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REGISTERED NUMBER: 09687260 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

LINCOLNSHIRE CORVETTE AND CLASSICS
LIMITED

LINCOLNSHIRE CORVETTE AND CLASSICS
LIMITED (REGISTERED NUMBER: 09687260)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LINCOLNSHIRE CORVETTE AND CLASSICS
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2022







DIRECTOR: P D Allen





REGISTERED OFFICE: Turnstyle Works, Unit 2
Claypole Lane
Dry Doddington
NEWARK
Nottinghamshire
NG23 5HZ





REGISTERED NUMBER: 09687260 (England and Wales)





ACCOUNTANTS: Atkinson Evans Limited
Chartered Certified Accountants
The Old Drill Hall
10 Arnot Hill Road
Arnold
Nottingham
Nottinghamshire
NG5 6LJ

LINCOLNSHIRE CORVETTE AND CLASSICS
LIMITED (REGISTERED NUMBER: 09687260)

BALANCE SHEET
31ST DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,962 15,375

CURRENT ASSETS
Debtors 5 960 5,048
Cash at bank 383 784
1,343 5,832
CREDITORS
Amounts falling due within one year 6 116,506 109,402
NET CURRENT LIABILITIES (115,163 ) (103,570 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(102,201

)

(88,195

)

CREDITORS
Amounts falling due after more than one
year

7

21,825

22,640
NET LIABILITIES (124,026 ) (110,835 )

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings (124,030 ) (110,839 )
SHAREHOLDERS' FUNDS (124,026 ) (110,835 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 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.

LINCOLNSHIRE CORVETTE AND CLASSICS
LIMITED (REGISTERED NUMBER: 09687260)

BALANCE SHEET - continued
31ST DECEMBER 2022


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 30th September 2023 and were signed by:





P D Allen - Director


LINCOLNSHIRE CORVETTE AND CLASSICS
LIMITED (REGISTERED NUMBER: 09687260)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022


1. STATUTORY INFORMATION

Lincolnshire Corvette and Classics 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.

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 net invoiced sales of goods and services. Turnover is recognised on completion of the provision of service, or date of delivery of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

LINCOLNSHIRE CORVETTE AND CLASSICS
LIMITED (REGISTERED NUMBER: 09687260)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2022
and 31st December 2022 36,815
DEPRECIATION
At 1st January 2022 20,852
Charge for year 3,001
At 31st December 2022 23,853
NET BOOK VALUE
At 31st December 2022 12,962
At 31st December 2021 15,963

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 960 4,070
Other debtors - 978
960 5,048

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 119 7,664
Taxation and social security 16,115 19,622
Other creditors 100,272 82,116
116,506 109,402

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 21,825 22,640