Lift-Rite Engineering Services Limited Small abridged accounts

LIFT-RITE ENGINEERING SERVICES LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Lift-Rite Engineering Services Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 05081091

Lift-Rite Engineering Services Limited

Unaudited Abridged Financial Statements

30 April 2017

MITCHELLS LIMITED

Chartered accountant

Swallow House

Parsons Road

Washington

Tyne & Wear

NE37 1EZ

Lift-Rite Engineering Services Limited

Abridged Financial Statements

Year ended 30 April 2017

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Statement of changes in equity	5

Notes to the abridged financial statements	6

Lift-Rite Engineering Services Limited

Officers and Professional Advisers

The board of directors	K McDonald
	G Robson
	G Geach
	A Clark

Company secretary	K McDonald

Registered office	Swallow House
	Parsons Road
	Washington
	Tyne and Wear
	NE37 1EZ

Accountants	MITCHELLS LIMITED
	Chartered accountant
	Swallow House
	Parsons Road
	Washington
	Tyne & Wear
	NE37 1EZ

Lift-Rite Engineering Services Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Lift-Rite Engineering Services Limited

Year ended 30 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Lift-Rite Engineering Services Limited for the year ended 30 April 2017, which comprise the abridged statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Lift-Rite Engineering Services Limited, as a body, in accordance with the terms of our engagement letter dated 10 July 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Lift-Rite Engineering Services Limited and state those matters that we have agreed to state you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lift-Rite Engineering Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lift-Rite Engineering Services Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lift-Rite Engineering Services Limited. You consider that Lift-Rite Engineering Services Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Lift-Rite Engineering Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.

MITCHELLS LIMITED Chartered accountant

Swallow House Parsons Road Washington Tyne & Wear NE37 1EZ

11 July 2017

Lift-Rite Engineering Services Limited

Abridged Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		1,368,508	315,551

Current assets

Stocks	58,777	138,492
Debtors	707,989	764,246
Cash at bank and in hand	399,323	282,507
	------------	------------
	1,166,089	1,185,245

Creditors: amounts falling due within one year	410,125		474,410
	------------		------------
Net current assets		755,964	710,835
		------------	------------
Total assets less current liabilities		2,124,472	1,026,386

Creditors: amounts falling due after more than one year	7		389,455	353,318

Provisions

Taxation including deferred tax	252,956	40,357
	------------	------------
Net assets	1,482,061	632,711
	------------	------------

Lift-Rite Engineering Services Limited

Abridged Statement of Financial Position (continued)

30 April 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	112	112
Revaluation reserve	1,043,381	–
Profit and loss account	438,568	632,599
	------------	---------
Members funds	1,482,061	632,711
	------------	---------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 30 April 2017 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 abridged 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 abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 11 July 2017 , and are signed on behalf of the board by:

K McDonald	G Robson
Director	Director

Company registration number: 05081091

Lift-Rite Engineering Services Limited

Statement of Changes in Equity

Year ended 30 April 2017

			Called up share capital	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£
At 1 May 2015			111	–	509,716	509,827

Profit for the year					418,683	418,683
			----	----	---------	---------
Total comprehensive income for the year			–	–	418,683	418,683

Issue of shares			1	–	–	1
Dividends paid and payable			–	–	( 295,800)	( 295,800)
			----	----	---------	---------
Total investments by and distributions to owners			1	–	( 295,800)	( 295,799)

At 30 April 2016			112	–	632,599	632,711

Profit for the year					187,294	187,294
Other comprehensive income for the year:
	Revaluation of tangible assets	6	–	1,043,381	–	1,043,381
			----	------------	---------	------------
Total comprehensive income for the year			–	1,043,381	187,294	1,230,675

Dividends paid and payable			–	–	( 381,325)	( 381,325)
			----	----	---------	---------
Total investments by and distributions to owners			–	–	( 381,325)	( 381,325)

			----	------------	---------	------------
At 30 April 2017			112	1,043,381	438,568	1,482,061
			----	------------	---------	------------

Lift-Rite Engineering Services Limited

Notes to the Abridged Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Swallow House, Parsons Road, Washington, Tyne and Wear, NE37 1EZ.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Judgements and 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.

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

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

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:

Freehold Property	-	5% straight line
Plant and Machinery	-	15% reducing balance
Fixtures and Fittings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance

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.

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 abridged 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 22 (2016: 22).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	47,637	47,270
	--------	--------

6. Tangible assets

	£
Cost or valuation
At 1 May 2016	504,369
Additions	57,213
Revaluations	1,043,381
	------------
At 30 April 2017	1,604,963
	------------
Depreciation
At 1 May 2016	188,818
Charge for the year	47,637
	------------
At 30 April 2017	236,455
	------------
Carrying amount
At 30 April 2017	1,368,508
	------------
At 30 April 2016	315,551
	------------

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

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	56,250	56,250
Later than 1 year and not later than 5 years	168,750	225,000
	---------	---------
	225,000	281,250
	---------	---------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
K McDonald	(47,189)	20,000	( 27,189)
G Robson	(43,020)	20,000	( 23,020)
	--------	--------	--------
	(90,209)	40,000	(50,209)
	--------	--------	--------

	2016
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
K McDonald	( 53,153)	5,963	( 47,190)
G Robson	( 45,876)	2,857	( 43,019)
	--------	-------	--------
	(99,029)	8,820	(90,209)
	--------	-------	--------

10. Related party transactions

The company was under the control of Mr K.McDonald and Mr. G.Robson throughout the current and previous year. The company is a subsidiary of Lift Rite Holdings Limited, a company registered in England and Wales. Details relating to the holding company are disclosed in note 13. During the period, the company purchased the following amounts in respect of goods and services from group companies:- 2017 2016 DDS Metals Limited 1,552 285 Tyne Gangway (Structures) Limited 7,937 Nil Included in trade creditors are the following amounts due to group companies:- 2017 2016 DDS Metals Limited 225 30 Tyne Gangway (Structures) Limited Nil Nil During the period, the company sold the following amounts in respect of goods and services to group companies:- 2017 2016 DDS Metals Limited 3,329 Nil Tyne Gangway (Structures) Limited 231,688 182,797 Included in trade debtors are the following amounts due from group companies:- 2017 2016 DDS Metals Limited Nil Nil Tyne Gangway (Structures) Limited 30,571 122,129 All transactions with group companies are normal commercial terms. In addition to the trading transactions, the following amounts are due from/(to) group companies:- 2017 2016 Lift-Rite Holdings Limited (389,455) (353,318) Tyne Gangway (Structures)Limited 122,537 114,081 DDS Metals Limited Nil Nil During the year the company paid dividends of £125,000 (2016 - £140,000) to Lift Rite Holdings Limited. No further transactions with related parties were undertaken such as are required to be disclosed.

11. Controlling party

The company is a wholly owned subsidiary of Lift Rite Holdings Limited, a company registered in England and Wales.

12. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.