Louth Volks World Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05618968 (England and Wales)

LOUTH VOLKS WORLD LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

D D Drury

J Chambers

D J Rankin

REGISTERED OFFICE:

Louth Trading Estate

North Holme Road

Louth

Lincolnshire

LN11 0JQ

REGISTERED NUMBER:

05618968 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Oxley House

Lincoln Way

Louth

Lincolnshire

LN11 0LS

FIXED ASSETS

Tangible assets

4

50,478

58,843

CURRENT ASSETS

Stocks

575,969

590,199

Debtors

5

230,601

321,807

Cash at bank

5,372

21,880

811,942

933,886

CREDITORS

Amounts falling due within one year

6

505,127

622,063

NET CURRENT ASSETS

306,815

311,823

TOTAL ASSETS LESS CURRENT LIABILITIES

357,293

370,666

CREDITORS

Amounts falling due after more than one year

7

(248,135

)

(273,453

)

PROVISIONS FOR LIABILITIES

(9,214

)

(11,163

)

NET ASSETS

99,944

86,050

CAPITAL AND RESERVES

Called up share capital

8

300

300

Retained earnings

99,644

85,750

SHAREHOLDERS' FUNDS

99,944

86,050

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 27 January 2024 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.

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.

Financial instruments

The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 14 (2022 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

263,537

Additions

2,333

At 31 January 2023

265,870

DEPRECIATION

At 1 February 2022

204,694

Charge for year

10,698

At 31 January 2023

215,392

NET BOOK VALUE

At 31 January 2023

50,478

At 31 January 2022

58,843

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

37,461

96,684

Other debtors

193,140

225,123

230,601

321,807

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

171,972

141,557

Taxation and social security

33,776

89,145

Other creditors

299,379

391,361

505,127

622,063

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other creditors

248,135

273,453

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

300

Ordinary shares

£1

300

300

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

2023

2022

£

£

D D Drury

Balance outstanding at start of year

71,316

75,407

Amounts advanced

65,824

22,255

Amounts repaid

(67,690

)

(26,346

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

69,450

71,316

D J Rankin

Balance outstanding at start of year

71,972

74,794

Amounts advanced

1,247

23,460

Amounts repaid

(31,502

)

(26,282

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

41,717

71,972

J Chambers

Balance outstanding at start of year

(19,732

)

(8,061

)

Amounts advanced

329

329

Amounts repaid

-

(12,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(19,403

)

(19,732

)

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

10.	RELATED PARTY DISCLOSURES

Included in trade creditors is £NIL (2022: £11,382) due to Volks World Racing Limited, a company in which the directors have an interest.

Included in trade debtors is £1,507 (2022: £23,427) due from Volks World Racing Limited, a company in which the directors have an interest.