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REGISTERED NUMBER: 02946840 (England and Wales)















Financial Statements for the Year Ended 31 May 2023

for

LT & R VOWLES LIMITED

LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 253,060 106,672
Investments 5 125,500 125,500
378,560 232,172

CURRENT ASSETS
Stocks 516,466 519,887
Debtors 6 1,050,480 983,391
Cash at bank and in hand 22,065 14,947
1,589,011 1,518,225
CREDITORS
Amounts falling due within one year 7 780,733 566,554
NET CURRENT ASSETS 808,278 951,671
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,186,838

1,183,843

CREDITORS
Amounts falling due after more than one
year

8

(193,800

)

(159,748

)

PROVISIONS FOR LIABILITIES (44,262 ) (23,827 )
NET ASSETS 948,776 1,000,268

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Share premium 156,400 156,400
Retained earnings 762,376 813,868
948,776 1,000,268

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 26 October 2023 and were signed on its behalf by:





Mr S A Jukes - Director


LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Lt & R Vowles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02946840

Registered office: 26a Tamworth Street
Lichfield
WS13 6JJ

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.

The company's year end was changed to 31 May last financial year. As a result, the comparative period, year ended 31 May 2022 covered a 17 month period and will not be entirely comparable.

Significant judgements and estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. Management considers that certain accounting assumptions relating to taxation and provisions are its critical accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Equally over the terms of the lease
Plant and machinery - 15% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on cost

Directors have reviewed the depreciation policy for all categories of fixed assets and decided that the above rates are a more reasonable reflection of the useful life of the assets and changed the policies accordingly.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete, and slow-moving stock where appropriate.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern and covid-19
Having emerged from the post Covid-19 era, we can report that when taken in aggregate across all sites, turnover was increased for the year with sales performance exceeding the previous year month on month for all but the month of December.

The supply issues alluded to in the previous annual report have eased, however raw material prices have not returned to pre-pandemic levels, and these have had to be absorbed by price increases to our customers.

As 2023 progresses we still see the pressures of inflation, along with energy costs, which have not reduced to any discernible degree. Demand for our products remains high.

It is the management's assessment that Brexit has still shown no discernible effect on the business.

On this basis, management continue to prepare these accounts on a going concern basis and deem this appropriate. The director does not consider that a material uncertainty about the going concern status currently exists. In making this assessment the director has considered the likely trading conditions for a period of twelve months from the date of the approval of these accounts.

LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 29 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 143,440 418,790 8,669 125,090 695,989
Additions - 177,246 8,058 - 185,304
Disposals - (12,683 ) (6,594 ) - (19,277 )
At 31 May 2023 143,440 583,353 10,133 125,090 862,016
DEPRECIATION
At 1 June 2022 122,838 397,362 8,064 61,053 589,317
Charge for year 5,767 12,549 1,022 19,578 38,916
Eliminated on disposal - (12,683 ) (6,594 ) - (19,277 )
At 31 May 2023 128,605 397,228 2,492 80,631 608,956
NET BOOK VALUE
At 31 May 2023 14,835 186,125 7,641 44,459 253,060
At 31 May 2022 20,602 21,428 605 64,037 106,672


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2022
and 31 May 2023 125,500
NET BOOK VALUE
At 31 May 2023 125,500
At 31 May 2022 125,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 473,881 434,429
Amounts owed by group undertakings 544,641 524,657
Other debtors 31,958 24,305
1,050,480 983,391

LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts 47,555 25,874
Invoice finance 335,668 193,540
Trade creditors 213,918 151,489
Amounts owed to group undertakings 65,911 1,620
Taxation and social security 64,112 147,873
Other creditors 53,569 46,158
780,733 566,554

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts 68,300 34,248
Amounts owed to group undertakings 125,500 125,500
193,800 159,748

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Hire purchase contracts 115,855 60,122
Invoice discounting loan - 193,540
115,855 253,662

The invoice discounting loan is secured by a charge over the related trade debtors.
The hire purchase liabilities are secured over the assets to which they relate.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adele Lawton (Senior Statutory Auditor)
for and on behalf of Lawton Bradford Accountants Ltd

11. FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £17,552 (2022 - £21,532)

12. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Jukes Group Limited whose registered office is 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ.