IRIS Accounts Production v24.3.2.46 02000126 director 1.2.23 31.1.24 31.1.24 the wholesale of motor vehicle components true false true true false false true true true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh020001262023-01-31020001262024-01-31020001262023-02-012024-01-31020001262022-01-31020001262022-02-012023-01-31020001262023-01-3102000126ns15:EnglandWales2023-02-012024-01-3102000126ns14:PoundSterling2023-02-012024-01-3102000126ns10:Director12023-02-012024-01-3102000126ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3102000126ns10:FRS1022023-02-012024-01-3102000126ns10:Audited2023-02-012024-01-3102000126ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3102000126ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3102000126ns10:FullAccounts2023-02-012024-01-3102000126ns10:OrdinaryShareClass12023-02-012024-01-3102000126ns10:CompanySecretary12023-02-012024-01-3102000126ns10:RegisteredOffice2023-02-012024-01-3102000126ns5:CurrentFinancialInstruments2024-01-3102000126ns5:CurrentFinancialInstruments2023-01-3102000126ns5:ShareCapital2024-01-3102000126ns5:ShareCapital2023-01-3102000126ns5:RetainedEarningsAccumulatedLosses2024-01-3102000126ns5:RetainedEarningsAccumulatedLosses2023-01-3102000126ns5:ShareCapital2022-01-3102000126ns5:RetainedEarningsAccumulatedLosses2022-01-3102000126ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-3102000126ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-3102000126ns5:OwnedAssets2023-02-012024-01-3102000126ns5:OwnedAssets2022-02-012023-01-3102000126ns5:PlantMachinery2023-01-3102000126ns5:FurnitureFittings2023-01-3102000126ns5:MotorVehicles2023-01-3102000126ns5:ComputerEquipment2023-01-3102000126ns5:PlantMachinery2023-02-012024-01-3102000126ns5:FurnitureFittings2023-02-012024-01-3102000126ns5:MotorVehicles2023-02-012024-01-3102000126ns5:ComputerEquipment2023-02-012024-01-3102000126ns5:PlantMachinery2024-01-3102000126ns5:FurnitureFittings2024-01-3102000126ns5:MotorVehicles2024-01-3102000126ns5:ComputerEquipment2024-01-3102000126ns5:PlantMachinery2023-01-3102000126ns5:FurnitureFittings2023-01-3102000126ns5:MotorVehicles2023-01-3102000126ns5:ComputerEquipment2023-01-3102000126ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3102000126ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3102000126ns5:BetweenOneFiveYears2024-01-3102000126ns5:BetweenOneFiveYears2023-01-3102000126ns5:MoreThanFiveYears2024-01-3102000126ns5:MoreThanFiveYears2023-01-3102000126ns5:AllPeriods2024-01-3102000126ns5:AllPeriods2023-01-3102000126ns5:DeferredTaxation2023-01-3102000126ns5:DeferredTaxation2023-02-012024-01-3102000126ns5:DeferredTaxation2024-01-3102000126ns10:OrdinaryShareClass12024-01-3102000126ns5:RetainedEarningsAccumulatedLosses2023-01-31
REGISTERED NUMBER: 02000126 (England and Wales)










STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

LOURIMAR LIMITED

LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


LOURIMAR LIMITED

COMPANY INFORMATION
for the year ended 31 January 2024







DIRECTOR: R J Shortis



SECRETARY: S P Allman



REGISTERED OFFICE: 186-200 Salhouse Road
Norwich
Norfolk
NR7 9AH



REGISTERED NUMBER: 02000126 (England and Wales)



AUDITORS: Sexty & Co
Chartered Certified Accountants
& Statutory Auditor
124 Thorpe Road
Norwich
Norfolk
NR1 1RS



SOLICITORS: Howes Percival
Flint Buildings
1 Bedding Lane
Norwich
Norfolk
NR3 1RG

LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

STRATEGIC REPORT
for the year ended 31 January 2024

The director presents his strategic report for the year ended 31 January 2024.

CHAIRMAN'S REPORT
Lourimar Limited, trading as Motorspares, together with its subsidiary companies Motosave Limited (trading as Wilco Motosave), Eastern Auto Spares (Ipswich Holdings) Limited, Eastern Auto Spares (Ipswich) Limited and parent company Wilco Motor Spares Limited had a combined turnover of over £23.1m, pre-tax losses of £309k and net assets of over £8.5m.

The principal activity of the company during the year was the retail trade of motor vehicle parts and accessories.

A comprehensive business review is available in the consolidated group financial statements of K J Shortis Limited.

As a retail-based business dealing directly with the end user, the past year has been exceedingly tough, with not only our customers dealing with the cost-of-living crisis, with interest rates hitting percentages not seen for over a decade, we were also being squeezed with additional costs forced upon us, like the living wage and business rates increases. Our turnover benefited however, as our customers were watching the pennies which meant keeping their car for longer, getting it serviced and repaired at independent garages, like ourselves, rather than at the main dealers.

The current financial year started off strongly but since the announcement of the general election, business slowed up, because consumers do not like uncertainty, so it will be interesting to see what the labour government can do to restore consumer confidence.

PRINCIPAL RISKS AND UNCERTAINTIES
Business risks:
With the continuing reshaping of the UK Aftermarket, with mergers and formations of new buying groups our marketplace is in a state of flux. The high interest rates are likely to affect some of our competitors and with these increases in interest payments and refinancing, could present the Group's companies with opportunities to purchase additional businesses. When the right opportunities arise, the Group can take advantage of these opportunities, due to its strong financial position. The Company can afford to hold stocks when suitable deals become available via our good supplier and customer relationships.

Competition:
The UK Aftermarket is a highly competitive marketplace. We have always prided ourselves on being family owned and family run. This allows us to differentiate ourselves from the competition, which we feel our customers value. The Company manages this by continually assessing, reviewing and developing suitable systems and practises to ensure quality of service to maintain good customer relationships and competitive pricing.

Regulatory compliance risk:
The Company is subject to various laws and regulations set by local authorities and the Health and Safety Executive. The directors ensure that they are up to date and comply with all relevant areas of legislation to mitigate the risk of fines or other disciplinary actions.

Financial risk management:
The directors continually monitor the performance of the Company, trade debtors, stock levels and stock movements to minimise the financial risk of the business. In addition, the Company ensures adequate financing facilities are in place to meet the requirements of the business, along with the strong financial strength of the Group's companies.



LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

STRATEGIC REPORT
for the year ended 31 January 2024


Financial key performance indicators

The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover and gross margin.

Y/E 31 January 2024 Y/E 31 January 2023
£    £   

Turnover £881,483 £1,136,794
Gross margin 31.6% 31.0%


This year is very testing. Inflationary costs are increasing the cost of wages, with fuel and heating being highest. As with most industries, being able to recruit staff has been the biggest problem. We are fortunate that we have loyal key staff to drive the group forward, to assist the group in continuing to reinvest and expand the business.

ON BEHALF OF THE BOARD:





R J Shortis - Director


27 January 2025

LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

REPORT OF THE DIRECTOR
for the year ended 31 January 2024

The director presents his report with the financial statements of the company for the year ended 31 January 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2024.

DIRECTOR
R J Shortis held office during the whole of the period from 1 February 2023 to the date of this report.

FUTURE DEVELOPMENTS
Narrative for future developments is included within the strategic report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sexty & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R J Shortis - Director


27 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LOURIMAR LIMITED

Opinion
We have audited the financial statements of Lourimar Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LOURIMAR LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have made enquiries with management regarding their procedures for complying with laws and regulations along with detecting and prevent fraud. We also review minutes of meetings and any published news articles to identify any instances of non-compliance with and regulations.

Evidence has been obtained where applicable. Written representation has been obtained to confirm there have been no breaches of laws and regulations.

The audit procedures are designed so that with reasonable assurance, material misstatements can be detected, including those relating to fraud. Specifically, areas which involve provisions or estimations have been tested where material.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LOURIMAR LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




I A Barlow (Senior Statutory Auditor)
for and on behalf of Sexty & Co
Chartered Certified Accountants
& Statutory Auditor
124 Thorpe Road
Norwich
Norfolk
NR1 1RS

27 January 2025

LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER 881,483 1,136,794

Cost of sales 603,061 784,437
GROSS PROFIT 278,422 352,357

Administrative expenses 227,484 324,851
50,938 27,506

Other operating income - 994
OPERATING PROFIT 5 50,938 28,500

Interest receivable and similar income 2,542 994
PROFIT BEFORE TAXATION 53,480 29,494

Tax on profit 6 14,146 6,462
PROFIT FOR THE FINANCIAL YEAR 39,334 23,032

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

39,334

23,032

LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 57,675 48,130

CURRENT ASSETS
Stocks 8 96,473 87,053
Debtors 9 598,314 377,072
Cash at bank 177,856 394,203
872,643 858,328
CREDITORS
Amounts falling due within one year 10 83,934 101,908
NET CURRENT ASSETS 788,709 756,420
TOTAL ASSETS LESS CURRENT
LIABILITIES

846,384

804,550

PROVISIONS FOR LIABILITIES 12 14,500 12,000
NET ASSETS 831,884 792,550

CAPITAL AND RESERVES
Called up share capital 13 405,330 405,330
Retained earnings 14 426,554 387,220
SHAREHOLDERS' FUNDS 831,884 792,550

The financial statements were approved by the director and authorised for issue on 27 January 2025 and were signed by:





R J Shortis - Director


LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 405,330 364,188 769,518

Changes in equity
Total comprehensive income - 23,032 23,032
Balance at 31 January 2023 405,330 387,220 792,550

Changes in equity
Total comprehensive income - 39,334 39,334
Balance at 31 January 2024 405,330 426,554 831,884

LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024

1. STATUTORY INFORMATION

Lourimar 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.

The presentation currency of the financial statements is the Pound Sterling (£) rounded to nearest £.

2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of K.J. Shortis Limited as at 31 January 2024 and these financial statements may be obtained from Companies House.

Related party transactions

The company has taken the disclosure exemption available as permitted by FRS 102 section 33.1A not to disclose transactions with group member companies which are also wholly owned subsidiaries within the same group.

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

The turnover figure shown in the statement of comprehensive income relates wholly to sale of goods.

Tangible fixed assets
Plant & Machinery - 15% straight line basis
Fixtures and fittings-15% reducing balance
Motor vehicles-25% reducing balance
Computer equipment-20% straight line basis

Stocks
Stocks are stated at the lower of cost and net realisable value using the average cost method, after making due allowance for obsolete and slow moving items.

Cost comprises the average cost of all purchases.

LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

3. ACCOUNTING POLICIES - continued
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
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.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 102,692 151,337
Social security costs 8,432 11,847
Other pension costs 1,924 993
113,048 164,177

The average number of employees during the year was as follows:
2024 2023

Sales and administration 5 6

2024 2023
£    £   
Director's remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 29,131 48,224
Depreciation - owned assets 18,564 8,927
Loss on disposal of fixed assets 3,553 2,045
Auditors' remuneration 4,621 5,693

LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 12,000 2,000
Under / (over) provision (354 ) (487 )
Total current tax 11,646 1,513

Deferred tax 2,500 4,949
Tax on profit 14,146 6,462

UK corporation tax has been charged at 24.03% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 53,480 29,494
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

13,370

5,604

Effects of:
Capital allowances in excess of depreciation (1,630 ) (4,221 )
Rounding provision (138 ) 228
Deferred tax 2,500 4,949
Loss on disposal of assets 888 389
Over provision in prior year (354 ) (487 )
Adjustment relating to blended corporation tax rate (490 ) -
Total tax charge 14,146 6,462

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s financial year straddles this date, a blended corporation tax rate of 24.03% has been applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable whilst also taking into account marginal relief.

LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

7. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 - 38,019 58,775 854 97,648
Additions 12,750 - 24,339 - 37,089
Disposals - - (44,200 ) - (44,200 )
Reclassification/transfer - - 27,230 - 27,230
At 31 January 2024 12,750 38,019 66,144 854 117,767
DEPRECIATION
At 1 February 2023 - 29,872 19,192 454 49,518
Charge for year 1,913 1,225 15,259 167 18,564
Eliminated on disposal - - (28,641 ) - (28,641 )
Reclassification/transfer - - 20,651 - 20,651
At 31 January 2024 1,913 31,097 26,461 621 60,092
NET BOOK VALUE
At 31 January 2024 10,837 6,922 39,683 233 57,675
At 31 January 2023 - 8,147 39,583 400 48,130

8. STOCKS
2024 2023
£    £   
Stocks 96,473 87,053

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 90,931 107,310
Amounts owed by group undertakings 497,617 257,751
Prepayments and accrued income 9,766 12,011
598,314 377,072

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 58,019 67,011
Tax 12,000 17,639
Social security and other taxes 2,061 4,135
Other creditors 259 176
Accrued expenses 11,595 12,947
83,934 101,908

LOURIMAR LIMITED (REGISTERED NUMBER: 02000126)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Between one and five years 41,968 42,630
In more than five years - 22,000
41,968 64,630

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 14,500 12,000

Deferred
tax
£   
Balance at 1 February 2023 12,000
Provided during year 2,500
Balance at 31 January 2024 14,500

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
405,330 Ordinary £1 405,330 405,330

14. RESERVES
Retained
earnings
£   

At 1 February 2023 387,220
Profit for the year 39,334
At 31 January 2024 426,554

15. PENSION COMMITMENTS

The company operates a defined contribution pension scheme and contributions are charged in the profit and loss account as they accrue. The charge for the period was £1,924 (2023 £993).

16. ULTIMATE PARENT COMPANY

The ultimate parent company is K J Shortis Limited. The direct parent company is Wilco Motor Spares Limited, a wholly owned subsidiary of K J Shortis Limited. The companies have the same registered office address.