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 2018

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

4

-

-

Property, plant and equipment

5

105,347

63,587

105,347

63,587

CURRENT ASSETS

Inventories

724,407

543,723

Debtors

291,883

330,223

Cash at bank

283

-

1,016,573

873,946

CREDITORS

Amounts falling due within one year

832,920

699,399

NET CURRENT ASSETS

183,653

174,547

TOTAL ASSETS LESS CURRENT LIABILITIES

289,000

238,134

CREDITORS

Amounts falling due after more than one year

(183,689

)

(187,500

)

PROVISIONS FOR LIABILITIES

(20,026

)

(12,479

)

NET ASSETS

85,285

38,155

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

84,985

37,855

85,285

38,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 10 October 2018 and were signed on its behalf by:

D J Rankin - Director

J Chambers - Director

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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Goodwill

Goodwill, being the amount paid in connection with the aquisition of a business, is being amortised evenly over its

estimated useful life of 5 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

-

Straight line over 5 years

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2017 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2017

and 31 January 2018

16,000

AMORTISATION

At 1 February 2017

and 31 January 2018

16,000

NET BOOK VALUE

At 31 January 2018

-

At 31 January 2017

-

5.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

COST

At 1 February 2017

201,555

Additions

61,523

Disposals

(18,205

)

At 31 January 2018

244,873

DEPRECIATION

At 1 February 2017

137,968

Charge for year

16,013

Eliminated on disposal

(14,455

)

At 31 January 2018

139,526

NET BOOK VALUE

At 31 January 2018

105,347

At 31 January 2017

63,587

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2018 and 31 January 2017:

2018

2017

£

£

D D Drury

Balance outstanding at start of year

39,448

26,945

Amounts advanced

27,614

21,863

Amounts repaid

(30,695

)

(9,360

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

36,367

39,448

J Chambers

Balance outstanding at start of year

36,346

44,408

Amounts advanced

572

578

Amounts repaid

(29,800

)

(8,640

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,118

36,346

D J Rankin

Balance outstanding at start of year

40,008

27,484

Amounts advanced

22,511

21,164

Amounts repaid

(29,800

)

(8,640

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

32,719

40,008

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

7.	RELATED PARTY DISCLOSURES

D Drury (Director):

The bank overdraft of £0 (2017 - £48,690) is secured by a personal guarantee given by D Drury. The bank loan of £0

(2017 - £0) is partially secured by a personal guarantee given by D Drury.