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REGISTERED NUMBER: 05163780 (England and Wales)











Ludford Parts Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023






Ludford Parts Ltd (Registered number: 05163780)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 8

Ludford Parts Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R D Fish
R Fish
Mrs R A Fish





SECRETARY: Mrs E C Griffiths





REGISTERED OFFICE: 47 Weeping Cross Lane
Ludlow
SHROPSHIRE
SY8 1JH





REGISTERED NUMBER: 05163780 (England and Wales)





ACCOUNTANTS: Dyke Ruscoe & Hayes Ltd
Chartered Certified Accountants
110 Corve Street
Ludlow
SHROPSHIRE
SY8 1DJ

Ludford Parts Ltd (Registered number: 05163780)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,000 6,000
Tangible assets 5 733,799 459,764
738,799 465,764

CURRENT ASSETS
Stocks 601,206 379,680
Debtors 6 1,525,020 1,513,723
Cash at bank and in hand 1,170,716 686,489
3,296,942 2,579,892
CREDITORS
Amounts falling due within one year 7 1,509,697 851,840
NET CURRENT ASSETS 1,787,245 1,728,052
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,526,044

2,193,816

PROVISIONS FOR LIABILITIES 45,497 38,169
NET ASSETS 2,480,547 2,155,647

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,480,447 2,155,547
SHAREHOLDERS' FUNDS 2,480,547 2,155,647

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

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

The directors acknowledge their 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.

Ludford Parts Ltd (Registered number: 05163780)

Balance Sheet - continued
31 December 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 Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:




R Fish - Director Mrs R A Fish - Director




R D Fish - Director


Ludford Parts Ltd (Registered number: 05163780)

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

1. STATUTORY INFORMATION

Ludford Parts 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 2019, is being amortised evenly over its estimated useful life of ten 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 each asset over its estimated useful life.
Freehold property - Not provided
Improvements to property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% 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 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.

Ludford Parts Ltd (Registered number: 05163780)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 29 (2022 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 10,000
AMORTISATION
At 1 January 2023 4,000
Charge for year 1,000
At 31 December 2023 5,000
NET BOOK VALUE
At 31 December 2023 5,000
At 31 December 2022 6,000

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 302,368 4,914 14,589
Additions 244,824 - 9,734
Disposals - - -
At 31 December 2023 547,192 4,914 24,323
DEPRECIATION
At 1 January 2023 - 197 11,498
Charge for year - 98 1,519
Eliminated on disposal - - -
At 31 December 2023 - 295 13,017
NET BOOK VALUE
At 31 December 2023 547,192 4,619 11,306
At 31 December 2022 302,368 4,717 3,091

Ludford Parts Ltd (Registered number: 05163780)

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

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 50,719 169,789 75,847 618,226
Additions 13,371 51,409 1,270 320,608
Disposals - (28,945 ) - (28,945 )
At 31 December 2023 64,090 192,253 77,117 909,889
DEPRECIATION
At 1 January 2023 9,083 65,455 72,229 158,462
Charge for year 10,499 21,377 2,544 36,037
Eliminated on disposal - (18,409 ) - (18,409 )
At 31 December 2023 19,582 68,423 74,773 176,090
NET BOOK VALUE
At 31 December 2023 44,508 123,830 2,344 733,799
At 31 December 2022 41,636 104,334 3,618 459,764

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,208,430 1,113,607
Other debtors 290,304 384,191
Prepayments 26,286 15,925
1,525,020 1,513,723

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,235,506 537,110
Tax 110,766 117,196
Social security and other taxes 21,298 9,320
VAT 57,125 64,089
Other creditors 4,011 4,391
Directors' current accounts 53,853 110,567
Accrued expenses 27,138 9,167
1,509,697 851,840

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Interest has been charged to the company by the directors on the loans included within creditors. The interest has been charged at a market rate of 12%.

Ludford Parts Ltd (Registered number: 05163780)

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

9. RELATED PARTY DISCLOSURES

Ludford Parts Ltd owns a 52.75% share of a commercial property. The premises is solely used by Ludford Parts Ltd for business purposes. The remaining share of the same commercial property is owned by entities in which directors have an interest.

Ludford Parts Ltd has paid rent to the directors in the year of £39,063 (2022: £24,888)

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Ludford Parts Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ludford Parts Ltd for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Ludford Parts Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ludford Parts Ltd and state those matters that we have agreed to state to the Board of Directors of Ludford Parts Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ludford Parts Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ludford Parts Ltd. You consider that Ludford Parts Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ludford Parts Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Dyke Ruscoe & Hayes Ltd
Chartered Certified Accountants
110 Corve Street
Ludlow
SHROPSHIRE
SY8 1DJ


31 July 2024