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REGISTERED NUMBER: 03780093 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Lincoln Office Furniture Limited

Lincoln Office Furniture Limited (Registered number: 03780093)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lincoln Office Furniture Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: G R Hackett
V L Hackett





REGISTERED OFFICE: 15 Newland
Lincoln
LN1 1XG





REGISTERED NUMBER: 03780093 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Lincoln Office Furniture Limited (Registered number: 03780093)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,080 12,160
Tangible assets 5 19,953 24,591
26,033 36,751

CURRENT ASSETS
Stocks 94,666 84,561
Debtors 6 60,082 86,573
Cash at bank 175,022 45,534
329,770 216,668
CREDITORS
Amounts falling due within one year 7 328,041 127,286
NET CURRENT ASSETS 1,729 89,382
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,762

126,133

CREDITORS
Amounts falling due after more than one
year

8

(21,667

)

(31,667

)

PROVISIONS FOR LIABILITIES (3,791 ) (4,672 )
NET ASSETS 2,304 89,794

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 2,204 89,694
SHAREHOLDERS' FUNDS 2,304 89,794

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Lincoln Office Furniture Limited (Registered number: 03780093)

Balance Sheet - continued
31 March 2023


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 2 October 2023 and were signed on its behalf by:




G R Hackett - Director



V L Hackett - Director


Lincoln Office Furniture Limited (Registered number: 03780093)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Lincoln Office Furniture 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 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 2008, 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 each asset over its estimated useful life.
Plant and machinery - 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
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the resent value of the minimum lease payments. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Lincoln Office Furniture Limited (Registered number: 03780093)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 30,400
AMORTISATION
At 1 April 2022 18,240
Charge for year 6,080
At 31 March 2023 24,320
NET BOOK VALUE
At 31 March 2023 6,080
At 31 March 2022 12,160

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 10,095 73,724 982 84,801
Additions - - 719 719
At 31 March 2023 10,095 73,724 1,701 85,520
DEPRECIATION
At 1 April 2022 9,121 50,603 486 60,210
Charge for year 195 4,624 538 5,357
At 31 March 2023 9,316 55,227 1,024 65,567
NET BOOK VALUE
At 31 March 2023 779 18,497 677 19,953
At 31 March 2022 974 23,121 496 24,591

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 41,881 67,439
Other debtors 18,201 19,134
60,082 86,573

Lincoln Office Furniture Limited (Registered number: 03780093)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts - 2,304
Trade creditors 29,129 47,792
Taxation and social security 4,853 33,454
Other creditors 284,059 33,736
328,041 127,286

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 21,667 31,667

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bounce Back Loan 31,667 41,667

The Bounce Back Loan scheme is secured against a guarantee by the bank in which the bank guarantees the repayment of the loan if the client was to default on this.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100