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Company registration number: 08081007
Coney's of Lincoln Ltd
Unaudited filleted financial statements
31 January 2023
Coney's of Lincoln Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Coney's of Lincoln Ltd
Directors and other information
Directors Mr Scott William Crowson
Mrs Jodi Louise Crowson
Company number 08081007
Registered office 75 High Street
Boston
Lincolnshire
PE21 8SX
Business address Office 10
Red Lion Quarter
Red Lion Street
Spalding
PE11 1SX
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
Coney's of Lincoln Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Coney's of Lincoln Ltd
Year ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coney's of Lincoln Ltd for the year ended 31 January 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Coney's of Lincoln Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Coney's of Lincoln Ltd and state those matters that we have agreed to state to the board of directors of Coney's of Lincoln Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coney's of Lincoln Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Coney's of Lincoln Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Coney's of Lincoln Ltd. You consider that Coney's of Lincoln Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Coney's of Lincoln Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
9 June 2023
Coney's of Lincoln Ltd
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 18,458 21,113
Tangible assets 6 67,872 74,383
Investments 7 5 105
_______ _______
86,335 95,601
Current assets
Stocks 749,027 583,250
Debtors 8 271,978 129,073
Cash at bank and in hand 56,160 143,718
_______ _______
1,077,165 856,041
Creditors: amounts falling due
within one year 9 ( 737,481) ( 453,694)
_______ _______
Net current assets 339,684 402,347
_______ _______
Total assets less current liabilities 426,019 497,948
Creditors: amounts falling due
after more than one year 10 ( 247,088) ( 281,475)
Provisions for liabilities ( 12,895) ( 14,132)
_______ _______
Net assets 166,036 202,341
_______ _______
Capital and reserves
Called up share capital 11 100 100
Profit and loss account 165,936 202,241
_______ _______
Shareholders funds 166,036 202,341
_______ _______
For the year ending 31 January 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 June 2023 , and are signed on behalf of the board by:
Mr Scott William Crowson
Director
Company registration number: 08081007
Coney's of Lincoln Ltd
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 75 High Street, Boston, Lincolnshire, PE21 8SX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Shop equipmenrt - 10 % straight line
Fittings fixtures and equipment - 10 % straight line
Office equipment - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 20 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 February 2022 and 31 January 2023 2,800 23,750 26,550
_______ _______ _______
Amortisation
At 1 February 2022 1,083 4,354 5,437
Charge for the year 280 2,375 2,655
_______ _______ _______
At 31 January 2023 1,363 6,729 8,092
_______ _______ _______
Carrying amount
At 31 January 2023 1,437 17,021 18,458
_______ _______ _______
At 31 January 2022 1,717 19,396 21,113
_______ _______ _______
6. Tangible assets
Short leasehold property Shop equipment Fixtures, fittings and equipment Office equipment Total
£ £ £ £ £
Cost
At 1 February 2022 1 15,110 148,694 9,374 173,179
Additions - 2,256 7,000 1,295 10,551
_______ _______ _______ _______ _______
At 31 January 2023 1 17,366 155,694 10,669 183,730
_______ _______ _______ _______ _______
Depreciation
At 1 February 2022 - 10,367 83,511 4,918 98,796
Charge for the year - 1,170 15,240 652 17,062
_______ _______ _______ _______ _______
At 31 January 2023 - 11,537 98,751 5,570 115,858
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2023 1 5,829 56,943 5,099 67,872
_______ _______ _______ _______ _______
At 31 January 2022 1 4,743 65,183 4,456 74,383
_______ _______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 February 2022 105 105
Disposals ( 100) ( 100)
_______ _______
At 31 January 2023 5 5
_______ _______
Impairment
At 1 February 2022 and 31 January 2023 - -
_______ _______
Carrying amount
At 31 January 2023 5 5
_______ _______
At 31 January 2022 105 105
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 109,147 28,065
Prepayments and accrued income 47,514 27,277
Other debtors 115,317 73,731
_______ _______
271,978 129,073
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 50,535 51,000
Trade creditors 527,994 265,288
Accruals and deferred income 20,474 5,751
Corporation tax 17,603 14,263
Social security and other taxes 64,259 82,395
Other creditors 56,616 34,997
_______ _______
737,481 453,694
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 116,301 134,726
Other creditors 130,787 146,749
_______ _______
247,088 281,475
_______ _______
The company has granted a debenture to Coney's (Tailors) Limited conferring a floating charge as a continuing security on all the undertaking, property, rights and assets of the company both present and future of any kind whatsoever and wherever situated.
Included within creditors: amounts falling due after more than one year is an amount of £ 49,218 (2022 £ 63,850 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
HSBC also has a fixed and floating charge over all property or undertaking of the company.
11. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
12. Other financial commitments
The financial commitments under operating leases not included in the balance sheet amount to £155,833 which represents 2 years and 10 months remaining on the term of the lease at £55,000 per year.