REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
LOURIMAR LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
LOURIMAR LIMITED |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 January 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
LOURIMAR LIMITED |
COMPANY INFORMATION |
for the year ended 31 January 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
& Statutory Auditor |
124 Thorpe Road |
Norwich |
Norfolk |
NR1 1RS |
SOLICITORS: |
Flint Buildings |
1 Bedding Lane |
Norwich |
Norfolk |
NR3 1RG |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
STRATEGIC REPORT |
for the year ended 31 January 2023 |
The director presents his strategic report for the year ended 31 January 2023. |
CHAIRMAN'S REPORT |
Lourimar Limited, which trades as Motorspares, together with its fellow subsidiary Motosave Limited (trades as Wilco Motosave) and parent company Wilco Motor Spares Limited, had a combined turnover of over £21.3m, pre-tax losses of £185k and net assets of over £8.5m. |
The principal activity of the company during the year was the retail trade of motor vehicle parts and accessories. |
A comprehensive business review is available in the consolidated group financial statements of K J Shortis Limited. |
Margins and prices have continued to be squeezed, due to the record high shipping container costs which continued in the early part of our financial year, before falling to pre-covid prices in 2023. We also saw massive price rises due to our supplier's passion to pass on their cost increases. The Russian invasion of Ukraine in February 2022 brought additional price increases on fuel and electricity. Fuel has now begun to fall from its record high, but electricity remains high. |
The sales for the latter half of the year picked up strongly. This is largely due to the shortage of new cars and the cost-of-living crisis meaning that people are keeping their cars for longer. The average car age is therefore increasing, which is in turn increasing the size of our main marketplace. It should also be remembered that some of this increase in sales is inflationary. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Business risks: |
The UK market in the past year became attractive to foreign investors coming and buying up established UK companies, due to the downturn in the UK economic conditions. This has presented the group's companies with opportunities to purchase additional businesses. When the right opportunities arise, the group is able to take advantage of these opportunities, due to its strong financial position. The companies within the group are able to afford and hold stock when suitable deals become available due to our good supplier and customer relationships. |
Competition: |
With the foreign investment in the UK market, this can lead to some customers looking to switch suppliers. We have always prided ourselves on being family owned and family run. This allows us to differentiate ourselves from the competition, which we feel our customers value. The Company manages this by continually assessing, reviewing and developing suitable systems and practises to ensure quality of service to maintain good customer relationships and competitive pricing. |
Regulatory compliance risk: |
The Company is subject to various laws and regulations set by local authorities and the Health and Safety Executive. The directors ensure that they are up to date and comply with all relevant areas of legislation to mitigate the risk of fines or other disciplinary actions. |
Financial risk management: |
The directors continually monitor the performance of the Company, trade debtors, stock levels and stock movements to minimise the financial risk of the business. In addition the Company ensures adequate financing facilities are in place to meet the requirements of the business, along with the strong financed strength of the group companies. |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
STRATEGIC REPORT |
for the year ended 31 January 2023 |
Financial key performance indicators |
The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover and gross margin. |
Y/E 31 January 2023 | P/E 31 January 2022 |
£ | £ |
Turnover | £1,136,794 | £510,537 |
Gross margin | 31.0% | 50.8% |
The directors are pleased with the results of the past year in the current market place; however, this year is very testing. Inflationary costs are increasing the cost of wages, with fuel and heating being highest. As with most industries, being able to recruit staff has been the biggest problem. We are fortunate that we have loyal key staff to drive the group forward, to assist the group in continuing to reinvest and expand the business. |
ON BEHALF OF THE BOARD: |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
REPORT OF THE DIRECTOR |
for the year ended 31 January 2023 |
The director presents his report with the financial statements of the company for the year ended 31 January 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 January 2023. |
DIRECTOR |
GOING CONCERN |
The business has substantial financial resources which the directors believe puts them in a strong position to mitigate the current business risks identified within the strategic report. |
FUTURE DEVELOPMENTS |
Narrative for future developments is included within the strategic report. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Sexty & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LOURIMAR LIMITED |
Opinion |
We have audited the financial statements of Lourimar Limited (the 'company') for the year ended 31 January 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LOURIMAR LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have made enquiries with management regarding their procedures for complying with laws and regulations along with detecting and prevent fraud. We also review minutes of meetings and any published news articles to identify any instances of non-compliance with and regulations. |
Evidence has been obtained where applicable. Written representation has been obtained to confirm there have been no breaches of laws and regulations. |
The audit procedures are designed so that with reasonable assurance, material misstatements can be detected, including those relating to fraud. Specifically, areas which involve provisions or estimations have been tested where material. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LOURIMAR LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
& Statutory Auditor |
124 Thorpe Road |
Norwich |
Norfolk |
NR1 1RS |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the year ended 31 January 2023 |
Period |
1.11.21 |
Year ended | to |
31.1.23 | 31.1.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
27,506 | 78,298 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
BALANCE SHEET |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 January 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2023 |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 January 2023 |
1. | STATUTORY INFORMATION |
Lourimar Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£) rounded to nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirement of paragraph 33.7. |
This information is included in the consolidated financial statements of K.J. Shortis Limited as at 31 January 2023 and these financial statements may be obtained from Companies House. |
Related party transactions |
The company has taken the disclosure exemption available as permitted by FRS 102 section 33.1A not to disclose transactions with group member companies which are also wholly owned subsidiaries within the same group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The turnover figure shown in the statement of comprehensive income relates wholly to sale of goods. |
Tangible fixed assets |
Short leasehold | - Over life of lease |
Fixtures and fittings | -15% reducing balance |
Motor vehicles | -25% reducing balance |
Computer equipment | -20% straight line basis |
Stocks |
Stocks are stated at the lower of cost and net realisable value using the average cost method, after making due allowance for obsolete and slow moving items. |
Cost comprises the average cost of all purchases. |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2023 |
3. | ACCOUNTING POLICIES - continued |
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. |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.11.21 |
Year ended | to |
31.1.23 | 31.1.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
Period |
1.11.21 |
Year ended | to |
31.1.23 | 31.1.22 |
Sales and administration |
Period |
1.11.21 |
Year ended | to |
31.1.23 | 31.1.22 |
£ | £ |
Director's remuneration |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.11.21 |
Year ended | to |
31.1.23 | 31.1.22 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
1.11.21 |
Year ended | to |
31.1.23 | 31.1.22 |
£ | £ |
Current tax: |
UK corporation tax |
Under / (over) provision | (487 | ) | - |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.11.21 |
Year ended | to |
31.1.23 | 31.1.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Rounding provision | 228 | 487 |
Deferred tax | 4,949 | (500 | ) |
Loss on disposal of assets | 389 | - |
Over provision in prior year | (487 | ) | - |
Total tax charge | 6,462 | 15,500 |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2023 |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
Transfer to ownership | - | - | (17,551 | ) | - | (17,551 | ) |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
Transfer to ownership | - | - | (16,238 | ) | - | (16,238 | ) |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
8. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
LOURIMAR LIMITED (REGISTERED NUMBER: 02000126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2023 |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Between one and five years |
In more than five years |
12. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 12,000 | 7,051 |
Deferred |
tax |
£ |
Balance at 1 February 2022 |
Provided during year |
Balance at 31 January 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 405,330 | 405,330 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2022 |
Profit for the year |
At 31 January 2023 |
15. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme and contributions are charged in the profit and loss account as they accrue. The charge for the period was £993 (2022 £770). |
16. | ULTIMATE PARENT COMPANY |
The ultimate parent company is K J Shortis Limited. The direct parent company is Wilco Motor Spares Limited, a wholly owned subsidiary of K J Shortis Limited. The companies have the same registered office address. |