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REGISTERED NUMBER: 01737183 (England and Wales)








Unaudited Financial Statements

for the Year Ended

31 March 2024

for

Loverock Motor Parts Limited

Loverock Motor Parts Limited (Registered number: 01737183)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Loverock Motor Parts Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: G Loverock
J F Loverock





SECRETARY: J F Loverock





REGISTERED OFFICE: Loverock House
Brettell Lane
Brierley Hill
West Midlands
DY5 3JS





REGISTERED NUMBER: 01737183 (England and Wales)





ACCOUNTANTS: Nicklin Accountancy Services Limited
Chartered Accountants
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Loverock Motor Parts Limited (Registered number: 01737183)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 63,291 53,922

CURRENT ASSETS
Stocks 283,517 220,298
Debtors 5 249,108 238,767
Cash at bank and in hand 251,616 251,623
784,241 710,688
CREDITORS
Amounts falling due within one year 6 374,174 357,155
NET CURRENT ASSETS 410,067 353,533
TOTAL ASSETS LESS CURRENT
LIABILITIES

473,358

407,455

PROVISIONS FOR LIABILITIES 7 14,928 9,500
NET ASSETS 458,430 397,955

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 458,330 397,855
SHAREHOLDERS' FUNDS 458,430 397,955

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 2 July 2024 and were signed on its behalf by:





G Loverock - Director


Loverock Motor Parts Limited (Registered number: 01737183)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Loverock Motor Parts 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% 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.

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 28 (2023 - 23 ) .

Loverock Motor Parts Limited (Registered number: 01737183)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 5,575 55,049 92,635 153,259
Additions - 1,120 40,056 41,176
At 31 March 2024 5,575 56,169 132,691 194,435
DEPRECIATION
At 1 April 2023 4,517 40,916 53,904 99,337
Charge for year 265 3,814 27,728 31,807
At 31 March 2024 4,782 44,730 81,632 131,144
NET BOOK VALUE
At 31 March 2024 793 11,439 51,059 63,291
At 31 March 2023 1,058 14,133 38,731 53,922

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 244,617 232,418
Other debtors 4,491 6,349
249,108 238,767

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 274,030 285,107
Taxation and social security 69,670 56,592
Other creditors 30,474 15,456
374,174 357,155

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 14,928 9,500

Deferred
tax
£   
Balance at 1 April 2023 9,500
Provided during year 5,428
Balance at 31 March 2024 14,928

Loverock Motor Parts Limited (Registered number: 01737183)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
G Loverock
Balance outstanding at start of year 2,000 -
Amounts advanced - 2,000
Amounts repaid (2,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 2,000

9. RELATED PARTY DISCLOSURES

The amount owed by the directors at the end of the year was £Nil (2023: £2,000 owed to the directors).