Lift-Rite Holdings Limited Small abridged accounts

LIFT-RITE HOLDINGS LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Lift-Rite Holdings Limited have consented to the preparation of the statement of income and retained earnings 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: 06650091

Lift-Rite Holdings Limited

Unaudited Abridged Financial Statements

30 April 2017

MITCHELLS LIMITED

Chartered accountant

Swallow House

Parsons Road

Washington

Tyne & Wear

NE37 1EZ

Lift-Rite Holdings 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

Notes to the abridged financial statements	5

Lift-Rite Holdings Limited

Officers and Professional Advisers

The board of directors	K McDonald
	G Robson

Company secretary	K McDonald

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

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

Lift-Rite Holdings Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Lift-Rite Holdings 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 Holdings Limited for the year ended 30 April 2017, which comprise the abridged statement of financial position 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 Holdings 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 Holdings 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 Holdings 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 Holdings 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 Holdings Limited. You consider that Lift-Rite Holdings 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 Holdings 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

13 September 2017

Lift-Rite Holdings Limited

Abridged Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	5		638,610	638,610

Current assets

Debtors	834,914	662,757
Cash at bank and in hand	493,264	334,068
	------------	---------
	1,328,178	996,825

Creditors: amounts falling due within one year	31,600		75,150
	------------		---------
Net current assets		1,296,578	921,675
		------------	------------
Total assets less current liabilities		1,935,188	1,560,285
		------------	------------
Net assets		1,935,188	1,560,285
		------------	------------

Lift-Rite Holdings Limited

Abridged Statement of Financial Position (continued)

30 April 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	110	110
Profit and loss account	1,935,078	1,560,175
	------------	------------
Members funds	1,935,188	1,560,285
	------------	------------

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 statement of income and retained earnings 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 13 September 2017 , and are signed on behalf of the board by:

K McDonald	G Robson
Director	Director

Company registration number: 06650091

Lift-Rite Holdings 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 & 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 8.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Staff costs

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

5. Investments

	£
Cost
At 1 May 2016 and 30 April 2017	638,610
	---------
Impairment
At 1 May 2016 and 30 April 2017	–
	---------
Carrying amount
At 30 April 2017	638,610
	---------

6. 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	( 37,375)	25,000	( 12,375)
G Robson	( 37,375)	25,000	( 12,375)
	--------	--------	--------
	(74,750)	50,000	(24,750)
	--------	--------	--------

	2016
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
K McDonald	( 6,314)	( 31,061)	( 37,375)
G Robson	( 6,314)	( 31,061)	( 37,375)
	--------	--------	--------
	(12,628)	(62,122)	(74,750)
	--------	--------	--------

7. 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 had the following balances due from group companies: 2017 2016 DDS Metals Limited 167,578 164,701 Lift Rite Engineering Services Limited 389,455 353,318 Tyne Gangway (Structures) Limited 277,881 144,737 During the year the company received dividends from group companies: 2017 2016 Lift Rite Engineering Services Limited 253,000 140,000 DDS Metals Limited nil nil Tyne Gangway (Structures) Limited 250,000 130,000 During the year the company paid the following dividends to the directors' of the company: 2017 2016 Mr K. Mcdonald 25,000 20,000 Mr.G. Robson 25,000 20,000 No further transactions with related parties were undertaken such as are required to be disclosed.

8. 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.