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Registration number: 05391201

Lincs Aquatics Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2017 to 30 December 2017

 

Lincs Aquatics Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Lincs Aquatics Limited

Company Information

Directors

R B Stubbs

R L Stubbs

Registered office

Hanger 1
Strubby Airfield
Woodthorpe
Alford
Lincolnshire
LN13 0DD

 

Lincs Aquatics Limited

(Registration number: 05391201)
Balance Sheet as at 30 December 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

1,486

2,968

Tangible assets

5

1,523,884

1,488,999

 

1,525,370

1,491,967

Current assets

 

Stocks

6

580,472

392,078

Debtors

7

39,272

11,893

Cash at bank and in hand

 

14,246

81,210

 

633,990

485,181

Creditors: Amounts falling due within one year

8

(798,328)

(682,520)

Net current liabilities

 

(164,338)

(197,339)

Total assets less current liabilities

 

1,361,032

1,294,628

Creditors: Amounts falling due after more than one year

8

(762,671)

(722,989)

Provisions for liabilities

(47,558)

(41,142)

Net assets

 

550,803

530,497

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

550,703

530,397

Total equity

 

550,803

530,497

For the financial period ending 30 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 November 2018 and signed on its behalf by:
 

.........................................

R L Stubbs
Director

 

Lincs Aquatics Limited

Notes to the Financial Statements for the Period from 1 January 2017 to 30 December 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 05391201.

The address of its registered office is:
Hanger 1
Strubby Airfield
Woodthorpe
Alford
Lincolnshire
LN13 0DD

These financial statements cover the individual entity, Lincs Aquatics Limited.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' subject to the departure noted below.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial accounts are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Departure from requirements of FRS 102

No depreciation has been charged on freehold buildings as they are maintained to such a standard that their residual value is not less than their revaluation cost.

Management have concluded that the above departures do not affect the accounts from showing a true and fair view. Apart from these departures the company has complied with the relevant accounting standards and legislation.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Lincs Aquatics Limited

Notes to the Financial Statements for the Period from 1 January 2017 to 30 December 2017

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% and 33% reducing balance

Furniture and fittings

15% reducing balance

Land and buildings

No depreciation charged

Motor Vehicles

15% reducing balance

Tenants fixtures

4% straight line basis

Intangible assets

Websites costs are shown at historical cost.

Website costs have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Lincs Aquatics Limited

Notes to the Financial Statements for the Period from 1 January 2017 to 30 December 2017

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 23 (2016 - 22).

 

Lincs Aquatics Limited

Notes to the Financial Statements for the Period from 1 January 2017 to 30 December 2017

4

Intangible assets

Website
 £

Total
£

Cost or valuation

At 1 January 2017

4,450

4,450

At 30 December 2017

4,450

4,450

Amortisation

At 1 January 2017

1,482

1,482

Amortisation charge

1,482

1,482

At 30 December 2017

2,964

2,964

Carrying amount

At 30 December 2017

1,486

1,486

At 31 December 2016

2,968

2,968

5

Tangible assets

Land and buildings
£

Furniture & fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2017

1,339,189

294,968

31,994

1,666,151

Additions

18,146

47,677

-

65,823

At 30 December 2017

1,357,335

342,645

31,994

1,731,974

Depreciation

At 1 January 2017

7,995

155,864

13,293

177,152

Charge for the period

1,276

26,857

2,805

30,938

At 30 December 2017

9,271

182,721

16,098

208,090

Carrying amount

At 30 December 2017

1,348,064

159,924

15,896

1,523,884

At 31 December 2016

1,331,194

139,104

18,701

1,488,999

Included within the net book value of land and buildings above is £1,325,440 (2016 - £1,307,294) in respect of freehold land and buildings and £22,624 (2016 - £23,900) in respect of long leasehold land and buildings.
 

6

Stocks

2017
£

2016
£

Finished goods and goods for resale

580,472

392,078

 

Lincs Aquatics Limited

Notes to the Financial Statements for the Period from 1 January 2017 to 30 December 2017

7

Debtors

2017
£

2016
£

Other debtors

33,075

3,732

Prepayments and accrued income

6,197

8,161

Total current trade and other debtors

39,272

11,893

8

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

9

131,207

58,470

Trade creditors

 

80,845

156,430

Taxation and social security

 

26,911

10,962

Other creditors

 

549,136

440,416

Accruals and deferred income

 

10,229

16,242

 

798,328

682,520

Due after one year

 

Loans and borrowings

9

762,671

722,989

Creditors: amounts falling due after more than one year

Note

2017
£

2016
£

Due after one year

 

Loans and borrowings

9

762,671

722,989

Creditors amounts falling due within one year on which security has been given includes bank loans of £58,902 (2016 - £56,294), bank overdraft of £69,887 (2016 - £nil) and hire purchase £2,418 (2016 - £2,176).

Creditors amounts falling due after more than one year on which security has been given includes bank loans of £757,610 (2016 - £715,510) and hire purchase of £5,061 (2016 - £7,479).

The hire purchase balances are secured on the assets to which they relate.

The bank loans are secured on the freehold land and buildings.

The bank overdraft is secured with a fixed and floating charge over the company's assets.

Included in creditors which are due after more than five years by instalments is £501,614 (2016 - £474,262).

 

Lincs Aquatics Limited

Notes to the Financial Statements for the Period from 1 January 2017 to 30 December 2017

9

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Bank borrowings

757,610

715,510

Finance lease liabilities

5,061

7,479

762,671

722,989

2017
£

2016
£

Current loans and borrowings

Bank borrowings

58,902

56,294

Bank overdrafts

69,887

-

Finance lease liabilities

2,418

2,176

Other borrowings

548,069

432,067

679,276

490,537