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REGISTERED NUMBER: 01378868 (England and Wales)















J.T. LORD & SON (SLEAFORD) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






J.T. LORD & SON (SLEAFORD) LIMITED (REGISTERED NUMBER: 01378868)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


J.T. LORD & SON (SLEAFORD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: Mrs J A Lord





SECRETARY: P A Christopher





REGISTERED OFFICE: The Garage
Boston Road
Sleaford
Lincolnshire
NG34 7HH





REGISTERED NUMBER: 01378868 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

J.T. LORD & SON (SLEAFORD) LIMITED (REGISTERED NUMBER: 01378868)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 74,179 80,917

CURRENT ASSETS
Stocks 167,773 215,804
Debtors 5 32,662 47,613
Cash at bank and in hand 270,440 273,692
470,875 537,109
CREDITORS
Amounts falling due within one year 6 299,762 319,077
NET CURRENT ASSETS 171,113 218,032
TOTAL ASSETS LESS CURRENT LIABILITIES 245,292 298,949

PROVISIONS FOR LIABILITIES - 3,101
NET ASSETS 245,292 295,848

CAPITAL AND RESERVES
Called up share capital 8 35,002 35,002
Revaluation reserve 9 41,428 43,021
Retained earnings 168,862 217,825
SHAREHOLDERS' FUNDS 245,292 295,848

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 17 April 2024 and were signed by:





Mrs J A Lord - Director


J.T. LORD & SON (SLEAFORD) LIMITED (REGISTERED NUMBER: 01378868)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

J.T. Lord & Son (Sleaford) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts.

Vehicle sales and parts sales are recognised upon delivery to the customer, or upon collection by the customer. Servicing and workshop sales are recognised in the period in which the services are rendered. Forecourt sales are recognised at the point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on reducing balance and 20% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation.

Stocks
Stocks are stated at the lower of cost and estimated selling price, less further costs expected to be incurred to completion and disposal. Provision is made for obsolete or slow-moving items where appropriate.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 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.

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 statement of financial position date.


J.T. LORD & SON (SLEAFORD) LIMITED (REGISTERED NUMBER: 01378868)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 11 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 August 2022 120,000 172,011 292,011
Additions - 492 492
At 31 July 2023 120,000 172,503 292,503
DEPRECIATION
At 1 August 2022 55,200 155,894 211,094
Charge for year 2,400 4,830 7,230
At 31 July 2023 57,600 160,724 218,324
NET BOOK VALUE
At 31 July 2023 62,400 11,779 74,179
At 31 July 2022 64,800 16,117 80,917

Cost or valuation at 31 July 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 1995 120,000 - 120,000
Cost - 172,503 172,503
120,000 172,503 292,503

J.T. LORD & SON (SLEAFORD) LIMITED (REGISTERED NUMBER: 01378868)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS - continued

If land and buildings had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 40,332 40,332
Aggregate depreciation 17,748 17,748

Value of land in freehold land and buildings 22,584 22,584

Land and buildings were valued on an open market basis in 1995 by Escritt & Barrell.

Up to and including 31 July 1996 it was the company policy to revalue land and buildings. After that date, the company adopted the transitional provisions as contained in paragraph 19.3 of the Financial Reporting Standard for Smaller Entities (effective April 2008). Whilst previous valuations have been retained, they have not been updated. From 1 August 1996 it is company policy not to revalue fixed assets. The last valuation was in 1995.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 26,288 42,029
Other debtors 6,374 5,584
32,662 47,613

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 61,470 74,872
Taxation and social security 10,492 10,804
Other creditors 227,800 233,401
299,762 319,077

7. SECURED DEBTS

Lloyds Bank plc and Ford Credit have a fixed and floating charge over the assets of the company.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
35,002 Ordinary share capital £1 35,002 35,002

J.T. LORD & SON (SLEAFORD) LIMITED (REGISTERED NUMBER: 01378868)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

9. RESERVES
Revaluation
reserve
£   
At 1 August 2022 43,021
Release of revaluation reserve (1,593 )

At 31 July 2023 41,428

The transfer between the revaluation reserve and retained earnings reflects unadjusted transfers since 1995, when the land and buildings were first revalued.