Registered number:
05344193
UNIVERSAL LIFTING SERVICES LTD
UNAUDITED
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
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UNIVERSAL LIFTING SERVICES LTD
COMPANY INFORMATION
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Unit 2 Merlin Park Mill Hill
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UNIVERSAL LIFTING SERVICES LTD
CONTENTS
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UNIVERSAL LIFTING SERVICES LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2020
The director presents his report and the financial statements for the year ended
31 July 2020
.
Director's responsibilities statement
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The director is responsible for preparing the Director's Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year
. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the director is required to:
∙
select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director who served during the year was:
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
27 April 2021
and signed on its behalf.
................................................
D J McCormick
Director
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Page 1
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UNIVERSAL LIFTING SERVICES LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF UNIVERSAL LIFTING SERVICES LTD
FOR THE YEAR ENDED 31 JULY 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Universal Lifting Services Ltd for the year ended 31 July 2020 which comprise the Profit and Loss Account, the Balance Sheet
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 https://www.icaew.com/regulation.
This report is made solely to the director of Universal Lifting Services Ltd in accordance with the terms of our engagement letter. Our work has been undertaken solely
to prepare for your approval the financial statements of Universal Lifting Services Ltd and state those matters that we have agreed to state to the director of Universal Lifting Services Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Universal Lifting Services Ltd and its director for our work or for this report.
It is your duty to ensure that Universal Lifting Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Universal Lifting Services Ltd. You consider that Universal Lifting Services Ltd is exempt from the statutory audit requirement for the year.
We
have not been instructed to carry out an audit or review of the financial statements of Universal Lifting Services Ltd. 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 financial statements.
Whiting & Partners Ltd
Phoenix House
Phoenix Park
Eaton Socon
St Neots
Cambridgeshire
PE19 8EP
27 April 2021
Page 2
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UNIVERSAL LIFTING SERVICES LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2020
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Cost of raw materials and consumables
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Depreciation and other amounts written off assets
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The notes on pages 6 to 8 form part of these financial statements.
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Page 3
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UNIVERSAL LIFTING SERVICES LTD
REGISTERED NUMBER:
05344193
BALANCE SHEET
AS AT
31 JULY 2020
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 4
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UNIVERSAL LIFTING SERVICES LTD
REGISTERED NUMBER:
05344193
BALANCE SHEET
(CONTINUED)
AS AT
31 JULY 2020
Notes
Universal Lifting Services Limited is a private limited company, limited by shares, registered in England and Wales. The company registration number is 05344193 and registered office address is:
Unit 2 Merlin Park
Mill Hill
Potton Road
Gamlingay
Sandy
SG19 3LW
Average number of employees
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The average monthly number of employees, including directors, during the year was
9
(2019 -
9
)
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to entities subject to the micro-entities' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
27 April 2021
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................................................
D J McCormick
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The notes on pages 6 to 8 form part of these financial statements.
Page 5
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UNIVERSAL LIFTING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
1.
Accounting policies
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
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the Company has transferred the significant risks and rewards of ownership to the buyer;
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the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
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the amount of revenue can be measured reliably;
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it is probable that the Company will receive the consideration due under the transaction; and
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the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
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the amount of revenue can be measured reliably;
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it is probable that the Company will receive the consideration due under the contract;
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the stage of completion of the contract at the end of the reporting period can be measured reliably; and
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the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 6
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UNIVERSAL LIFTING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
1.
Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Charge for the year on owned assets
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Raw materials and consumables
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Page 7
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UNIVERSAL LIFTING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Commitments under operating leases
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At 31 July 2020 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 8
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