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Registration number: 02818857

North Lincs Structures Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

North Lincs Structures Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

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

6 Pippin Drive
Bottesford
Scunthorpe
North Lincolnshire
DN16 3TR

 

North Lincs Structures Limited

(Registration number: 02818857)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

826,763

752,940

Current assets

 

Stocks

28,000

127,380

Debtors

5

193,062

177,946

Cash at bank and in hand

 

467,464

220,506

 

688,526

525,832

Creditors: Amounts falling due within one year

6

(512,783)

(588,958)

Net current assets/(liabilities)

 

175,743

(63,126)

Total assets less current liabilities

 

1,002,506

689,814

Creditors: Amounts falling due after more than one year

6

(163,144)

(194,398)

Provisions for liabilities

(162,770)

(64,025)

Net assets

 

676,592

431,391

Capital and reserves

 

Called up share capital

7

2

2

Revaluation reserve

169,604

125,967

Retained earnings

506,986

305,422

Shareholders' funds

 

676,592

431,391

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:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 10 November 2023 and signed on its behalf by:
 

 

North Lincs Structures Limited

(Registration number: 02818857)
Balance Sheet as at 31 May 2023

.........................................
Mr MR Harness
Director

 

North Lincs Structures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

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:
6 Pippin Drive
Bottesford
Scunthorpe
North Lincolnshire
DN16 3TR

These financial statements were authorised for issue by the Board on 10 November 2023.

2

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

The financial statements contain information about North Lincs Structures Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements..

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 21 (2022 - 16).

 

North Lincs Structures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

400,000

637,581

59,609

1,097,190

Additions

-

39,836

44,413

84,249

Disposals

-

(55,995)

(19,041)

(75,036)

At 31 May 2023

400,000

621,422

84,981

1,106,403

Depreciation

At 1 June 2022

52,968

251,688

39,594

344,250

Charge for the year

(52,968)

44,778

8,929

739

Eliminated on disposal

-

(52,624)

(12,725)

(65,349)

At 31 May 2023

-

243,842

35,798

279,640

Carrying amount

At 31 May 2023

400,000

377,580

49,183

826,763

At 31 May 2022

347,032

385,893

20,015

752,940

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 31 May 2023. An independent valuer was not involved.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £244,485 (2022 - £244,485).

 

North Lincs Structures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

91,157

147,814

Prepayments

29,875

28,847

Other debtors

72,030

1,285

 

193,062

177,946

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans

22,512

51,399

HP and finance lease

51,211

99,806

Trade creditors

249,226

309,347

Amounts owed to group undertakings

149,200

50,000

Taxation and social security

32,069

10,104

Other creditors

6,315

66,502

Accruals and deferred income

2,250

1,800

512,783

588,958

Due after one year

Bank borrowings

36,608

30,815

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).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £2 each

1

2

1

2

         
 

North Lincs Structures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

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

(59,339)

116,098

56,759

       
     

 

2022

At 1 June 2021
£

Advances to Director
£

At 31 May 2022
£

Mr MR Harness

(93,329)

33,990

(59,339)

       
     

 

9

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 North Lincs Structures (Holdings) Limited, incorporated in England and Wales.

 The ultimate controlling party is Michael Harness.