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REGISTERED NUMBER: 10998392 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

FOR

LNC PROPERTY DEVELOPMENT LIMITED

LNC PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 10998392)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LNC PROPERTY DEVELOPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: Mr L Collingham
Mrs N J Collingham





REGISTERED OFFICE: Unit 2 Lindrick Way
Barlborough
Chesterfield
S43 4XE





REGISTERED NUMBER: 10998392 (England and Wales)





ACCOUNTANTS: Elkingtons Accountants Limited
1st Floor
49 High Street
Hucknall
Nottinghamshire
NG15 7AW

LNC PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 10998392)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 107,951 96,834

CURRENT ASSETS
Stocks 411,651 225,236
Debtors 5 788,183 1,079,735
Cash at bank 633,414 553,187
1,833,248 1,858,158
CREDITORS
Amounts falling due within one year 6 1,416,640 1,373,633
NET CURRENT ASSETS 416,608 484,525
TOTAL ASSETS LESS CURRENT
LIABILITIES

524,559

581,359

CREDITORS
Amounts falling due after more than one
year

7

(65,480

)

(76,958

)

PROVISIONS FOR LIABILITIES (20,511 ) (18,398 )
NET ASSETS 438,568 486,003

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 438,468 485,903
438,568 486,003

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

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

LNC PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 10998392)

BALANCE SHEET - continued
31ST 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 20th October 2023 and were signed on its behalf by:





Mr L Collingham - Director


LNC PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 10998392)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

LNC Property Development 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.

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
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Amounts recoverable on contracts
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. The Company uses the 'percentage of completion method' to determine the appropriate amount to recognise in a given period. The assessment of the stage of completion is dependent on the nature of the contract, but will generally be based on the expected total contract revenues and costs to be estimated based on the current progress of the contract. If a contract is expected to be loss-making, a provision is recognised for the entire loss.

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.

LNC PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 10998392)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST 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. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2022 132,347
Additions 184,795
Disposals (149,861 )
At 31st March 2023 167,281
DEPRECIATION
At 1st April 2022 35,513
Charge for year 50,252
Eliminated on disposal (26,435 )
At 31st March 2023 59,330
NET BOOK VALUE
At 31st March 2023 107,951
At 31st March 2022 96,834

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 689,921 993,545
Other debtors 98,262 86,190
788,183 1,079,735

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,656 10,000
Hire purchase contracts 9,692 5,809
Trade creditors 751,214 1,023,644
Amounts owed to participating interests - 5,700
Taxation and social security 16,096 102,444
Other creditors 629,982 226,036
1,416,640 1,373,633

LNC PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 10998392)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,441 35,000
Hire purchase contracts 40,039 41,958
65,480 76,958

8. OTHER FINANCIAL COMMITMENTS

The total amount of commitments, guarantees and contingencies is £19,000.