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REGISTERED NUMBER: 02946840 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

LT & R VOWLES LIMITED

LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)






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




Page

Balance Sheet 1

Notes to the Financial Statements 2


LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 305,661 253,060
Investments 5 - 125,500
305,661 378,560

CURRENT ASSETS
Stocks 496,177 516,466
Debtors 6 1,056,588 1,050,480
Cash at bank and in hand 46,021 22,065
1,598,786 1,589,011
CREDITORS
Amounts falling due within one year 7 813,326 780,733
NET CURRENT ASSETS 785,460 808,278
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,091,121

1,186,838

CREDITORS
Amounts falling due after more than one
year

8

(71,195

)

(193,800

)

PROVISIONS FOR LIABILITIES (60,551 ) (44,262 )
NET ASSETS 959,375 948,776

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Share premium 156,400 156,400
Retained earnings 772,975 762,376
959,375 948,776

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 12 December 2024 and were signed on its behalf by:





Mr S A Jukes - Director


LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)

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

1. STATUTORY INFORMATION

Lt & R Vowles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02946840

Registered office: 26a Tamworth Street
Lichfield
WS13 6JJ

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.

Significant judgements and estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. Management considers that certain accounting assumptions relating to taxation and provisions are its critical accounting policies.

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

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Equally over the terms of the lease
Plant and machinery - 15% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost of finished goods and work in progress comprise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
Having navigated the challenges thrown up by worldwide events over the earlier years of the current decade, we now find the markets for our raw materials to be relatively settled. Energy costs as well as inflation are steadily reducing from the peaks of 2022/23.
However, following two consecutive years of substantial rise in the minimum wage, exacerbated by uncertainties surrounding the incoming government's employment policies, the cost of labour and any associated issues are now moving to pole position as regard to the pressures on our costs of manufacture.
Although the national death rate has been at a reduced level in recent months, which has been reflected in our turnover, we have held our market share.

On this basis, management continue to prepare these accounts on a going concern basis and deem this appropriate. The director does not consider that a material uncertainty about the going concern status currently exists. In making this assessment the director has considered the likely trading conditions for a period of twelve months from the date of the approval of these accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 30 ) .

LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)

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

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 143,440 583,353 10,133 125,090 862,016
Additions - 82,540 1,125 34,950 118,615
Disposals (1,224 ) (9,310 ) - - (10,534 )
At 31 May 2024 142,216 656,583 11,258 160,040 970,097
DEPRECIATION
At 1 June 2023 128,605 397,228 2,492 80,631 608,956
Charge for year 5,758 35,479 2,288 21,326 64,851
Eliminated on disposal (1,225 ) (8,146 ) - - (9,371 )
At 31 May 2024 133,138 424,561 4,780 101,957 664,436
NET BOOK VALUE
At 31 May 2024 9,078 232,022 6,478 58,083 305,661
At 31 May 2023 14,835 186,125 7,641 44,459 253,060


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023 125,500
Impairments (125,500 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 125,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 470,241 473,881
Amounts owed by group undertakings 554,842 544,641
Other debtors 31,505 31,958
1,056,588 1,050,480

LT & R VOWLES LIMITED (REGISTERED NUMBER: 02946840)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 57,437 47,555
Invoice finance 312,672 335,668
Trade creditors 195,160 213,918
Amounts owed to group undertakings 105,027 65,911
Taxation and social security 82,062 64,112
Other creditors 60,968 53,569
813,326 780,733

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 71,195 68,300
Amounts owed to group undertakings - 125,500
71,195 193,800

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 128,632 115,855
Invoice discounting loan 312,672 335,668
441,304 451,523

The invoice discounting loan is secured by a charge over the related trade debtors.
The hire purchase liabilities are secured over the assets to which they relate.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adele Lawton (Senior Statutory Auditor)
for and on behalf of Lawton Bradford Accountants Ltd

11. FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £24,620 (2023 - £17,552)

12. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Jukes Group Limited, incorporated in England & Wales, which is the parent of the smallest and largest group preparing consolidated financial statements that include the company. The registered office is 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ.