REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2020 |
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LIFTING GEAR UK LIMITED |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2020 |
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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 YEAR ENDED 31 OCTOBER 2020 |
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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 OCTOBER 2020 |
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31.10.20 | 31.10.19 |
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 | 10 |
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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 YEAR ENDED 31 OCTOBER 2020 |
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1. | STATUTORY INFORMATION |
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Lifting Gear UK Limited is a
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Registered number: | 09245302 |
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Registered office: | Unit 1D Maple Court |
White Moss Business Park |
Skelmersdale |
Lancashire |
WN8 9TW |
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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, in particular, have considered the potential implications of the ongoing Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain, the directors are confident that the overall impact on the company will not be significant. |
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Whilst the pandemic has had a short-term impact on turnover, the directors were able to quickly identify areas where costs could be scaled back and, in addition, the company has been able to access the various government support available. |
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The directors have a reasonable expectation that the company will have adequate funding and resources to continue in operational existence for the foreseeable future |
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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. |
LIFTING GEAR UK LIMITED (REGISTERED NUMBER: 09245302) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year 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 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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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 year was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2019 |
and 31 October 2020 |
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AMORTISATION |
At 1 November 2019 |
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Amortisation for year |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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LIFTING GEAR UK LIMITED (REGISTERED NUMBER: 09245302) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
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: |
31.10.20 | 31.10.19 |
£ | £ |
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. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.10.20 | 31.10.19 |
£ | £ |
Invoice Discounting creditor | - | 518,292 |
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Security has been provided by way of a debenture, dated 8 May 2015, in respect of the Invoice Discounting facility.The debenture is over the company's assets, in favour of RBS Invoice Finance Limited. |
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The assets of the company are secured by a fixed and floating charge, dated 18 May 2016, in favour of Natwest PLC |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.20 | 31.10.19 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
LIFTING GEAR UK LIMITED (REGISTERED NUMBER: 09245302) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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11. | 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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12. | 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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13. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is Lifting Gear UK Group Limited, a company registered in England and Wales, the registered office of which is Unit 1D Maple Court, White Moss Business Park, Skelmersdale, Lancashire, WN8 9TW.This company prepares consolidated financial statements for the group. |