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REGISTERED NUMBER: 05469611 (England and Wales)












Unaudited Financial Statements for the Year Ended 31 July 2024

for

Loughborough Forklifts Ltd

Loughborough Forklifts Ltd (Registered number: 05469611)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Loughborough Forklifts Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTOR: D James





REGISTERED OFFICE: Galven House
Bakewell Road
Loughborough
Leicestershire
LE11 5QY





REGISTERED NUMBER: 05469611 (England and Wales)





ACCOUNTANTS: The Profit Key Limited
Prince William House
10 Lower Church Street
Ashby de la Zouch
Leicestershire
LE65 1AB

Loughborough Forklifts Ltd (Registered number: 05469611)

Statement of Financial Position
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 648,075 730,817
648,075 730,817

CURRENT ASSETS
Stocks 221,676 247,711
Debtors 6 386,663 371,956
Cash at bank and in hand 57,463 11,303
665,802 630,970
CREDITORS
Amounts falling due within one year 7 655,611 536,098
NET CURRENT ASSETS 10,191 94,872
TOTAL ASSETS LESS CURRENT
LIABILITIES

658,266

825,689

CREDITORS
Amounts falling due after more than one
year

8

(236,769

)

(287,517

)

PROVISIONS FOR LIABILITIES (162,019 ) (138,855 )
NET ASSETS 259,478 399,317

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 259,378 399,217
SHAREHOLDERS' FUNDS 259,478 399,317

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Loughborough Forklifts Ltd (Registered number: 05469611)

Statement of Financial Position - continued
31 July 2024


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 director and authorised for issue on 17 April 2025 and were signed by:





D James - Director


Loughborough Forklifts Ltd (Registered number: 05469611)

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

1. STATUTORY INFORMATION

Loughborough Forklifts 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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 statement of financial position date.

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.

Loughborough Forklifts Ltd (Registered number: 05469611)

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

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 50,000
AMORTISATION
At 1 August 2023
and 31 July 2024 50,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

Loughborough Forklifts Ltd (Registered number: 05469611)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 August 2023 54,962 1,156,353 23,461
Additions - 163,126 23,375
Disposals - (122,700 ) -
Transfer to ownership - - -
At 31 July 2024 54,962 1,196,779 46,836
DEPRECIATION
At 1 August 2023 19,084 640,310 16,127
Charge for year 9,160 169,818 7,678
Eliminated on disposal - (82,098 ) -
At 31 July 2024 28,244 728,030 23,805
NET BOOK VALUE
At 31 July 2024 26,718 468,749 23,031
At 31 July 2023 35,878 516,043 7,334

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2023 310,621 60,260 1,605,657
Additions - 3,765 190,266
Disposals (25,269 ) - (147,969 )
Transfer to ownership 1 - 1
At 31 July 2024 285,353 64,025 1,647,955
DEPRECIATION
At 1 August 2023 146,077 53,242 874,840
Charge for year 41,138 3,593 231,387
Eliminated on disposal (24,249 ) - (106,347 )
At 31 July 2024 162,966 56,835 999,880
NET BOOK VALUE
At 31 July 2024 122,387 7,190 648,075
At 31 July 2023 164,544 7,018 730,817

Loughborough Forklifts Ltd (Registered number: 05469611)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2023 58,270 173,957 232,227
Additions 93,710 - 93,710
Transfer to ownership - (58,427 ) (58,427 )
At 31 July 2024 151,980 115,530 267,510
DEPRECIATION
At 1 August 2023 14,566 54,659 69,225
Charge for year 34,356 21,663 56,019
Transfer to ownership - (25,776 ) (25,776 )
At 31 July 2024 48,922 50,546 99,468
NET BOOK VALUE
At 31 July 2024 103,058 64,984 168,042
At 31 July 2023 43,704 119,298 163,002

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 323,874 310,440
Other debtors 37,514 37,093
Prepayments 25,275 24,423
386,663 371,956

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,020 40,923
Other loans 26,325 23,972
IWOCA Ozone loan 59,530 -
Hire purchase contracts 57,537 40,108
Trade creditors 149,773 118,002
Tax 35,041 739
Social security and other taxes 4,888 9,005
VAT 27,963 10,100
Other creditors 61,140 65,707
DF Capital 189,493 221,669
Wages control account (152 ) -
Directors' current accounts 8 7
Accrued expenses 4,045 5,866
655,611 536,098

Loughborough Forklifts Ltd (Registered number: 05469611)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 33,354 40,021
Bank loans - 2-5 years - 33,351
Other loans - 1-2 years 28,909 26,325
Other loans - 2-5 years 43,007 71,916
Hire purchase contracts 131,499 115,904
236,769 287,517

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 902
Hire purchase contracts 189,036 156,012
189,036 156,914

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. OTHER FINANCIAL COMMITMENTS

Loughborough Forklifts Limited are committed to pay for the following assets at the end of their lease terms.
Due < 12 Months £84,976
Due 12 - 24 Months £125,112
Due 24 - 36 Months £73,298
Due > 36 Months £89,113
The total Financial commitment is therefore £372,499

12. LOANS FROM DIRECTORS

Any loans from the Director's to the company are interest free and repayable on demand.