King's Lynn Warehousing & Distribution L - Accounts to registrar (filleted)

REGISTERED NUMBER: 00974787 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KING'S LYNN WAREHOUSING & DISTRIBUTION

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B W Lockwood

J M Lockwood

Mrs L Lockwood

SECRETARY:

B W Lockwood

REGISTERED OFFICE:

Oldmedow Road

King's Lynn

Norfolk

PE30 4JL

REGISTERED NUMBER:

00974787 (England and Wales)

ACCOUNTANTS:

Wheelers

Chartered Accountants & Tax Consultants

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

FIXED ASSETS

Intangible assets

4

3,961

6,908

Tangible assets

5

1,324,132

1,360,105

1,328,093

1,367,013

CURRENT ASSETS

Stocks

450

460

Debtors

6

191,857

105,660

Cash at bank

329,821

262,684

522,128

368,804

CREDITORS

Amounts falling due within one year

7

191,694

137,212

NET CURRENT ASSETS

330,434

231,592

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,658,527

1,598,605

PROVISIONS FOR LIABILITIES

114,000

93,000

NET ASSETS

1,544,527

1,505,605

CAPITAL AND RESERVES

Called up share capital

1,100

Revaluation reserve

8

431,140

456,455

Retained earnings

1,112,287

1,048,050

SHAREHOLDERS' FUNDS

1,544,527

1,505,605

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 10 September 2025 and were signed on its behalf by:

J M Lockwood - Director

1.	STATUTORY INFORMATION

King's Lynn Warehousing & Distribution 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.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Changes in accounting policies

During the year, the directors have reassessed the amortisation policy in respect of the intangible asset purchased in February 2023 and have reduced the amortisation policy from ten years to four years based on the expected useful life of the intangible asset from acquisition.

If the amortisation policy had remained at ten years straight line, the amortisation in the period would have been £761. Under the new policy, amortisation for the period is £2,947. This includes an additional charge for the underprovision of amortisation in the prior period. This has decreased retained earnings by an additional £2,186.

Turnover

Turnover represents net invoiced sales of goods and provision of warehousing services, excluding value added tax.

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.

Computer software is being amortised evenly over its estimated useful life of four years.

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

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Freehold property in accordance with Financial Reporting Standard 102 has been included at deemed cost on transition. A provision for corporation tax on capital gains which would arise if in the future the freehold property was sold at the balance sheet value has also been recognised. The net amount is not distributable and has been transferred to a revaluation reserve. Depreciation is charged at 2% straight line on the deemed 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.

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.

Consolidation

The parent company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

7,605

AMORTISATION

At 1 January 2024

697

Charge for year

2,947

At 31 December 2024

3,644

NET BOOK VALUE

At 31 December 2024

3,961

At 31 December 2023

6,908

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

COST

At 1 January 2024

1,311,677

370,258

72,389

1,754,324

Additions

-

12,600

-

12,600

Disposals

-

(2,579

)

-

(2,579

)

At 31 December 2024

1,311,677

380,279

72,389

1,764,345

DEPRECIATION

At 1 January 2024

124,833

224,707

44,679

394,219

Charge for year

17,835

22,465

6,927

47,227

Eliminated on disposal

-

(1,233

)

-

(1,233

)

At 31 December 2024

142,668

245,939

51,606

440,213

NET BOOK VALUE

At 31 December 2024

1,169,009

134,340

20,783

1,324,132

At 31 December 2023

1,186,844

145,551

27,710

1,360,105

Included in cost of land and buildings is freehold land of £ 420,000 (2023 - £ 420,000 ) which is not depreciated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

173,109

87,348

Other debtors

18,748

18,312

191,857

105,660

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

15,068

413

Taxation and social security

123,118

79,422

Other creditors

53,508

57,377

191,694

137,212

8.

RESERVES

Revaluation

reserve

£

At 1 January 2024

456,455

Reclassification

(25,315

)

At 31 December 2024

431,140

9.	RELATED PARTY DISCLOSURES

At the year end, an interest free loan amounting to £21,261 (2023 - £28,222) was owed to the parent company.

B W & T J Lockwood have provided a personal guarantee of £350,000 in respect of group bank borrowings for the company and associated companies.