Registration number:
Larrington Trailers Limited
for the Year Ended 29 September 2023
Larrington Trailers Limited
Contents
Company Information |
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Director's Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Larrington Trailers Limited
Company Information
Director |
R Larrington |
Registered office |
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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:
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
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Larrington Trailers Limited
(Registration number: 06918139)
Balance Sheet as at 29 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Fair value reserve |
101,446 |
101,446 |
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Retained earnings |
30,476 |
16,739 |
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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:
• |
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• |
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
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Larrington Trailers Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023
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:
These financial statements cover the individual entity, Larrington Trailers Limited.
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.
Staff numbers |
The average number of persons employed by the Company (including the Director) during the year, was
Larrington Trailers Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 30 September 2022 |
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At 29 September 2023 |
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Amortisation |
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At 30 September 2022 |
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Amortisation charge |
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At 29 September 2023 |
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Carrying amount |
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At 29 September 2023 |
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At 29 September 2022 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and equipment |
Total |
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Cost or valuation |
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At 30 September 2022 |
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Additions |
- |
- |
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At 29 September 2023 |
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Depreciation |
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Carrying amount |
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At 29 September 2023 |
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At 29 September 2022 |
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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 £
Stocks |
2023 |
2022 |
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Other inventories |
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Larrington Trailers Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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- |
Other debtors |
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Larrington Trailers Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 September 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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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 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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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
Related party transactions |
Summary of transactions with entities with joint control or significant interest
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 |
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Advanced |
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Repaid |
( |
At end of period |
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2022 |
Entities with joint control or significant influence |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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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.