Lutterworth Logistics Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05295692 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Lutterworth Logistics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S J J Butler

REGISTERED OFFICE:

Park House

37 Clarence Street

Leicester

LE1 3RW

BUSINESS ADDRESS:

c/o Keenpac

29 Centurion Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WH

REGISTERED NUMBER:

05295692 (England and Wales)

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Intangible assets

4

69,300

-

Tangible assets

5

248,231

262,228

317,531

262,228

CURRENT ASSETS

Debtors

6

565,329

724,110

Cash at bank

229,105

78,691

794,434

802,801

CREDITORS

Amounts falling due within one year

7

(766,575

)

(684,590

)

NET CURRENT ASSETS

27,859

118,211

TOTAL ASSETS LESS CURRENT LIABILITIES

345,390

380,439

CREDITORS

Amounts falling due after more than one year

8

(260,973

)

(270,461

)

PROVISIONS FOR LIABILITIES

(61,435

)

(49,320

)

NET ASSETS

22,982

60,658

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

22,979

60,655

SHAREHOLDERS' FUNDS

22,982

60,658

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 2 March 2023 and were signed by:

S J J Butler - Director

1.	STATUTORY INFORMATION

Lutterworth Logistics Limited 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.

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 2022, is being amortised evenly over its estimated useful life of ten 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.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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 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.

Hire purchase and leasing commitments

Assets obtained under the hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Government grants

Government grants receivable in relation to expenditure is recognised when the expenditure is charged to the profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2021 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

77,000

At 31 December 2022

77,000

AMORTISATION

Amortisation for year

7,700

At 31 December 2022

7,700

NET BOOK VALUE

At 31 December 2022

69,300

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2022

4,598

4,485

157

Additions

-

-

-

Disposals

-

-

-

At 31 December 2022

4,598

4,485

157

DEPRECIATION

At 1 January 2022

2,299

3,570

157

Charge for year

460

556

-

Eliminated on disposal

-

-

-

At 31 December 2022

2,759

4,126

157

NET BOOK VALUE

At 31 December 2022

1,839

359

-

At 31 December 2021

2,299

915

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

622,633

14,696

646,569

Additions

117,523

908

118,431

Disposals

(169,445

)

-

(169,445

)

At 31 December 2022

570,711

15,604

595,555

DEPRECIATION

At 1 January 2022

364,162

14,153

384,341

Charge for year

85,544

719

87,279

Eliminated on disposal

(124,296

)

-

(124,296

)

At 31 December 2022

325,410

14,872

347,324

NET BOOK VALUE

At 31 December 2022

245,301

732

248,231

At 31 December 2021

258,471

543

262,228

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

443,662

482,786

Other debtors

121,667

241,324

565,329

724,110

Trade debtors of £361,279 (2021 - £278,254) are subject to a factoring agreement.

Other debtors includes prepayments and accrued income of £97,751 (2021 - £162,160).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

41,818

36,698

Hire purchase contracts

54,358

38,220

Trade creditors

145,856

221,680

Taxation and social security

176,424

124,839

Other creditors

348,119

263,153

766,575

684,590

Other creditors includes accruals and deferred income of £8,791 (2021 - £11,963).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

101,060

154,764

Hire purchase contracts

159,913

115,697

260,973

270,461

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank loans

142,878

191,462

Hire purchase contracts

214,271

153,917

Factoring account

293,358

212,834

650,507

558,213

Hire purchase liabilities are secured on the individual assets being so acquired.

The bank loan is secured by a fixed and floating charge over the assets of the company.

The factoring account is secured against trade debtors.

10.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £10,920 (2021 - £10,920).

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22

31.12.21

£

£

S J J Butler

Balance outstanding at start of year

67,417

-

Amounts advanced

19,181

73,312

Amounts repaid

(86,598

)

(5,895

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

67,417

The loan was repayable on demand and interest was charged at the official HMRC rate.