Registration number:
Sheridan Lifts Limited
for the Year Ended 30 November 2025
Sheridan Lifts Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Sheridan Lifts Limited
Company Information
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Directors |
Mr A Sheridan Ms L Hughes-Sheridan |
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Company secretary |
Mrs P M Sheridan |
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Registered office |
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Bankers |
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Auditors |
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Sheridan Lifts Limited
Strategic Report for the Year Ended 30 November 2025
The directors present their strategic report for the year ended 30 November 2025.
Principal activity
The principal activity of the company is the installation, repair, maintenance and modernisation of lifts.
Fair review of the business
The principal activities of the company are the installation, repair, maintenance and modernisation of lifts.
The company recorded a profit before taxation of £449,422 for the year, compared with a loss before taxation of £99,494 in 2024. Profit after taxation was £751,308 (2024 - £494,754).
Turnover increased by 8.4% compared with the prior year. Turnover growth continued to be a principal measure monitored by the board during the year, alongside profitability and forward-looking forecasts. The improvement in profitability reflects increased activity and the benefit of investment made in operational capacity, workforce training and the development of the company’s service offering.
The company continued to operate in a regulated market and against a backdrop of wider economic uncertainty, cost pressures and constraints in the availability of skilled labour. During the year, management maintained its focus on customer delivery, workforce capability and the development of opportunities across installation, service, repair and modernisation activities.
The directors remain focused on converting growth into sustainable and controlled financial performance. Priorities for the current financial year include strengthening contract and project oversight, improving access to management information, maintaining appropriate cost and cash controls and establishing clearer functional ownership, accountability and decision-making authority across the management team.
Trading in the current financial year is being monitored against the company’s forecasts. The directors remain optimistic about the company’s prospects, while recognising that future performance will depend on effective project delivery, cost control, workforce capacity and prevailing market conditions.
Sheridan Lifts Limited
Strategic Report for the Year Ended 30 November 2025
Principal risks and uncertainties
The directors regularly review the principal risks and uncertainties facing the company. The principal matters identified, together with the company’s responses, are summarised below.
Economic and market conditions
Demand may be affected by general economic conditions, delays to construction and infrastructure projects, customer confidence and competitive pressure. The company monitors its order book, pipeline, customer exposure and forecasts and seeks to maintain a balanced mix of installation, service, repair and modernisation work.
Cost inflation and supply chain disruption
Changes in labour, materials and subcontractor costs, together with disruption in the availability of components, may affect project delivery and margins. Management monitors procurement, supplier performance, contract pricing and project forecasts and takes mitigating action where appropriate.
Skilled labour and management capacity
The recruitment, retention and development of appropriately skilled employees and managers are important to safe and effective delivery. The company continues to invest in training, clarify management responsibilities and review resource requirements against operational demand.
Health, safety, quality and regulatory compliance
The company’s activities are subject to significant health and safety, technical and regulatory requirements. Compliance is managed through the company’s SHEQ arrangements, policies, training, operational reviews and incident-reporting processes, which are subject to continuing development and oversight.
Operational delivery and financial control
The timing and profitability of work depend upon effective contract review, project management, record keeping and the availability of reliable management information. The company has strengthened its project and financial review processes, including contract oversight, revenue recognition, forecasting and management reporting.
Information technology and cybersecurity
The company depends upon its systems and outsourced IT arrangements to support operations and protect business and personal data. Management oversees the outsourced relationship and continues to review access controls, resilience, cybersecurity and business continuity arrangements.
Financial risk management
The company’s activities principally expose it to liquidity and credit risks.
The company manages liquidity risk by monitoring cash-flow forecasts and working-capital requirements to support the payment of liabilities as they fall due. Credit risk is managed through customer approval, invoicing and debt-collection processes and by monitoring overdue balances and customer exposures.
The company does not use derivative financial instruments.
Sheridan Lifts Limited
Strategic Report for the Year Ended 30 November 2025
Key performance indicators
During the year, the board monitored performance using financial results, forecasts and operational information. Turnover growth remained a principal measure used by the board. However, the directors recognise that sustainable performance requires consideration of profitability, cash generation and delivery quality as well as growth, and were pleased to report the improved profit after tax seen this year.
The principal financial KPIs reported for the year were:
Turnover increased by 8.4% compared with the prior year.
Profit before taxation: £449,422
This represented an improvement from a loss before taxation of £99,494 in 2024.
Profit after taxation: £751,308
This represented an improvement from a profit after taxation of £494,754 in 2024.
The board is developing a broader performance framework for the current financial year to enhance operational focus.
Matters of strategic importance
The company’s strategic focus is to deliver sustainable, profitable growth while maintaining safe and reliable service to its customers. The principal areas of focus for the current financial year are:
improving contract selection, pricing, project oversight and margin visibility;
strengthening financial controls, revenue-recognition processes and management reporting;
developing management accountability and using functional managers to lead implementation within their areas;
supporting the recruitment, retention, training and development of the workforce;
maintaining effective SHEQ governance and regulatory compliance; and
reviewing systems, outsourced IT support, fleet and facilities to ensure they remain appropriate for the company’s needs.
These activities form part of an ongoing programme intended to improve management information, clarify ownership and support consistent decision-making across the business. The programme is being implemented in stages, with oversight from the board and delivery led through the relevant managers.
Approved and authorised by the
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Sheridan Lifts Limited
Directors' Report for the Year Ended 30 November 2025
The directors present their report and the financial statements for the year ended 30 November 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The company paid an interim dividend of £894,802 (2024 - £784,538) during the financial year.
Information included in the Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors report. It has done so in respect of future developments.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Sheridan Lifts Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 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 these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Sheridan Lifts Limited
Independent Auditor's Report to the Members of Sheridan Lifts Limited
Qualified opinion
We have audited the financial statements of Sheridan Lifts Limited (the 'company') for the year ended 30 November 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 November 2025 and of its profit 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 qualified opinion on financial statements
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 qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
Sheridan Lifts Limited
Independent Auditor's Report to the Members of Sheridan Lifts Limited
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.
Opinion on other matter prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
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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 |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and 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; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], 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.
Auditor 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.
Sheridan Lifts Limited
Independent Auditor's Report to the Members of Sheridan Lifts Limited
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, 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 industry;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, specifically employment, environmental, product safety 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 regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraudulent revenue recognition 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; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
Sheridan Lifts Limited
Independent Auditor's Report to the Members of Sheridan Lifts Limited
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, 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 industry;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, specifically employment, environmental, product safety 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 regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraudulent revenue recognition 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; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters 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.
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For and on behalf of
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
Sheridan Lifts Limited
Profit and Loss Account for the Year Ended 30 November 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
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Administrative expenses |
( |
( |
|
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Operating profit/(loss) |
438,445 |
(124,011) |
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
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|
10,977 |
24,517 |
||
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Profit/(loss) before tax |
|
( |
|
|
Tax on profit/(loss) |
|
|
|
|
Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Sheridan Lifts Limited
Statement of Comprehensive Income for the Year Ended 30 November 2025
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2025 |
2024 |
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Profit for the year |
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|
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Total comprehensive income for the year |
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Sheridan Lifts Limited
(Registration number: 05286889)
Balance Sheet as at 30 November 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
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Called up share capital |
120 |
120 |
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Retained earnings |
212,150 |
355,644 |
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Shareholders' funds |
212,270 |
355,764 |
Approved and authorised by the
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Sheridan Lifts Limited
Statement of Changes in Equity for the Year Ended 30 November 2025
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Share capital |
Retained earnings |
Total |
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At 1 December 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 30 November 2025 |
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|
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Share capital |
Retained earnings |
Total |
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At 1 December 2023 |
|
|
|
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Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
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At 30 November 2024 |
120 |
355,644 |
355,764 |
Sheridan Lifts Limited
Statement of Cash Flows for the Year Ended 30 November 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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|
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Loss on disposal of tangible assets |
- |
|
|
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Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
( |
( |
|
|
|
( |
||
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Working capital adjustments |
|||
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Increase in stocks |
- |
( |
|
|
Increase in trade and other debtors |
( |
( |
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|
(Decrease)/increase in trade and other creditors |
( |
|
|
|
Cash generated from operations |
( |
( |
|
|
Income taxes received |
|
|
|
|
Net cash flow from operating activities |
|
|
|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
( |
|
|
Payments to finance lease creditors |
|
( |
|
|
Dividends paid |
( |
( |
|
|
Monies introduced by director |
280,000 |
- |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 December |
|
|
|
|
Cash and cash equivalents at 30 November |
424,239 |
902,297 |
|
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
When assessing the appropriateness of the application of going concern the directors have considered the company's current and expected trading performance together with impact of continued cost savings from operational restructuring. In considering these factors and making this assessment the directors have considered a minimum period of twelve months from the date of approval of the financial statements. The directors conclude that based on their assessment the company has sufficient resources to meet its liabilities as they fall due and it is appropriate to continue to prepare the financial statements on a going concern basis, however inherently there can be no certainty to this view.
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant assumptions are required to estimate the stage of completion in respect of income recognition and the corresponding contract costs. In making these estimates, management has relied on past experience and the experience of its project managers.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Revenue from the sale of goods and rendering of services is recognised as follows:
Revenue from lift installation contracts is recognised by reference to the stage of completion at the reporting date. The stage of completion is determined by measuring the proportion of contract costs incurred to date relative to the estimated total contract costs.
Revenue from lift servicing, maintenance and repairs is recognised upon completion of specific works.
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.
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:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
15% reducing balance |
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Fixtures and fittings |
20% straight line |
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
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Motor vehicles |
25% reducing balance |
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Equipment |
33% straight line |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Intangible assets acquired separately are initially recognised at cost. Following initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Only intangible assets that are identifiable, controlled by the company and from which future economic benefits are expected to flow to the company are recognised as assets. The directors consider that these assets have indefinite useful lives because there is no foreseeable limit to the period over which the assets are expected to generate net cash inflows for the company.
Such assets are not amortised but are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The assessment of whether the useful life remains indefinite is reviewed at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
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.
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.
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Financial instruments
Classification
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Impairment
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
|
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services |
|
|
|
Construction contracts |
10,739,237 |
10,809,439 |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Loss on disposal of property, plant and equipment |
- |
|
|
Impairment of trade debtors |
(40,928) |
26,283 |
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
- |
|
Interest expense on other finance liabilities |
|
- |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Management |
2 |
2 |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Taxation |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
( |
|
UK corporation tax adjustment to prior periods |
( |
( |
|
(313,129) |
(621,966) |
|
|
Deferred taxation |
||
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
11,243 |
27,718 |
|
Tax receipt in the income statement |
( |
( |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit/(loss) before tax |
|
( |
|
Corporation tax at standard rate |
|
( |
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
- |
|
|
Tax increase from effect of unrelieved tax losses carried forward |
- |
|
|
Tax decrease from other tax effects |
( |
( |
|
Total tax credit |
( |
( |
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Intangible assets |
|
Goodwill |
Other intangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 December 2024 |
|
|
|
|
At 30 November 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 December 2024 |
|
- |
|
|
At 30 November 2025 |
|
- |
|
|
Carrying amount |
|||
|
At 30 November 2025 |
- |
|
|
|
At 30 November 2024 |
- |
|
|
|
Tangible assets |
|
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 December 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 30 November 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 December 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 30 November 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 November 2025 |
|
|
|
|
|
At 30 November 2024 |
|
|
|
|
Included within tangible fixed assets are assets acquired under hire purchase agreements with a net book value of £29,174 at the balance sheet date (2024: £0).
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
|
- |
|
|
Deferred tax assets |
- |
|
|
|
Income tax asset |
|
|
|
|
|
|
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Within creditors there is a secured creditors amount for hire purchase of £25,857 (2024 - £nil).
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 December 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 30 November 2025 |
|
|
|
|
||
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary shares of £1 each |
60 |
60 |
60 |
60 |
|
Ordinary Class "A" shares of £1 each |
20 |
20 |
20 |
20 |
|
Ordinary Class "B" shares of £1 each |
16 |
16 |
16 |
16 |
|
Ordinary Class "C" shares of £1 each |
18 |
18 |
18 |
18 |
|
Ordinary Class "D" shares of £1 each |
6 |
6 |
6 |
6 |
|
|
|
|
|
|
|
Loans and borrowings |
|
2025 |
2024 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
- |
|
|
HP and finance lease liabilities |
|
- |
|
|
|
|
|
2025 |
2024 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
- |
|
|
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
894,802 |
784,538 |
||
|
Related party transactions |
Included in other debtors (note 14) is £366,066 (2024: £85,070) due from Sheridan Doors UK Limited, a company under common control. This balance is interest free and is repayable on demand.
|
Transactions with directors |
|
2025 |
At 1 December 2024 |
Repayments by director |
At 30 November 2025 |
|
Mr A Sheridan |
|||
|
Directors loan account |
|
( |
- |
|
2024 |
At 1 December 2023 |
Advances to director |
At 30 November 2024 |
|
Mr A Sheridan |
|||
|
Directors loan account |
- |
|
|
Sheridan Lifts Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Stanley House, 7 Monsall Road, Manchester, M40 8FY.