REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 NOVEMBER 2020 TO 31 DECEMBER 2021 |
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LIFTING GEAR UK LIMITED |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 NOVEMBER 2020 TO 31 DECEMBER 2021 |
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FOR |
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LIFTING GEAR UK LIMITED |
LIFTING GEAR UK LIMITED (REGISTERED NUMBER: 09245302) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2020 TO 31 DECEMBER 2021 |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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LIFTING GEAR UK LIMITED (REGISTERED NUMBER: 09245302) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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31.12.21 | 31.10.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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LIFTING GEAR UK LIMITED (REGISTERED NUMBER: 09245302) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2020 TO 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Lifting Gear UK Limited is a
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Registered number: |
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Registered office: |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The directors have reviewed the company's forecasts and projections and are confident that the company will continue to make a strong recovery from the impacts of the Covid-19 pandemic. |
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The company is now part of the Axel Johnson group, which has a cash pool facility that would at any time be available to ensure the financial stability of the company. The directors have a reasonable expectation they will have adequate funding and resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Government grants |
Government grants are recognised at the amount received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them. Grants are accounted for under the accrual model. |
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Stocks |
Stock is valued at the lower of cost and net realisable value. Cost is calculated by reference to the most recent purchase price. |
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LIFTING GEAR UK LIMITED (REGISTERED NUMBER: 09245302) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2020 TO 31 DECEMBER 2021 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the income statement |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 November 2020 |
and 31 December 2021 |
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AMORTISATION |
At 1 November 2020 |
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Amortisation for period |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 October 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.10.20 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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LIFTING GEAR UK LIMITED (REGISTERED NUMBER: 09245302) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2020 TO 31 DECEMBER 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.10.20 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.21 | 31.10.20 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.10.20 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent undertaking is Axel Johnson Holding B.V. |
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Lifting Gear UK Group Limited is the smallest group of which the company is a member and for which consolidated financially statements are prepared and publically available. A copy of these group financial statements can be obtained from Lifting Gear UK Group Limited, Unit 1D Maple Court, White Moss Business Park, Skelmersdale, Lancashire WN8 9TW. |