Larrington Trailers Limited 06918139 false 2022-09-30 2023-09-29 2023-09-29 The principal activity of the company is agricultural machinery sales Digita Accounts Production Advanced 6.30.9574.0 true true 06918139 2022-09-30 2023-09-29 06918139 2023-09-29 06918139 bus:OrdinaryShareClass1 2023-09-29 06918139 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-09-29 06918139 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-09-29 06918139 core:CurrentFinancialInstruments 2023-09-29 06918139 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-29 06918139 core:Non-currentFinancialInstruments 2023-09-29 06918139 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-29 06918139 core:Goodwill 2023-09-29 06918139 core:FurnitureFittingsToolsEquipment 2023-09-29 06918139 core:MotorVehicles 2023-09-29 06918139 core:OtherPropertyPlantEquipment 2023-09-29 06918139 core:VehiclesPlantMachinery 2023-09-29 06918139 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-09-29 06918139 bus:SmallEntities 2022-09-30 2023-09-29 06918139 bus:AuditExemptWithAccountantsReport 2022-09-30 2023-09-29 06918139 bus:FullAccounts 2022-09-30 2023-09-29 06918139 bus:SmallCompaniesRegimeForAccounts 2022-09-30 2023-09-29 06918139 bus:RegisteredOffice 2022-09-30 2023-09-29 06918139 bus:Director1 2022-09-30 2023-09-29 06918139 bus:OrdinaryShareClass1 2022-09-30 2023-09-29 06918139 bus:PrivateLimitedCompanyLtd 2022-09-30 2023-09-29 06918139 core:Goodwill 2022-09-30 2023-09-29 06918139 core:FurnitureFittingsToolsEquipment 2022-09-30 2023-09-29 06918139 core:MotorVehicles 2022-09-30 2023-09-29 06918139 core:OtherPropertyPlantEquipment 2022-09-30 2023-09-29 06918139 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-09-30 2023-09-29 06918139 countries:EnglandWales 2022-09-30 2023-09-29 06918139 2022-09-29 06918139 core:Goodwill 2022-09-29 06918139 core:FurnitureFittingsToolsEquipment 2022-09-29 06918139 core:MotorVehicles 2022-09-29 06918139 core:OtherPropertyPlantEquipment 2022-09-29 06918139 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-09-29 06918139 2021-03-31 2022-09-29 06918139 2022-09-29 06918139 bus:OrdinaryShareClass1 2022-09-29 06918139 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-09-29 06918139 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-09-29 06918139 core:CurrentFinancialInstruments 2022-09-29 06918139 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-29 06918139 core:Non-currentFinancialInstruments 2022-09-29 06918139 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-29 06918139 core:Goodwill 2022-09-29 06918139 core:FurnitureFittingsToolsEquipment 2022-09-29 06918139 core:MotorVehicles 2022-09-29 06918139 core:OtherPropertyPlantEquipment 2022-09-29 06918139 core:VehiclesPlantMachinery 2022-09-29 06918139 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-09-29 06918139 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-03-31 2022-09-29 06918139 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-03-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06918139

Larrington Trailers Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 September 2023

 

Larrington Trailers Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 11

 

Larrington Trailers Limited

Company Information

Director

R Larrington

Registered office

Great Fen Road
Boardsides
Boston
Lincolnshire
PE21 7PB

 

Larrington Trailers Limited

Director's Report for the Year Ended 29 September 2023

The Director presents his report and the financial statements for the year ended 29 September 2023.

Director of the Company

The Director who held office during the year was as follows:

R Larrington

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 19 March 2024
 

.........................................
R Larrington
Director

 

Larrington Trailers Limited

(Registration number: 06918139)
Balance Sheet as at 29 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

150

250

Tangible assets

5

407,296

399,796

 

407,446

400,046

Current assets

 

Stocks

6

398,176

389,861

Debtors

7

313,314

336,867

Cash at bank and in hand

 

965

743

 

712,455

727,471

Creditors: Amounts falling due within one year

8

(749,467)

(674,211)

Net current (liabilities)/assets

 

(37,012)

53,260

Total assets less current liabilities

 

370,434

453,306

Creditors: Amounts falling due after more than one year

8

(206,891)

(321,189)

Provisions for liabilities

(31,521)

(13,832)

Net assets

 

132,022

118,285

Capital and reserves

 

Called up share capital

9

100

100

Fair value reserve

101,446

101,446

Retained earnings

30,476

16,739

Shareholders' funds

 

132,022

118,285

For the financial year ending 29 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 19 March 2024
 

.........................................
R Larrington
Director

 

Larrington Trailers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 06918139.

The address of its registered office is:
Great Fen Road
Boardsides
Boston
Lincolnshire
PE21 7PB

 

These financial statements cover the individual entity, Larrington Trailers Limited.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and rounded to the nearest pound.

Departure from requirements of FRS 102

No depreciation has been charged on freehold land and buildings as it is maintained to such a standard that it's residual value is not less than it's cost. Management have concluded that this does not affect the accounts from showing a true and fair view. Apart from this depature the company has complied with the relevant accounting standards and legislation.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Larrington Trailers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at fair value which can be measured reliably without undue cost or effort. They are measured at each reporting date, with changes in fair value recognised in the revaluation reserve.

Where the fair value of a tangible asset falls below the cost an impairment charge is recognised in the profit and loss account.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

 

Larrington Trailers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Going concern
Specifically in connection with the current economic climate, the director has considered the impact of COVID-19 on the business and they are satisifed that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 20 (2022 - 33).

 

Larrington Trailers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 30 September 2022

1,000

1,000

At 29 September 2023

1,000

1,000

Amortisation

At 30 September 2022

750

750

Amortisation charge

100

100

At 29 September 2023

850

850

Carrying amount

At 29 September 2023

150

150

At 29 September 2022

250

250

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and equipment
  £

Total
£

Cost or valuation

At 30 September 2022

23,729

12,500

363,567

399,796

Additions

-

-

7,500

7,500

At 29 September 2023

23,729

12,500

371,067

407,296

Depreciation

Carrying amount

At 29 September 2023

23,729

12,500

371,067

407,296

At 29 September 2022

23,729

12,500

363,567

399,796

Revaluation

The valuations of plant and machinery, motor vehicles and office equipment were made as at 29th September 2023 by the director on an open market basis. No depreciation has been provided in respect of the revaluation at the balance sheet date.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £323,889 (2022 - £316,389).

6

Stocks

2023
£

2022
£

Other inventories

398,176

389,861

 

Larrington Trailers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

102,117

133,850

Prepayments

11,252

-

Other debtors

199,945

203,017

 

313,314

336,867

 

Larrington Trailers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

192,164

175,688

Trade creditors

 

307,020

322,283

Taxation and social security

 

156,318

115,835

Accruals and deferred income

 

17,850

55,050

Other creditors

 

76,115

5,355

 

749,467

674,211

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

206,891

321,189

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

160,529

251,425

Hire purchase contracts

46,362

69,764

206,891

321,189

Hire purchase contracts totalling £46,362 (2022: £69,764) are secured against the assets acquired.

 

Larrington Trailers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

108,698

102,544

Bank overdrafts

60,062

45,657

Hire purchase contracts

23,404

27,487

192,164

175,688

Hire purchase contracts totalling £23,402 (2022: £27,487) are secured against the assets acquired. Creditors include a bank overdraft which are secured of £60,062 (2022 - £45,657).

 

Larrington Trailers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023

11

Related party transactions

Summary of transactions with entities with joint control or significant interest

At the balance sheet date the loan amount due to entities under joint control was £61,000 (2022: £1,000).
 No interest is being charged on the loan and there are no formal repayment terms.
 

Loans from related parties

2023

Entities with joint control or significant influence
£

At start of period

1,000

Advanced

228,000

Repaid

(168,000)

At end of period

61,000

2022

Entities with joint control or significant influence
£

At start of period

32,950

Advanced

1,000

Repaid

(32,950)

At end of period

1,000

Larrington Trailers Limited pay Guardian Storage Limited rent based on 17,000 square foot of internal factory space, plant and machinery, motor vehicles and utilities at a market rate of £39,000.