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REGISTERED NUMBER: 05469611 (England and Wales)












Unaudited Financial Statements for the Year Ended 31 July 2023

for

Loughborough Forklifts Ltd

Loughborough Forklifts Ltd (Registered number: 05469611)






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 4


Loughborough Forklifts Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTOR: D James





REGISTERED OFFICE: Galven House
Bakewell Road
Loughborough
Leicestershire
LE11 5QY





REGISTERED NUMBER: 05469611 (England and Wales)





ACCOUNTANTS: The Profit Key Limited
Prince William House
10 Lower Church Street
Ashby de la Zouch
Leicestershire
LE65 1AB

Loughborough Forklifts Ltd (Registered number: 05469611)

Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 730,817 680,675
730,817 680,675

CURRENT ASSETS
Stocks 247,711 210,262
Debtors 6 371,956 365,517
Cash at bank and in hand 11,303 57,872
630,970 633,651
CREDITORS
Amounts falling due within one year 7 536,098 423,352
NET CURRENT ASSETS 94,872 210,299
TOTAL ASSETS LESS CURRENT
LIABILITIES

825,689

890,974

CREDITORS
Amounts falling due after more than one year 8 (287,517 ) (303,325 )

PROVISIONS FOR LIABILITIES (138,855 ) (129,328 )
NET ASSETS 399,317 458,321

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 399,217 458,221
SHAREHOLDERS' FUNDS 399,317 458,321

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 his 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.

Loughborough Forklifts Ltd (Registered number: 05469611)

Statement of Financial Position - continued
31 July 2023


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 5 March 2024 and were signed by:





D James - Director


Loughborough Forklifts Ltd (Registered number: 05469611)

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

1. STATUTORY INFORMATION

Loughborough Forklifts Ltd 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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 statement of financial position date.


Loughborough Forklifts Ltd (Registered number: 05469611)

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 50,000
AMORTISATION
At 1 August 2022
and 31 July 2023 50,000
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

Loughborough Forklifts Ltd (Registered number: 05469611)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 August 2022 54,962 1,007,143 18,129
Additions - 296,031 5,332
Disposals - (146,821 ) -
At 31 July 2023 54,962 1,156,353 23,461
DEPRECIATION
At 1 August 2022 9,924 558,361 13,682
Charge for year 9,160 182,203 2,445
Eliminated on disposal - (100,254 ) -
At 31 July 2023 19,084 640,310 16,127
NET BOOK VALUE
At 31 July 2023 35,878 516,043 7,334
At 31 July 2022 45,038 448,782 4,447

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2022 266,642 56,725 1,403,601
Additions 43,979 3,535 348,877
Disposals - - (146,821 )
At 31 July 2023 310,621 60,260 1,605,657
DEPRECIATION
At 1 August 2022 91,227 49,732 722,926
Charge for year 54,850 3,510 252,168
Eliminated on disposal - - (100,254 )
At 31 July 2023 146,077 53,242 874,840
NET BOOK VALUE
At 31 July 2023 164,544 7,018 730,817
At 31 July 2022 175,415 6,993 680,675

Loughborough Forklifts Ltd (Registered number: 05469611)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2022 24,838 167,478 192,316
Additions 68,027 43,979 112,006
Disposals (9,757 ) - (9,757 )
Transfer to ownership (24,838 ) (37,500 ) (62,338 )
At 31 July 2023 58,270 173,957 232,227
DEPRECIATION
At 1 August 2022 6,274 22,017 28,291
Charge for year 14,566 39,767 54,333
Transfer to ownership (6,274 ) (7,125 ) (13,399 )
At 31 July 2023 14,566 54,659 69,225
NET BOOK VALUE
At 31 July 2023 43,704 119,298 163,002
At 31 July 2022 18,564 145,461 164,025

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 310,440 261,214
Other debtors 37,093 32,594
Directors' current accounts - 2
Tax - 45,051
Prepayments 24,423 26,656
371,956 365,517

Loughborough Forklifts Ltd (Registered number: 05469611)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 40,923 40,002
Other loans 23,972 21,829
Hire purchase contracts 40,108 41,462
Trade creditors 118,002 168,419
Tax 739 12,780
Social security and other taxes 9,005 7,944
VAT 10,100 34,759
Other creditors 65,707 66,921
DF Capital 221,669 -
Wages control account - 333
Directors' current accounts 7 1
Accrued expenses 5,866 28,902
536,098 423,352

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 40,021 40,002
Bank loans - 2-5 years 33,351 73,177
Other loans - 1-2 years 26,325 23,972
Other loans - 2-5 years 71,916 98,241
Hire purchase contracts 115,904 67,933
287,517 303,325

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 902 -
Hire purchase contracts 156,012 109,395
156,914 109,395

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Loughborough Forklifts Ltd (Registered number: 05469611)

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

11. OTHER FINANCIAL COMMITMENTS

Loughborough Forklifts Limited are committed to pay for the following assets at the end of their lease terms.
Due < 12 Months £22,601
Due 12 - 24 Months £95,523
Due 24 - 36 Months £75,699
Due > 36 Months £61,555
The total Financial commitment is therefore £255,378

12. LOANS FROM DIRECTORS

Any loans from the Director's to the company are interest free and repayable on demand.