Registration number:
North Lincs Structures Limited
for the Year Ended 31 May 2023
North Lincs Structures Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
North Lincs Structures Limited
Company Information
Directors |
Mr MR Harness Mrs B M Harness Mrs L Matic Miss E Harness |
Company secretary |
Mrs B M Harness |
Registered office |
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North Lincs Structures Limited
(Registration number: 02818857)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
North Lincs Structures Limited
(Registration number: 02818857)
Balance Sheet as at 31 May 2023
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North Lincs Structures Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital incorporated in England and the company registration number is 02818857.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
The financial statements cover the individual entity, North Lincs Structures Limited.
Summary of disclosure exemptions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group..
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
North Lincs Structures Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Revenue recognition
Turnover comprises the fair value of the 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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets eclsuing land and buildings are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
The revaluation method has been adopted for land and buildings and has been assessed by the directors themselves and will continue to use this model going forward.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Stock and work in progress
Stock has been estimated at the lower of cost and selling price less cost to sell. In respect of work in progress, cost includes a relevant proportion of overheads according to the stage of completion.
North Lincs Structures Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
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.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
North Lincs Structures Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Additions |
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Disposals |
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At 31 May 2023 |
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Depreciation |
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At 1 June 2022 |
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Charge for the year |
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Eliminated on disposal |
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At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
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At 31 May 2022 |
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Included within the net book value of land and buildings above is £400,000 (2022 - £347,032) in respect of freehold land and buildings.
Revaluation
The fair value of the Company's Land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
North Lincs Structures Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Bank loans |
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HP and finance lease |
51,211 |
99,806 |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
2,250 |
1,800 |
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Due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
126,536 |
163,583 |
163,144 |
194,398 |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £236,867 (2022 - £345,603).
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
North Lincs Structures Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Related party transactions |
The below advance was unsecured and had no fixed repayment date. No interest has been charged on the balance as the opening balance was amounts owed to the director and the average balance for the year was negative.
Transactions with Directors |
2023 |
At 1 June 2022 |
Advances to Director |
At 31 May 2023 |
Mr MR Harness |
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2022 |
At 1 June 2021 |
Advances to Director |
At 31 May 2022 |
Mr MR Harness |
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Parent and ultimate parent undertaking |
The company has taken advantage of exemption, under the terms of FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with its parent company North Lincs Structures (Holdings) Limited.
The Company's immediate parent is
The ultimate controlling party is