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 2021

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

D D Drury

J Chambers

D J Rankin

D H Grantham

REGISTERED OFFICE:

Mallard Mead

Northgate

Louth

Lincolnshire

LN11 0LT

REGISTERED NUMBER:

05618968 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

15 Chequergate

Louth

Lincolnshire

LN11 0LJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

66,598

76,672

66,598

76,672

CURRENT ASSETS

Stocks

694,778

614,050

Debtors

6

395,926

306,931

1,090,704

920,981

CREDITORS

Amounts falling due within one year

7

696,791

611,310

NET CURRENT ASSETS

393,913

309,671

TOTAL ASSETS LESS CURRENT LIABILITIES

460,511

386,343

CREDITORS

Amounts falling due after more than one year

8

(394,315

)

(362,779

)

PROVISIONS FOR LIABILITIES

(12,632

)

(14,541

)

NET ASSETS

53,564

9,023

CAPITAL AND RESERVES

Called up share capital

10

300

300

Retained earnings

53,264

8,723

SHAREHOLDERS' FUNDS

53,564

9,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2021 and were signed on its behalf by:

D D Drury - Director

1.	STATUTORY INFORMATION

Louth Volks World Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and 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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

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.

Grants and furlough claim money

Grants are recognised as income in the period in which they become receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2020

and 31 January 2021

16,000

AMORTISATION

At 1 February 2020

and 31 January 2021

16,000

NET BOOK VALUE

At 31 January 2021

-

At 31 January 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2020

254,143

Additions

4,851

At 31 January 2021

258,994

DEPRECIATION

At 1 February 2020

177,471

Charge for year

14,925

At 31 January 2021

192,396

NET BOOK VALUE

At 31 January 2021

66,598

At 31 January 2020

76,672

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

159,019

113,404

Amounts owed by participating interests

5,000

5,000

Other debtors

231,907

188,527

395,926

306,931

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

58,354

65,753

Hire purchase contracts

5,997

7,363

Trade creditors

221,056

154,806

Taxation and social security

50,492

29,380

Other creditors

360,892

354,008

696,791

611,310

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

-

6,464

Other creditors

394,315

356,315

394,315

362,779

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdrafts

58,354

65,753

The bank overdraft is secured on the assets of the business.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

300

Ordinary shares

£1

300

300

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2021 and 31 January 2020:

2021

2020

£

£

D D Drury

Balance outstanding at start of year

57,865

58,433

Amounts advanced

30,911

39,832

Amounts repaid

(13,369

)

(40,400

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

75,407

57,865

D J Rankin

Balance outstanding at start of year

56,863

58,103

Amounts advanced

39,931

36,821

Amounts repaid

(22,000

)

(38,061

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

74,794

56,863

J Chambers

Balance outstanding at start of year

3,109

6,454

Amounts advanced

830

6,255

Amounts repaid

(12,000

)

(9,600

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(8,061

)

3,109

The directors loan accounts are unsecured and repayable on demand. Interest has been charged at the Inland Revenues' official rate of interest.

12.	RELATED PARTY DISCLOSURES

The Company has provided the directors with an interest free loan totalling £137,249 (2019 £122,990).