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REGISTERED NUMBER: 00756037 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

North Lincs. Engineering Limited

North Lincs. Engineering Limited (Registered number: 00756037)






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


North Lincs. Engineering Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: A E Garlant
Ms K Goodyear





SECRETARY: Ms K Goodyear





REGISTERED OFFICE: College View Works
Manby Road
Grimoldby
Louth
Lincolnshire
LN11 8HE





REGISTERED NUMBER: 00756037 (England and Wales)






North Lincs. Engineering Limited (Registered number: 00756037)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 198,130 207,497

CURRENT ASSETS
Stocks 273,648 442,488
Debtors 5 347,481 610,364
Cash at bank and in hand 201,402 1,466
822,531 1,054,318
CREDITORS
Amounts falling due within one year 6 165,159 295,735
NET CURRENT ASSETS 657,372 758,583
TOTAL ASSETS LESS CURRENT
LIABILITIES

855,502

966,080

PROVISIONS FOR LIABILITIES - 4,465
NET ASSETS 855,502 961,615

CAPITAL AND RESERVES
Called up share capital 87,000 87,000
Revaluation reserve 7 101,701 101,701
Retained earnings 666,801 772,914
855,502 961,615

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.

North Lincs. Engineering Limited (Registered number: 00756037)

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 27 October 2023 and were signed on its behalf by:





Ms K Goodyear - Director


North Lincs. Engineering Limited (Registered number: 00756037)

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

1. STATUTORY INFORMATION

North Lincs. Engineering 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 comprises the fair value of 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, returns, rebates and discounts.

The company recognizes 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to there 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.

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.

North Lincs. Engineering Limited (Registered number: 00756037)

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

2. ACCOUNTING POLICIES - continued

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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 chance 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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables.

North Lincs. Engineering Limited (Registered number: 00756037)

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

2. ACCOUNTING POLICIES - continued

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 f 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 230,457 99,252 25,361 83,786 438,856
Additions - - 1,833 - 1,833
At 31 March 2023 230,457 99,252 27,194 83,786 440,689
DEPRECIATION
At 1 April 2022 60,562 88,539 22,828 59,430 231,359
Charge for year 3,174 1,607 330 6,089 11,200
At 31 March 2023 63,736 90,146 23,158 65,519 242,559
NET BOOK VALUE
At 31 March 2023 166,721 9,106 4,036 18,267 198,130
At 31 March 2022 169,895 10,713 2,533 24,356 207,497

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 254,909 523,484
Other debtors 92,572 86,880
347,481 610,364

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts - 55,519
Trade creditors 124,536 187,161
Taxation and social security 29,653 28,902
Other creditors 10,970 24,153
165,159 295,735

North Lincs. Engineering Limited (Registered number: 00756037)

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

7. RESERVES
Revaluation
reserve
£   
At 1 April 2022
and 31 March 2023 101,701

8. RELATED PARTY DISCLOSURES

31.3.23 31.3.22
£    £   
Total balance owing from related parties 2,754 30,999
Sales to related parties 47,424 1,948
Purchases from related parties 109,161 34,000

Related parties are companies in which the director is also a director or has an interest.

9. ULTIMATE CONTROLLING PARTY

There is no overall controlling party.