Louth Volks World Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05618968 (England and Wales)

LOUTH VOLKS WORLD LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2019

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D D Drury

J Chambers

D J Rankin

D H Grantham

REGISTERED OFFICE:

Louth Trading Estate

Louth

Lincolnshire

LN11 0JQ

REGISTERED NUMBER:

05618968 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe (Louth)

Chartered Certified Accountants

1 Eastgate

Louth

Lincolnshire

LN11 9NB

FIXED ASSETS

Intangible assets

3

-

-

Property, plant and equipment

4

84,846

105,347

84,846

105,347

CURRENT ASSETS

Inventories

743,475

724,407

Debtors

287,587

291,883

Cash at bank

-

283

1,031,062

1,016,573

CREDITORS

Amounts falling due within one year

607,286

832,920

NET CURRENT ASSETS

423,776

183,653

TOTAL ASSETS LESS CURRENT LIABILITIES

508,622

289,000

CREDITORS

Amounts falling due after more than one year

(425,141

)

(183,689

)

PROVISIONS FOR LIABILITIES

(16,034

)

(20,026

)

NET ASSETS

67,447

85,285

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

67,147

84,985

67,447

85,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 October 2019 and were signed on its behalf by:

D J Rankin - Director

J Chambers - Director

D D Drury - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Inventory

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 13 ) .

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2018

and 31 January 2019

16,000

AMORTISATION

At 1 February 2018

and 31 January 2019

16,000

NET BOOK VALUE

At 31 January 2019

-

At 31 January 2018

-

4.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

COST

At 1 February 2018

and 31 January 2019

244,873

DEPRECIATION

At 1 February 2018

139,526

Charge for year

20,501

At 31 January 2019

160,027

NET BOOK VALUE

At 31 January 2019

84,846

At 31 January 2018

105,347

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2019 and

31 January 2018:

2019

2018

£

£

D D Drury

Balance outstanding at start of year

36,367

39,448

Amounts advanced

36,221

27,614

Amounts repaid

(14,155

)

(30,695

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

58,433

36,367

J Chambers

Balance outstanding at start of year

7,118

36,346

Amounts advanced

8,936

572

Amounts repaid

(9,600

)

(29,800

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,454

7,118

D J Rankin

Balance outstanding at start of year

32,719

40,008

Amounts advanced

34,983

22,511

Amounts repaid

(9,600

)

(29,800

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

58,102

32,719

The above loans were all unsecured, interest free and had no repayment terms.