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REGISTERED NUMBER: 05618968 (England and Wales)















LOUTH VOLKS WORLD LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






LOUTH VOLKS WORLD LTD (REGISTERED NUMBER: 05618968)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


LOUTH VOLKS WORLD LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: D D Drury
J Chambers
D J Rankin





REGISTERED OFFICE: Louth Trading Estate
North Holme Road
Louth
Lincolnshire
LN11 0JQ





REGISTERED NUMBER: 05618968 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS

LOUTH VOLKS WORLD LTD (REGISTERED NUMBER: 05618968)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 44,197 50,478

CURRENT ASSETS
Stocks 504,714 575,969
Debtors 5 295,916 230,601
Cash at bank 29,020 5,372
829,650 811,942
CREDITORS
Amounts falling due within one year 6 547,609 505,127
NET CURRENT ASSETS 282,041 306,815
TOTAL ASSETS LESS CURRENT LIABILITIES 326,238 357,293

CREDITORS
Amounts falling due after more than one year 7 (200,649 ) (248,135 )

PROVISIONS FOR LIABILITIES (10,642 ) (9,214 )
NET ASSETS 114,947 99,944

CAPITAL AND RESERVES
Called up share capital 8 300 300
Retained earnings 114,647 99,644
SHAREHOLDERS' FUNDS 114,947 99,944

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





D D Drury - Director


LOUTH VOLKS WORLD LTD (REGISTERED NUMBER: 05618968)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Louth Volks World 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.

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


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 - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 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.

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


LOUTH VOLKS WORLD LTD (REGISTERED NUMBER: 05618968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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
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 14 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2023 20,869 149,617 3,815
Additions - 2,860 -
At 31 January 2024 20,869 152,477 3,815
DEPRECIATION
At 1 February 2023 20,869 110,845 3,688
Charge for year - 6,245 32
At 31 January 2024 20,869 117,090 3,720
NET BOOK VALUE
At 31 January 2024 - 35,387 95
At 31 January 2023 - 38,772 127

LOUTH VOLKS WORLD LTD (REGISTERED NUMBER: 05618968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 54,412 37,157 265,870
Additions - - 2,860
At 31 January 2024 54,412 37,157 268,730
DEPRECIATION
At 1 February 2023 45,918 34,072 215,392
Charge for year 2,123 741 9,141
At 31 January 2024 48,041 34,813 224,533
NET BOOK VALUE
At 31 January 2024 6,371 2,344 44,197
At 31 January 2023 8,494 3,085 50,478

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 144,622 37,461
Other debtors 151,294 193,140
295,916 230,601

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 153,846 171,972
Taxation and social security 98,917 33,776
Other creditors 294,846 299,379
547,609 505,127

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 200,649 248,135

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
300 Ordinary shares £1 300 300

LOUTH VOLKS WORLD LTD (REGISTERED NUMBER: 05618968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
D D Drury
Balance outstanding at start of year 69,450 71,316
Amounts advanced 48,413 65,824
Amounts repaid (79,681 ) (67,690 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 38,182 69,450

D J Rankin
Balance outstanding at start of year 41,717 71,972
Amounts advanced 3,123 1,247
Amounts repaid (14,360 ) (31,502 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,480 41,717

J Chambers
Balance outstanding at start of year (19,403 ) (19,732 )
Amounts advanced 20,061 329
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 658 (19,403 )

The directors loan accounts are unsecured and repayable on demand. Interest has been charged at the Inland Revenues' official rate of interest.

10. RELATED PARTY DISCLOSURES

Included in trade creditors is £27,857 (2023: £Nil) due to Volks World Racing Limited, a company in which the directors have an interest.

Included in trade debtors is £21,373 (2023: £1,507) due from Volks World Racing Limited, a company in which the directors have an interest.