Reid Lifting Holdings Limited - Period Ending 2021-04-30
Reid Lifting Holdings Limited - Period Ending 2021-04-30
Registration number:
Reid Lifting Holdings Limited
Filleted
for the Year Ended 30 April 2021
Reid Lifting Holdings Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Reid Lifting Holdings Limited
Company Information
Director |
Mr S Luke |
Registered office |
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Auditors |
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Reid Lifting Holdings Limited
(Registration number: 08823921)
Balance Sheet as at 30 April 2021
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2021 |
2020 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
Reid Lifting Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
The company registration number is: 08823921
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Going concern
The directors have considered a period of not less than twelve months following the date of approval of the accounts, and have considered that, due to the ongoing levels of cash generation, the profitability of the Company and forecasts for the following period, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the Company to continue ·as a going concern.
Reid Lifting Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
Audit report
Judgements
Depreciation - The company exercises judgement to determine useful lives and residual values of tangible fixed assets. The assets are depreciated down to their residual values over their estimated useful lives. |
Revenue recognition
Turnover comprises rent net of VAT and any trade discounts. Turnover is recognised in the period that the rent becomes due.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Finance income and costs policy
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance sheet date.
Reid Lifting Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
Tangible assets
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Depreciation
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
Asset class |
Depreciation method and rate |
Freehold land |
Not depreciated |
Buildings |
50 years straight line |
Plant and machinery |
20 years straight line |
Fixtures and fittings |
10 years straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Trade debtors
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.
Trade creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Reid Lifting Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
Borrowings
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
Reid Lifting Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
Financial instruments
Classification
Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Investments in associates |
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- |
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Reid Lifting Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
Subsidiaries |
£ |
Cost or valuation |
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At 1 May 2020 |
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Provision |
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Carrying amount |
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At 30 April 2021 |
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At 30 April 2020 |
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Associates |
£ |
Cost |
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Additions |
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Provision |
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Carrying amount |
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At 30 April 2021 |
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Aggregate financial information of associates
2021 |
2020 |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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Unit 1 Wyeview,
England & Wales |
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7900 International Drive,
United States |
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Reid Lifting Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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Associates |
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P.A. de Kerboulard
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Ordinary |
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France |
Subsidiary undertakings |
Reid Lifting Limited The principal activity of Reid Lifting Limited is |
Reid Lifting Inc. The principal activity of Reid Lifting Inc. is |
Associates |
Reid Lifting France The principal activity of Reid Lifting France is |
Debtors |
Note |
2021 |
2020 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is