Louth Volks World Limited - Period Ending 2014-01-31

Registration number: 05618968

Louth Volks World Limited

Unaudited Abbreviated Accounts

FOR THE Year Ended 31 January 2014
 

Louth Volks World Limited
Contents

			Page

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Louth Volks World Limited
(Registration number: 05618968)
Abbreviated Balance Sheet at 31 January 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					78,950			85,797
Current assets
Stocks					403,331			445,066
Debtors					296,976			247,145
					700,307			692,211
Creditors: Amounts falling due within one year					(437,199)			(436,719)
Net current assets					263,108			255,492
Total assets less current liabilities					342,058			341,289
Creditors: Amounts falling due after more than one year					(302,894)			(323,331)
Provisions for liabilities					(15,308)			(16,936)
Net assets					23,856			1,022
Capital and reserves
Called up share capital		4			300			300
Profit and loss account					23,556			722
Shareholders' funds					23,856			1,022

For the year ending 31 January 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board on 27 September 2014 and signed on its behalf by:

.........................................
D J Rankin
Director

.........................................
J Chambers
Director

.........................................
D Drury
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Louth Volks World Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	20% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leasehold improvements	5% straight line
Plant and machinery	15% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 2

Louth Volks World Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2014
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 February 2013		16,000			163,320			179,320
Additions		-			10,835			10,835
At 31 January 2014		16,000			174,155			190,155
Depreciation
At 1 February 2013		16,000			77,523			93,523
Charge for the year		-			17,682			17,682
At 31 January 2014		16,000			95,205			111,205
Net book value
At 31 January 2014		-			78,950			78,950
At 31 January 2013		-			85,797			85,797

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		240,238			210,231
Amounts falling due after more than one year		302,894			323,331
Total secured creditors		543,132			533,562

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		19,088			24,145

Page 3

Louth Volks World Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2014
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		300			300			300			300

5	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
D Drury
Director's interest free loan account (no formal repayment terms)	-	-	61,198	93,310
M Reynolds
Director's interest free loan account (no formal repayment terms)	16,138	20,000	21,984	1,828
J Chambers
Director's interest free loan account (no formal repayment terms)	4,748	-	21,062	1,750
D J Rankin
Director's interest free loan account (no formal repayment terms)	-	-	23,294	63,750

Page 4