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REGISTERED NUMBER: 01737183 (England and Wales)








Unaudited Financial Statements

for the Year Ended

31 March 2022

for

Loverock Motor Parts Limited

Loverock Motor Parts Limited (Registered number: 01737183)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Loverock Motor Parts Limited

Company Information
for the Year Ended 31 March 2022







DIRECTORS: G Loverock
J F Loverock





SECRETARY: J F Loverock





REGISTERED OFFICE: Loverock House
Brettell Lane
Brierley Hill
West Midlands
DY5 3JS





REGISTERED NUMBER: 01737183 (England and Wales)





ACCOUNTANTS: Nicklin LLP
Chartered Accountants
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Loverock Motor Parts Limited (Registered number: 01737183)

Balance Sheet
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 41,450 27,823

CURRENT ASSETS
Stocks 200,555 143,158
Debtors 5 207,217 172,219
Cash at bank and in hand 211,004 195,802
618,776 511,179
CREDITORS
Amounts falling due within one year 6 279,463 247,002
NET CURRENT ASSETS 339,313 264,177
TOTAL ASSETS LESS CURRENT
LIABILITIES

380,763

292,000

PROVISIONS FOR LIABILITIES 7 6,864 4,052
NET ASSETS 373,899 287,948

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 373,799 287,848
SHAREHOLDERS' FUNDS 373,899 287,948

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2022 and were signed on its behalf by:





G Loverock - Director


Loverock Motor Parts Limited (Registered number: 01737183)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Loverock Motor Parts 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.

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 - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost

Stocks
Stocks 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.

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 17 (2021 - 13 ) .

Loverock Motor Parts Limited (Registered number: 01737183)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2021 5,575 42,405 42,456 90,436
Additions - 429 32,372 32,801
At 31 March 2022 5,575 42,834 74,828 123,237
DEPRECIATION
At 1 April 2021 3,987 33,993 24,633 62,613
Charge for year 265 2,213 16,696 19,174
At 31 March 2022 4,252 36,206 41,329 81,787
NET BOOK VALUE
At 31 March 2022 1,323 6,628 33,499 41,450
At 31 March 2021 1,588 8,412 17,823 27,823

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 204,017 167,748
Other debtors 3,200 4,471
207,217 172,219

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 186,211 143,345
Taxation and social security 58,809 65,655
Other creditors 34,443 38,002
279,463 247,002

7. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 6,864 4,052

Deferred
tax
£   
Balance at 1 April 2021 4,052
Provided during year 2,812
Balance at 31 March 2022 6,864

8. RELATED PARTY DISCLOSURES

The amount owed to the directors at the end of the year was £22,500 (2021: £24,500).