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Registered number: 09740742
Independent Contract Lifting Services Limited
Unaudited Financial Statements
For The Year Ended 31 October 2025
RS Partnership Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09740742
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 844,563 1,337,362
844,563 1,337,362
CURRENT ASSETS
Stocks 5 200,000 190,000
Debtors 6 414,238 407,484
Cash at bank and in hand 43,332 45,848
657,570 643,332
Creditors: Amounts Falling Due Within One Year 7 (694,188 ) (795,266 )
NET CURRENT ASSETS (LIABILITIES) (36,618 ) (151,934 )
TOTAL ASSETS LESS CURRENT LIABILITIES 807,945 1,185,428
Creditors: Amounts Falling Due After More Than One Year 8 (598,135 ) (979,892 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (189,259 ) (185,359 )
NET ASSETS 20,551 20,177
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 20,549 20,175
SHAREHOLDERS' FUNDS 20,551 20,177
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For the year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ian Weeks
Director
1 July 2026
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Independent Contract Lifting Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09740742 . The registered office is 19 Millers Lane, Stanstead Abbotts, Ware, Hertfordshire, SG12 8AF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are presented in Pounds Sterling (£), which is the company’s functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 12% Straight Line
Motor Vehicles 25% Reducing Balance
Computer Equipment 35% Reducing Balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2024: 15)
13 15
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2024 1,814,035 152,591 2,982 1,969,608
Additions - 41,704 - 41,704
Disposals (577,500 ) (14,746 ) - (592,246 )
As at 31 October 2025 1,236,535 179,549 2,982 1,419,066
Depreciation
As at 1 November 2024 533,006 96,857 2,383 632,246
Provided during the period 169,661 19,585 210 189,456
Disposals (234,175 ) (13,024 ) - (247,199 )
As at 31 October 2025 468,492 103,418 2,593 574,503
Net Book Value
As at 31 October 2025 768,043 76,131 389 844,563
As at 1 November 2024 1,281,029 55,734 599 1,337,362
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5. Stocks
2025 2024
£ £
Stock 48,000 30,000
Work in progress 152,000 160,000
200,000 190,000
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 296,083 329,752
Prepayments and accrued income 18,720 52,279
Other debtors 2,000 2,000
VAT 10,478 8,786
Directors' loan accounts 86,957 14,667
414,238 407,484
The carrying amount of trade debtors pledged as security for liabilities amounted to £232,001 (2024 - £273,439).
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 205,837 260,565
Trade creditors 173,472 244,479
Bank loans and overdrafts 25,096 22,031
Other loans 184,976 183,912
Other taxes and social security 84,971 64,287
Other creditors 18,607 18,853
Accruals and deferred income 1,229 1,139
694,188 795,266
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 540,298 897,561
Bank loans 57,837 82,331
598,135 979,892
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9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 205,837 260,565
Later than one year and not later than five years 540,298 897,561
746,135 1,158,126
746,135 1,158,126
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 2 2
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2024 Amounts advanced Amounts repaid Amounts written off As at 31 October 2025
£ £ £ £ £
Mrs Emma Weeks 2,333 - - - 43,478
Mr Ian Weeks 2,334 - - - 43,479
The above loan is unsecured, interest free and repayable on demand.
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