  | (11,204,959 )
Cash flows from investing activities
Purchase of intangible assets |  | - |  | (1,127,431 )
Purchase of tangible assets |  | (745,990 ) |  | (184,791 )
Proceeds from disposal of tangible assets |  | 393,785 |  | -
Interest received |  | 1,277,555 |  | 215,364
Net cash generated from/(used in) investing activities |  | 925,350 |  | (1,096,858 )
Cash flows from financing activities
Proceeds from issue of share capital |  | - |  | 50,000,000
Purchase/redemption of own shares |  | - |  | (40,000,000 )
Equity dividends paid |  | (24,514,784 ) |  | -
Proceeds from new other loans |  | 2,209,191 |  | -
Repayment of finance leases |  | 377,742 |  | 593,166
Net cash (used in)/generated from financing activities |  | (21,927,851 ) |  | 10,593,166
Increase/(decrease) in cash and cash equivalents |  | 2,608,064 |  | (1,708,651 )
Cash and cash equivalents at beginning of year | 2 | 250,869 |  | 1,959,520
Cash and cash equivalents at end of year | 2 | 2,858,933 |  | 250,869

Page 14
Page 15
Liftec Express Limited
Notes to the Statement of Cash Flows
For The Year Ended 31 July 2025
Notes to the Statement of Cash Flows
1. Reconciliation of loss for the financial year to cash generated from/(used in) operations

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Loss for the financial year | (5,932,447 ) |  | (9,116,935 )
Adjustments for:
Tax on loss | 1,785 |  | (64,938 )
Interest expense | 153,293 |  | 665,761
Interest income | (1,277,555 ) |  | (215,364 )
Amortisation of intangible assets | - |  | 124,511
Impairment of intangible assets | - |  | 1,002,920
Depreciation of tangible assets | 36,127 |  | 51,151
Loss on disposal of tangible assets | 5,436 |  | -
Movements in working capital:
Decrease in stocks | 3,099 |  | 21,338
Decrease/(increase) in trade and other debtors | 59,397,728 |  | (47,800,559 )
(Decrease)/increase in trade and other creditors | (28,621,823 ) |  | 44,727,979
Net cash generated from/(used in) operations | 23,765,643 |  | (10,604,136 )

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 2,858,933 |  | 250,869

3. Analysis of changes in net debt

| As at 1 August 2024 | Cash flows | As at 31 July 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 250,869 | 2,608,064 | 2,858,933
Finance leases | (1,053,323) | (377,742) | (1,431,065)
Debts falling due after more than one year | - | (2,209,191) | (2,209,191)
| (802,454) | 21,131 | (781,323)

Page 15
Page 16
Liftec Express Limited
Notes to the Financial Statements
For The Year Ended 31 July 2025
Notes to the Financial Statements
1. General Information
Liftec Express Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03381113 . The registered office is Blue Space Suscon, Brunel Way, Dartford, DA1 5FW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with Financial Reporting Standard 102 as issued by the Financial Reporting Council in September 2024 and in accordance with the Companies Act 2006.
The company previously prepared its financial statements in accordance with FRS 101 Reduced Disclosure Framework as it qualified as a qualifying entity under FRS 100. Following the sale of the company on 29 May 2025, the company is no longer entitled to apply FRS 101. Accordingly, the financial statements for the year ended 31 July 2025 are the first financial statements prepared in accordance with FRS 102.
The date of transition to FRS 102 was 1 August 2024. The transition has been accounted for in accordance with Section 35 Transition to this FRS. The transition from FRS 101 to FRS 102 has not resulted in any material changes to the recognition or measurement of assets, liabilities, equity or profit and, accordingly, no adjustments to previously reported balances were required.
The financial statements have been prepared on the going concern basis under the historical cost convention, except where otherwise described in the accounting policies.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis.
The company incurred a loss during the year. In assessing the appropriateness of the going concern basis of preparation, the directors have considered the company’s current financial position, cash flow forecasts and available financing facilities.
The directors have reviewed detailed cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. The forecasts indicate that the company will have sufficient cash reserves to meet its liabilities as they fall due.
Based on this assessment, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting.
2.3. Significant judgements and estimations
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Judgements
In applying the company’s accounting policies, management has made the following judgements which have the most significant effect on the amounts recognised in the financial statements:
Revenue recognition over time
The company recognises revenue over time for construction contracts where performance obligations are satisfied over time. This requires judgement in determining whether the criteria for over-time recognition are met.
Determination of lease term
In determining the lease term for leases that include extension or termination options, management considers all relevant facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option.
Key sources of estimation uncertainty
...CONTINUED
Page 16
Page 17
Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
2.3. Significant judgements and estimations - continued
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which may result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are as follows:
Stage of completion and contract cost forecasts
Revenue and profit recognised on contracts are based on estimates of total contract revenue and total contract costs. These estimates are subject to revision as contracts progress.
Right-of-use assets and lease liabilities
Lease liabilities are measured using an incremental borrowing rate where the interest rate implicit in the lease cannot be readily determined. The determination of the incremental borrowing rate requires estimation.
2.4. Turnover
Revenue represents amounts receivable for goods supplied and services provided in the ordinary course of business, net of value added tax, trade discounts and rebates.
Revenue is recognised when (or as) the company satisfies a performance obligation by transferring control of a good or service to a customer. The amount of revenue recognised reflects the consideration to which the company expects to be entitled in exchange for those goods or services.
The company derives revenue from multiple streams, including construction contracts and maintenance services. The specific revenue recognition policies applicable to each stream are described below.
Maintenance services
The company provides maintenance services under ongoing service contracts. Under these contracts, the company stands ready to perform routine monitoring and maintenance services over the contract term. Customers do not purchase specific service visits; instead, services are provided as required throughout the contract period.
Revenue from maintenance contracts is recognised over time as the customer simultaneously receives and consumes the benefits of the services provided. Revenue is recognised on a straight-line basis over the contract term, as this reflects the pattern of service delivery.
Customers are invoiced in accordance with agreed billing schedules and payment terms. Amounts billed or received in advance of services provided are recognised as contract liabilities and included within creditors due within one year. Where revenue is recognised in advance of billing, a contract asset is recognised.
Costs relating to maintenance contracts are recognised in cost of sales as incurred.
Specific activity service contracts
Where service contracts require the completion of a specific activity, revenue is recognised at the point in time when the performance obligation has been satisfied. This is typically when the specified activity has been completed in accordance with the contractual terms and control of the completed service transfers to the customer.
Repairs
Repairs comprise minor enhancements, call-backs and restoration work to return an elevator or escalator to its previous operating condition. Individual repair jobs are typically small in value and short in duration.
Revenue from repair services is recognised at a point in time when the repair work has been completed and control of the service has transferred to the customer. This is generally evidenced by customer sign-off or confirmation that the repair is complete. The customer is invoiced at that point in accordance with agreed payment terms.
Costs directly attributable to repair contracts are recognised in cost of sales when the related revenue is recognised. Where costs are incurred before revenue recognition criteria are met, they are recognised as work in progress within contract assets.
Where amounts are invoiced in advance of performance, they are recognised as contract liabilities and included within creditors due within one year.
If a repair is performed under an existing maintenance contract containing enforceable terms, the revenue is recognised in accordance with the maintenance revenue policy
...CONTINUED
Page 17
Page 18
Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
2.4. Turnover - continued
Contracts with customers
Construction contracts
The company enters into long-term construction contracts for the installation of new equipment in new and existing buildings and for modernisation services to existing equipment.
Revenue from construction contracts is recognised over time as performance obligations are satisfied. The customer simultaneously receives and consumes the benefits of the work performed, or the company’s performance creates or enhances an asset controlled by the customer.
Progress towards complete satisfaction of the performance obligation is measured using an input method based on costs incurred to date as a proportion of total estimated contract costs, as this method best reflects the transfer of control to the customer.
The transaction price includes fixed consideration and variable consideration such as variations, claims and incentive payments, to the extent that it is highly probable that a significant reversal of revenue recognised will not occur.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss.
Estimates of contract revenue, contract costs and progress towards completion are reviewed regularly. Any changes in estimates are accounted for prospectively in the period in which the change becomes known.
Customers are invoiced in accordance with agreed progress billing schedules and payment terms.
Contract assets and contract liabilities
Contract costs incurred plus recognised profits less recognised losses are recognised in the balance sheet as either contract assets or contract liabilities.
A contract asset is recognised when revenue recognised exceeds amounts billed to the customer.
A contract liability is recognised when amounts billed or received exceed revenue recognised.
Contract assets are reviewed for impairment in accordance with the company’s financial instruments policy.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Internally generated software
Intangible assets are recognised from internally generated software if specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The internally generated software which has been capitalised are subsequently amortised on a straight-line basis over their useful economic lives, currently 10 years.
Derecognition of intangible assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.
Page 18
Page 19
Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
2.6. Tangible Fixed Assets and Depreciation
Depreciation is provided on all tangible fixed assets, other than freehold land and assets in the course of construction, at rates calculated to write off the cost of each asset, less any residual value, on a straight line basis over its expected useful life, as follows:

Right-of-Use Buildings | Shorter of economic life or lease term
Leasehold Improvements | Over the life of the lease
Plant & Machinery | Between 3 and 12 years
Right-of-Use Motor Vehicles | Shorter of economic life or lease term
Fixtures & Fittings | Between 3 and 12 years
Computer Equipment | Between 3 and 12 years

2.7. Leasing and Hire Purchase Contracts
The company leases property, equipment and vehicles. Lease contracts are typically entered into for fixed periods of three to five years but may include extension or termination options.
At inception of a contract, the company assesses whether the contract is, or contains, a lease.
At the commencement date of a lease, the company recognises a right-of-use asset and a corresponding lease liability, except for short-term leases and leases of low-value assets.
Lease liabilities
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date. Lease payments included in the measurement of the lease liability comprise:
fixed payments (including in-substance fixed payments), less any lease incentives receivable;
variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
amounts expected to be payable under residual value guarantees;
the exercise price of a purchase option if the company is reasonably certain to exercise that option; and
payments of penalties for terminating the lease, if the lease term reflects the exercise of that option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the company’s incremental borrowing rate is used, being the rate that the company would have to pay to borrow over a similar term, and with similar security, the funds necessary to obtain an asset of a similar value in a similar economic environment.
Subsequently, lease liabilities are measured at amortised cost using the effective interest method. Lease payments are allocated between a reduction of the lease liability and a finance cost. The finance cost is recognised in profit or loss over the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Right-of-use assets
Right-of-use assets are initially measured at cost, comprising:
the initial measurement of the lease liability;
any lease payments made at or before the commencement date, less any lease incentives received;
any initial direct costs; and
an estimate of costs to be incurred in dismantling and removing the underlying asset or restoring the site.
Right-of-use assets are subsequently measured at cost less accumulated depreciation and any accumulated impairment losses.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the useful life of the underlying asset and the lease term.
Short-term leases and leases of low-value assets
Payments associated with short-term leases (being leases with a lease term of 12 months or less and without a purchase option) and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss over the lease term. Low-value assets typically comprise IT equipment and small items of office equipment.
Page 19
Page 20
Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
2.8. Stocks and Work in Progress
Stocks
Stocks are stated at the lower.-of cost and net realisable value. Cost includes materials, direct· labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and costs to be incurred in marketing, selling and distribution. Provision is made for obsolete, slow-moving or defective items where appropriate
Work in Progress
The Company recognises contract revenue and contract costs by reference to the stage of completion of the contract activity at the end of each reporting period.
The Company recognises costs that relate to future activity on the transaction or contract which have yet to be billed or yet to be recognised as revenue, as an asset, if it is probable that the costs will be recovered.
Where it is probable that the total contract costs will exceed total contract revenue on a construction contract, the expected loss is recognised as an expense in the profit and loss in the reporting period.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.11. Taxation
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the company intends to settle its current tax ·assets and liabilities on a net basis.
Page 20
Page 21
Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
2.12. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Provisions are discounted where the impact of discounting is material.
Restructurings
A restructuring provision is recognised when the company has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.
2.13. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.14. Government Grant
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Turnover
Analysis of turnover by class of business is as follows:

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Modernisation, installation and service | 16,926,091 |  | 37,095,413

Analysis of turnover by geographical market is as follows:

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
United Kingdom | 16,926,091 |  | 37,095,413
| 16,926,091 |  | 37,095,413

Page 21
Page 22
Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
Assets and liabilities related to contracts with customers:

| 2025 |  | 2024
| £ |  | £
Current contract assets | 17,694,103 |  | 33,873,065
loss allowance | (30,572) |  | (8,674)
Contract assets | 17,663,531 |  | 33,864,391
Contract liabilities | 4,244,236 |  | 25,641,501

Revenue recognised in relation to contract liabilities:
During the period ended 31 July 2025 revenue of £766,068 (2024: £7,806,691) was recognised relating to carried forward contract liabilities
4. Other Operating Income

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Other operating income | - |  | 22,444
| - |  | 22,444

5. Operating Loss
The operating loss is stated after charging:

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Bad debts | 1,823,225 |  | 94,497
Depreciation of tangible fixed assets - owned | 36,127 |  | 51,151
Depreciation of tangible fixed assets - finance leases and hire purchase contracts | 652,960 |  | 964,574
Amortisation of intangible fixed assets | - |  | 124,511
Impairment losses - intangible fixed assets | - |  | 1,002,920

Depreciation of tangible fixed assets – all leases represents depreciation of right-of-use assets recognised in accordance with FRS 102 Section 20.
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 30,000 |  | 78,000
Other Services
Other non-audit services | 5,000 |  | 49,400

Page 22
Page 23
Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 7,961,407 |  | 13,870,152
Social security costs | 995,259 |  | 1,517,146
Other pension costs | 194,386 |  | 408,155
| 9,151,052 |  | 15,795,453

8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
Modernisation, installation and service | 135 |  | 179
Administration and overheads | 20 |  | 26
| 155 |  | 205

9. Directors' remuneration

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 36,746 |  | -

10. Interest Receivable and Similar Income

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 1,277,555 |  | 215,364

11. Interest Payable and Similar Charges

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Interest payable on other loans | 39,191 |  | -
Other finance charges | 114,102 |  | 665,761
| 153,293 |  | 665,761

12. Tax on (Loss)/Profit
The tax charge/(credit) on the loss for the year was as follows:

|  |  |  | 2025 |  | 2024
| 31 July 2025 | 31 July 2024 |  | £ |  | £
Current tax |  |  |  |  |  |
UK Corporation Tax | 25.0% | 25.0% |  | - |  | (72,926)
Prior period adjustment |  |  |  | 1,785 |  | 7,988

...CONTINUED
Page 23
Page 24
Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025

|  |  |  | 1,785 |  | (64,938)
Deferred Tax |  |  |  |  |  |
Origination and reversal of timing differences |  |  |  | - |  | -
|  |  |  | 1,785 |  | (64,938)

The actual (credit)/charge for the period can be reconciled to the expected (credit)/charge for the period based on the (loss)/profit and the standard rate of corporation tax as follows:

| 2025 |  | 2024
| £ |  | £
(Loss)/Profit before tax | (5,930,662) |  | (9,181,873)
Tax on profit at 25% (UK standard rate) | (1,482,665) |  | (2,295,468)
Amortisation/depreciation not allowed for tax | 173,631 |  | 285,059
Expenses not deductible for tax purposes | 1,833 |  | 3,778
Capital allowances | - |  | (47,124)
Short term timing differences | - |  | -
Prior period adjustment | 1,785 |  | 7,988
Difference in tax rates | - |  | 23,029
Group relief | - |  | 90,514
Tax losses for which no deferred tax was recognised | 1,307,201 |  | 1,867,286
Total tax charge for the period | 1,785 |  | (64,938)

13. Intangible Assets

| Own Software
--- | ---
| £
Cost
As at 1 August 2024 | 1,127,431
As at 31 July 2025 | 1,127,431
Amortisation
As at 1 August 2024 | 1,127,431
As at 31 July 2025 | 1,127,431
Net Book Value
As at 31 July 2025 | -
As at 1 August 2024 | -

Page 24
Page 25
Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
14. Tangible Assets (including right-of-use assets)

| Land & Property
--- | ---
| Right-of-Use Buildings | Leasehold Improvements | Plant & Machinery | Right-of-Use Motor Vehicles
| £ | £ | £ | £
Cost
As at 1 August 2024 | 804,107 | 659,241 | 6,000 | 230,662
Additions | - | - | - | 745,990
Disposals | (398,820 ) | - | (6,000 ) | -
As at 31 July 2025 | 405,287 | 659,241 | - | 976,652
Depreciation
As at 1 August 2024 | - | 558,948 | 6,000 | -
Provided during the period | - | 10,843 | - | -
Disposals | - | - | (6,000 ) | -
As at 31 July 2025 | - | 569,791 | - | -
Net Book Value
As at 31 July 2025 | 405,287 | 89,450 | - | 976,652
As at 1 August 2024 | 804,107 | 100,293 | - | 230,662

| Computer Equipment | Total
--- | --- | ---
| £ | £
Cost
As at 1 August 2024 | 231,896 | 1,931,906
Additions | - | 745,990
Disposals | (156,008 ) | (560,828 )
As at 31 July 2025 | 75,888 | 2,117,068
Depreciation
As at 1 August 2024 | 198,549 | 763,497
Provided during the period | 25,285 | 36,128
Disposals | (155,607 ) | (161,607 )
As at 31 July 2025 | 68,227 | 638,018
Net Book Value
As at 31 July 2025 | 7,661 | 1,479,050
As at 1 August 2024 | 33,347 | 1,168,409

Page 25
Page 26
Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
Leases
The company has lease contracts for office premises and motor vehicles used in its operations.
Amounts recognised in the balance sheet

| 2025 |  | 2024
| £ |  | £
Righ-of-use assets |  |  |
Buildings | 405,287 |  | 804,106
Motor Vehicles | 976,652 |  | 230,662
Total right-of-use assets | 1,381,939 |  | 1,034,768

Additions to the right-of-use assets during the 2025 financial period were £745,990 (2024: £579,834)

| 2025 |  | 2024
| £ |  | £
Lease liabilities |  |  |
Current | 471,138 |  | 501,712
Non-current | 959,927 |  | 551,611
| 1,431,065 |  | 1,053,323

Amounts recognised in the profit or loss

| 2025 |  | 2024
| £ |  | £
Depreciation charge of right-of-use assets |  |  |
Buildings | 398,820 |  | 598,230
Motor Vehicles | 254,140 |  | 366,344
| 652,960 |  | 964,574
Interest expense on lease liabilities | 113,675 |  | 110,943

Maturity analysis of lease liabilities
The maturity of lease liabilities based on the contractual undiscounted cash flows is as follows:

| 2025 |  | 2024
| £ |  | £
Not later than one year | 369,743 |  | 443,263
Later than one year and not later than five years | 832,168 |  | 500,571
Total undiscounted lease payments | 1,201,911 |  | 943,834

Finance charges of £229,154 (2024: £109,489) are included within the total undiscounted lease payments and will be recognised over the remaining lease terms.
The carrying amount of lease liabilities at 31 July 2025 was £1,431,065 (2024: £1,053,323).
The total cash outflow for leases during the financial period was £731,171 (2024: £1,056,962)
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Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
15. Stocks

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Stock | - |  | 3,099

16. Debtors

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 7,193,713 |  | 15,617,650
Contract assets | 17,661,297 |  | 33,864,391
Prepayments and accrued income | 142,329 |  | 163,421
Other debtors | 665,085 |  | 398,774
Amounts owed by group undertakings | - |  | 35,015,916
| 25,662,424 |  | 85,060,152

Trade receivables are stated after provision for impairments of £3,148,836 (2024: £1,295,876).
17. Creditors: Amounts Falling Due Within One Year

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 471,138 |  | 501,712
Trade creditors | 2,153,101 |  | 2,858,043
Amounts owed to group undertakings | - |  | 14,737,544
Other creditors | 13,787,311 |  | 25,641,501
Taxation and social security | 439,582 |  | 885,097
Accruals and deferred income | 2,943,613 |  | 3,279,585
| 19,794,745 |  | 47,903,482

Included within other creditors is an amount of £13,419,295 (2024: £25,641,501) which relates to contract liabilities.
18. Creditors: Amounts Falling Due After More Than One Year

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 959,927 |  | 551,611
Other loans | 2,209,191 |  | -
| 3,169,118 |  | 551,611

Net obligations under all lease represents non-current lease liabilities recognised in accordance with FRS 102 Section 20.
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Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
19. Secured Creditors
At 31 July 2025, the Company had borrowings secured by fixed and floating charges over certain assets of the Company.
A charge registered at Companies House on 29 May 2025 in favour of Otis Limited related to a borrowing facility which was subsequently assigned to Dover 2023 Limited during the year. As part of the assignment process, the original charge is in the process of being satisfied at Companies House.
On 30 May 2025, a new charge was registered in favour of Dover 2023 Limited in respect of the assigned facility. This charge creates fixed and floating security over the Company’s assets, including (but not limited to) property, plant and equipment, trade receivables and other assets of the business.
The secured borrowings outstanding at 31 July 2025 are included within:
Creditors falling due after one year: £2,209,191
20. Loans
An analysis of the maturity of loans is given below:

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
Amounts falling due between one and five years:
Other loans | 2,209,191 |  | -

21. Obligations Under Finance Leases and Hire Purchase

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
The future minimum finance lease payments are as follows:
Not later than one year | 471,138 |  | 501,712
Later than one year and not later than five years | 959,927 |  | 551,611
| 1,431,065 |  | 1,053,323
| 1,431,065 |  | 1,053,323

The amounts disclosed under Obligations Under All Leases represent lease liabilities recognised under FRS 102 Section 20.
22. Deferred Taxation
As at 31 July 2025 the cumulative deferred tax asset not recognised in relation to carried forward losses was £3,174,487 (2024: £1,867,286).
23. Provisions for Liabilities

| Restructuring provision | Total
--- | --- | ---
| £ | £
As at 1 August 2024 | 378,629 | 378,629
Utilised | (194,476 ) | (194,476)
Balance at 31 July 2025 | 184,153 | 184,153

Restructuring provision
The restructuring charge for the year and the year-end balance relates to severance costs. It is expected that the remaining provision will be utilized in the next 12 months.
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Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
24. Share Capital

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
6,600 Ordinary Shares of £ 0.01 each | 66 |  | 66

25. Capital Commitments
The company had no capital or other commitments in either years.
26. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £194,386 (2024: £408,155).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
27. Dividends

| 31 July 2025 |  | 31 July 2024
--- | --- | --- | ---
| £ |  | £
On equity shares:
Interim dividend paid | 24,514,784 |  | -

28. Reserves
Share premium

| 2025
| £
As at 1 August 2024 | 9,600,034
Arising on shares issued during the period | -
Share capital reduction | -
As at 31 July 2025 | 9,600,034

The share premium account represents the excess of proceeds received over the nominal value of shares issued, less any transaction costs directly attributable to the issue of shares.
The share premium account is non-distributable except in limited circumstances as permitted by the Companies Act 2006.
Merger reserve

| 2025
| £
As at 1 August 2024 | (9,581,089)
Movement in year | -
As at 31 July 2025 | (9,581,089)

...CONTINUED
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Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
28. Reserves - continued
The merger reserve arose in a prior year following a common control transaction in which the trade, assets and liabilities of certain group undertakings were transferred to the company. The difference between the carrying amounts of the assets and liabilities received and the consideration paid was recognised directly in equity as a merger reserve.
The merger reserve is non-distributable and will remain within equity.
...CONTINUED
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Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
28. Reserves - continued
Retained Earnings

| 2025
| £
As at 1 August 2024 | 37,629,796
Loss for the year | (5,447,165)
Other comprehensive expense - SPA tax covenant adjustment | (349,185)
Dividends paid | (24,514,784)
As at 31 July 2025 | 7,318,662

During the year, the company recognised a liability under the Share Purchase Agreement in respect of a corporation tax refund relating to pre-completion periods. Under the terms of the tax covenant contained within the agreement, the refund is payable to the former shareholder.
The amount of £349,185 has been recognised outside profit or loss as a transaction with the former shareholder and presented within other comprehensive income in the Statement of Changes in Equity.
29. Related Party Disclosures
Directors' transactions
None of the directors have had loans with the company at any time during this or the previous year.
Secrued term loan agreement
During the year, following the sale of the Company, the secured term loan agreement was entered into as part of the share purchase transaction and was assigned from Otis Limited to Dover 2023 Limited, a company under common control with the Company.
At 31 July 2025, the outstanding balance due to Dover 2023 Limited was £2,209,191 (2024: £Nil), comprising principal and accrued interest.
The loan is secured and repayable in November 2027. Interest is charged at 10% per annum or 6% above Barclays Bank base rate (whichever is higher from time to time) and is capitalised at the end of each calendar month.
Interest charged during the year amounted to £39,191 (2024: £Nil).
Entity under common control
During the year, the Company received services from R Capital Nominees Limited, a company under common control with the Company.
Amounts charged during the year totalled £367,928 (2024: £Nil). At 31 July 2025, the balance outstanding was £NIL (2024: £Nil).
30. Controlling Parties
The company's immediate parent undertaking is Line Investco Ltd .
The company's ultimate controlling party is J C Constable by virtue of their interest in the share capital of the company.
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Liftec Express Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
31. Transition to FRS 102
These are the company’s first financial statements prepared in accordance with FRS 102. The company previously prepared its financial statements in accordance with FRS 101.
The date of transition to FRS 102 was 1 August 2024.
The transition from FRS 101 to FRS 102 has not resulted in any material changes to the recognition or measurement of the company’s assets, liabilities, income or expenses. Accordingly, no reconciliations of equity or profit or loss are presented.
The company has elected to early adopt the amendments to FRS 102. As the company previously applied IFRS 16 under FRS 101, the adoption of FRS 102 has not resulted in any material adjustment on transition
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