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REGISTERED NUMBER: 04380217 (England and Wales)















LOUTH BUILDING SUPPLIES (2002) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025






LOUTH BUILDING SUPPLIES (2002) LIMITED (REGISTERED NUMBER: 04380217)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025




Page

Company Information 1

Statement of Income and Retained Earnings 2

Statement of Financial Position 3

Notes to the Financial Statements 4 to 6


LOUTH BUILDING SUPPLIES (2002) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2025







DIRECTORS: Mrs E A Randall
J A Randall



SECRETARY: I D Roscoe



REGISTERED OFFICE: Thames Street
Louth
Lincolnshire
LN11 7AD



REGISTERED NUMBER: 04380217 (England and Wales)



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



BANKERS: National Westminster Bank PLC
Market Place
Louth
Lincolnshire
LN11 9NX

LOUTH BUILDING SUPPLIES (2002) LIMITED (REGISTERED NUMBER: 04380217)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2025

2025 2024
£    £   

TURNOVER 2,268,246 2,488,352

Cost of sales 1,652,783 1,853,742
GROSS PROFIT 615,463 634,610

Administrative expenses 546,662 542,387
OPERATING PROFIT 68,801 92,223

Interest receivable and similar income 9,670 3,220
PROFIT BEFORE TAXATION 78,471 95,443

Tax on profit 16,726 25,002
PROFIT FOR THE FINANCIAL YEAR 61,745 70,441

Retained earnings at beginning of year 876,292 867,851

Dividends (62,000 ) (62,000 )

RETAINED EARNINGS AT END OF YEAR 876,037 876,292

LOUTH BUILDING SUPPLIES (2002) LIMITED (REGISTERED NUMBER: 04380217)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 89,921 68,462
Investments 5 1,300 1,300
91,221 69,762

CURRENT ASSETS
Stocks 212,340 202,229
Debtors 6 272,361 353,080
Cash at bank and in hand 535,906 460,306
1,020,607 1,015,615
CREDITORS
Amounts falling due within one year 7 213,308 191,967
NET CURRENT ASSETS 807,299 823,648
TOTAL ASSETS LESS CURRENT LIABILITIES 898,520 893,410

PROVISIONS FOR LIABILITIES 22,480 17,115
NET ASSETS 876,040 876,295

CAPITAL AND RESERVES
Called up share capital 8 3 3
Retained earnings 876,037 876,292
SHAREHOLDERS' FUNDS 876,040 876,295

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





J A Randall - Director


LOUTH BUILDING SUPPLIES (2002) LIMITED (REGISTERED NUMBER: 04380217)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1. STATUTORY INFORMATION

Louth Building Supplies (2002) 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 (£).


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 represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts.

Tangible fixed assets
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.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery-15% on reducing balance
Fixtures and fittings-15% on reducing balance
Motor vehicles-25% on cost
Computer equipment-25% on cost

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 FRS102 1A 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 BUILDING SUPPLIES (2002) LIMITED (REGISTERED NUMBER: 04380217)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

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.

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.

Investments
Fixed asset investments are stated at cost less provision for diminution in value, as a best estimate of market value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2024 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2024 41,750 15,331 143,490 31,159 231,730
Additions - - 42,391 - 42,391
Disposals - - (25,265 ) - (25,265 )
At 31 January 2025 41,750 15,331 160,616 31,159 248,856
DEPRECIATION
At 1 February 2024 15,907 13,456 105,449 28,456 163,268
Charge for year 3,464 281 15,200 1,987 20,932
Eliminated on disposal - - (25,265 ) - (25,265 )
At 31 January 2025 19,371 13,737 95,384 30,443 158,935
NET BOOK VALUE
At 31 January 2025 22,379 1,594 65,232 716 89,921
At 31 January 2024 25,843 1,875 38,041 2,703 68,462

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 February 2024
and 31 January 2025 1,300
NET BOOK VALUE
At 31 January 2025 1,300
At 31 January 2024 1,300

LOUTH BUILDING SUPPLIES (2002) LIMITED (REGISTERED NUMBER: 04380217)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 236,007 302,406
Other debtors 36,354 50,674
272,361 353,080

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 174,971 140,014
Taxation and social security 32,032 45,199
Other creditors 6,305 6,754
213,308 191,967

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
3 Ordinary £1 3 3

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2025 and 31 January 2024:

2025 2024
£    £   
Mrs E A Randall and J A Randall
Balance outstanding at start of year 32,846 36,662
Amounts advanced 52,762 58,184
Amounts repaid (62,000 ) (62,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 23,608 32,846

The directors' loan account is unsecured and repayable on demand. Interest has been charged at the official interest rate of 2.25% on the overdrawn directors' loan account. It was paid within 9 months of the year end.

10. RELATED PARTY DISCLOSURES

During the year dividends of £62,000 (2024: £62,000) were paid to the directors.