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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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Lifte Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Lifte Limited |
Lifte Limited (Registered number: 02578029) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Lifte Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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12a Marlborough Place |
BRIGHTON |
East Sussex |
BN1 1WN |
Lifte Limited (Registered number: 02578029) |
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Balance Sheet |
31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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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 |
6 |
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PROVISIONS FOR LIABILITIES | 7 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Revaluation reserve | 9 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company
as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Lifte Limited (Registered number: 02578029) |
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Balance Sheet - continued |
31 December 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Lifte Limited (Registered number: 02578029) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Lifte Limited is a
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company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents rental income receivable in the year. The company is not registered for value |
added tax. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income |
or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other future |
taxable profits. |
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Freehold and leasehold investment property |
Investment property is included at fair value determined annually by external valuers or the |
directors and derived from the current market rents and investment property yields for comparable |
real estate, adjusted if necessary for any difference in the nature, location or condition of the |
specific asset. No depreciation is provided.. Gains are recognised in the income statement. Deferred |
taxation is provided on these gains at the rate expected to apply when the property is sold. |
Lifte Limited (Registered number: 02578029) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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3. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Cost or valuation at 31 December 2018 is represented by: |
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Improvements | Fixtures |
Freehold | to | and |
property | property | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2005 | 1,267,442 | - | - | 1,267,442 |
Valuation in 2006 | 438,536 | - | - | 438,536 |
Valuation in 2007 | 350,000 | - | - | 350,000 |
Valuation in 2010 | (950,000 | ) | - | - | (950,000 | ) |
Cost | 2,366,592 | 5,000 | 24,772 | 2,396,364 |
3,472,570 | 5,000 | 24,772 | 3,502,342 |
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If freehold land and buildings had not been revalued they would have been included at the |
following historical cost: |
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31.12.18 | 31.12.17 |
£ | £ |
Cost | 1,111,117 | 1,111,117 |
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Freehold land and buildings were valued on an open market basis on 31 December 2018 by the directors of the company |
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Lifte Limited (Registered number: 02578029) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
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Mexmast Limited |
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Prepayments and accrued income |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Bank loans and overdrafts |
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Tax |
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Directors' loan accounts | 57 | 57 |
Accruals & deferred income |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 661,107 | - |
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7. | PROVISIONS FOR LIABILITIES |
31.12.18 | 31.12.17 |
£ | £ |
Deferred tax | 210,680 | 796 |
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Deferred |
tax |
£ |
Balance at 1 January 2018 |
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Accelerated capital allowances | (252 | ) |
Property revaluation | 210,136 |
Balance at 31 December 2018 |
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Lifte Limited (Registered number: 02578029) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
value: | £ | £ |
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Share capital 1 | £1 | 100 | 100 |
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9. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2018 |
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2,544,318 |
Profit for the year |
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Dividends | ( |
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Deferred tax | - | (210,136 | ) | (210,136 | ) |
At 31 December 2018 |
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2,449,461 |
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10. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £21,719 (2017 - £31,983) were paid to the directors . |
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Included in the financial statements are the following transactions and balances with related |
parties: |
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31.12.18 | 31.12.17 |
£ | £ |
Mexmast Limited, a company controlled by the directors, P J Hill
and Mrs C R D Hill: |
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Turnover | 182,750 | 183,000 |
Current assets: Debtors | 47,469 | 47,469 |
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11. | CONTROLLING PARTY |
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The company is controlled by the directors, PJ and Mrs CRD Hill, by virtue of their 100% ownership |
of the issued share capital. |