| Edmolift UK Limited |
| Notes to the Accounts |
| for the year ended 31 August 2020 |
|
|
| 1 |
Accounting policies |
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|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover is generated through the sale of lifting equipment |
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|
Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over the length of the lease |
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Plant and machinery |
over 4 years straight line |
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Fixtures, fittings, tools and equipment |
over 4 years straight line |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is not recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments as it is deemed not material . |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
|
Contributions to contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
16 |
|
20 |
|
|
|
|
|
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|
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| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 September 2019 |
489,616 |
|
110,876 |
|
78,358 |
|
678,850 |
|
Additions |
- |
|
12,296 |
|
- |
|
12,296 |
|
At 31 August 2020 |
489,616 |
|
123,172 |
|
78,358 |
|
691,146 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 September 2019 |
99,913 |
|
103,252 |
|
45,087 |
|
248,252 |
|
Charge for the year |
4,874 |
|
6,125 |
|
12,330 |
|
23,329 |
|
At 31 August 2020 |
104,787 |
|
109,377 |
|
57,417 |
|
271,581 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2020 |
384,829 |
|
13,795 |
|
20,941 |
|
419,565 |
|
At 31 August 2019 |
389,703 |
|
7,624 |
|
33,271 |
|
430,598 |
|
|
| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade debtors |
173,554 |
|
251,062 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
- |
|
100,000 |
|
Other debtors |
161,057 |
|
140,733 |
|
|
|
|
|
|
334,611 |
|
491,795 |
|
|
|
|
|
|
|
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| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank loans and overdrafts |
50,000 |
|
- |
|
Trade creditors |
74,612 |
|
83,824 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
41,767 |
|
101,767 |
|
Taxation and social security costs |
117,714 |
|
111,052 |
|
Other creditors |
430,964 |
|
499,647 |
|
|
|
|
|
|
715,057 |
|
796,290 |
|
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| 6 |
Other information |
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Edmolift UK Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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|
Blois Meadow Business Centre |
|
Steeple Bumpstead |
|
Haverhill |
|
Suffolk |
|
CB9 7BN |
