Caltech Lifts Limited Filleted accounts for Companies House (small and micro)

CALTECH LIFTS LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2018-11-01 Sage Accounts Production Advanced 2019 - FRS102_2014 10,000 1,000 1,800 2,800 7,200 9,000 xbrli:pure xbrli:shares iso4217:GBP SC256589 2018-11-01 2019-10-31 SC256589 2019-10-31 SC256589 2018-10-31 SC256589 2017-11-01 2018-10-31 SC256589 2018-10-31 SC256589 core:NetGoodwill 2018-11-01 2019-10-31 SC256589 core:PlantMachinery 2018-11-01 2019-10-31 SC256589 core:MotorVehicles 2018-11-01 2019-10-31 SC256589 bus:Director3 2018-11-01 2019-10-31 SC256589 core:NetGoodwill 2018-10-31 SC256589 core:NetGoodwill 2019-10-31 SC256589 core:PlantMachinery 2018-10-31 SC256589 core:MotorVehicles 2018-10-31 SC256589 core:PlantMachinery 2019-10-31 SC256589 core:MotorVehicles 2019-10-31 SC256589 core:WithinOneYear 2019-10-31 SC256589 core:WithinOneYear 2018-10-31 SC256589 core:AfterOneYear 2019-10-31 SC256589 core:AfterOneYear 2018-10-31 SC256589 core:ShareCapital 2019-10-31 SC256589 core:ShareCapital 2018-10-31 SC256589 core:RetainedEarningsAccumulatedLosses 2019-10-31 SC256589 core:RetainedEarningsAccumulatedLosses 2018-10-31 SC256589 core:NetGoodwill 2018-10-31 SC256589 core:PlantMachinery 2018-10-31 SC256589 core:MotorVehicles 2018-10-31 SC256589 bus:SmallEntities 2018-11-01 2019-10-31 SC256589 bus:AuditExempt-NoAccountantsReport 2018-11-01 2019-10-31 SC256589 bus:FullAccounts 2018-11-01 2019-10-31 SC256589 bus:SmallCompaniesRegimeForAccounts 2018-11-01 2019-10-31 SC256589 bus:PrivateLimitedCompanyLtd 2018-11-01 2019-10-31

COMPANY REGISTRATION NUMBER: SC256589

Caltech Lifts Limited

Filleted Unaudited Financial Statements

31 October 2019

Caltech Lifts Limited

Statement of Financial Position

31 October 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	7,200	9,000
Tangible assets	6	118,327	109,109
		---------	---------
		125,527	118,109

Current assets

Stocks		105,195	90,396
Debtors	7	249,850	357,335
Cash at bank and in hand		301,722	210,014
		---------	---------
		656,767	657,745

Creditors: amounts falling due within one year	8	342,769		382,032
		---------		---------
Net current assets			313,998	275,713
			---------	---------
Total assets less current liabilities			439,525	393,822

Creditors: amounts falling due after more than one year	9		22,251	27,017

Provisions

Taxation including deferred tax	20,878	18,639
	---------	---------
Net assets	396,396	348,166
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	395,396	347,166
	---------	---------
Shareholders funds	396,396	348,166
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Caltech Lifts Limited

Statement of Financial Position (continued)

31 October 2019

These financial statements were approved by the board of directors and authorised for issue on 21 February 2020 , and are signed on behalf of the board by:

Mr A Renwick

Director

Company registration number: SC256589

Caltech Lifts Limited

Notes to the Financial Statements

Year ended 31 October 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate Road, Dundee, DD1 3NA, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	20% reducing balance
Motor vehicles	-	20% reducing balance

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2018: 16 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 November 2018 and 31 October 2019	10,000
	--------
Amortisation
At 1 November 2018	1,000
Charge for the year	1,800
	--------
At 31 October 2019	2,800
	--------
Carrying amount
At 31 October 2019	7,200
	--------
At 31 October 2018	9,000
	--------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 November 2018	58,519	153,305	211,824
Additions	10,682	26,232	36,914
Disposals	–	( 7,999)	( 7,999)
	--------	---------	---------
At 31 October 2019	69,201	171,538	240,739
	--------	---------	---------
Depreciation
At 1 November 2018	33,603	69,112	102,715
Charge for the year	6,093	20,809	26,902
Disposals	–	( 7,205)	( 7,205)
	--------	---------	---------
At 31 October 2019	39,696	82,716	122,412
	--------	---------	---------
Carrying amount
At 31 October 2019	29,505	88,822	118,327
	--------	---------	---------
At 31 October 2018	24,916	84,193	109,109
	--------	---------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	239,946	351,595
Other debtors	9,904	5,740
	---------	---------
	249,850	357,335
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	78,354	86,654
Corporation tax	24,274	22,429
Social security and other taxes	45,800	30,432
Other creditors	194,341	242,517
	---------	---------
	342,769	382,032
	---------	---------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	22,251	27,017
	--------	--------

10. Directors' advances, credits and guarantees

There are no directors' advances, credits and guarantees such as required to be disclosed.

11. Related party transactions

The company was under the control of the directors throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.