REGISTERED NUMBER: 05163780 (England and Wales)

Ludford Parts Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R D Fish

R Fish

Mrs R A Fish

SECRETARY:

Mrs E C Griffiths

REGISTERED OFFICE:

47 Weeping Cross Lane

Ludlow

SHROPSHIRE

SY8 1JH

REGISTERED NUMBER:

05163780 (England and Wales)

ACCOUNTANTS:

Streets Dyke Ruscoe Ltd

110 Corve Street

Ludlow

SHROPSHIRE

SY8 1DJ

FIXED ASSETS

Intangible assets

4

4,000

5,000

Tangible assets

5

600,008

733,799

604,008

738,799

CURRENT ASSETS

Stocks

649,067

601,206

Debtors

6

1,712,199

1,525,020

Cash at bank and in hand

1,988,611

1,170,716

4,349,877

3,296,942

CREDITORS

Amounts falling due within one year

7

1,668,100

1,509,697

NET CURRENT ASSETS

2,681,777

1,787,245

TOTAL ASSETS LESS CURRENT LIABILITIES

3,285,785

2,526,044

PROVISIONS FOR LIABILITIES

73,654

45,497

NET ASSETS

3,212,131

2,480,547

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,212,031

2,480,447

SHAREHOLDERS' FUNDS

3,212,131

2,480,547

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2025 and were signed on its behalf by:

R Fish - Director

Mrs R A Fish - Director

R D Fish - Director

1.	STATUTORY INFORMATION

Ludford Parts 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 2019, is being amortised evenly over its estimated useful life of ten 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 each asset over its estimated useful life.

Freehold property

-

Not provided

Improvements to property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% 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 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

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 28 (2023 - 29 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

10,000

AMORTISATION

At 1 January 2024

5,000

Charge for year

1,000

At 31 December 2024

6,000

NET BOOK VALUE

At 31 December 2024

4,000

At 31 December 2023

5,000

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 January 2024

547,192

4,914

24,323

Additions

-

-

-

Disposals

(244,824

)

-

-

At 31 December 2024

302,368

4,914

24,323

DEPRECIATION

At 1 January 2024

-

295

13,017

Charge for year

-

98

2,262

Eliminated on disposal

-

-

-

At 31 December 2024

-

393

15,279

NET BOOK VALUE

At 31 December 2024

302,368

4,521

9,044

At 31 December 2023

547,192

4,619

11,306

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

64,090

192,253

77,117

909,889

Additions

1,498

212,412

1,073

214,983

Disposals

-

(102,581

)

-

(347,405

)

At 31 December 2024

65,588

302,084

78,190

777,467

DEPRECIATION

At 1 January 2024

19,582

68,423

74,773

176,090

Charge for year

8,991

25,267

1,457

38,075

Eliminated on disposal

-

(36,706

)

-

(36,706

)

At 31 December 2024

28,573

56,984

76,230

177,459

NET BOOK VALUE

At 31 December 2024

37,015

245,100

1,960

600,008

At 31 December 2023

44,508

123,830

2,344

733,799

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,271,445

1,208,430

Other debtors

405,245

290,304

Directors' current accounts

16,630

-

Prepayments

18,879

26,286

1,712,199

1,525,020

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

1,322,249

1,235,506

Tax

126,933

110,766

Social security and other taxes

23,431

21,298

VAT

94,587

57,125

Other creditors

4,451

4,011

Directors' current accounts

49,406

53,853

Accrued expenses

47,043

27,138

1,668,100

1,509,697

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

R D Fish

Balance outstanding at start of year

(2,478

)

(31,104

)

Amounts advanced

19,108

33,626

Amounts repaid

-

(5,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

16,630

(2,478

)

Interest has been charged to the company by the directors on the loans included within creditors. The interest has been charged at a market rate of 12%.

Loans to directors are repayable on demand and no interest charged on this loan.

9.	RELATED PARTY DISCLOSURES

Ludford Parts Ltd owns a 52.75% share of a commercial property. The premises is solely used by Ludford Parts Ltd for business purposes. The remaining share of the same commercial property is owned by entities in which directors have an interest.

Ludford Parts Ltd has paid rent to the directors in the year of £43,788 (2023: £39,063)