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REGISTERED NUMBER: 06506615 (England and Wales)














South Lincs Foundry Limited

Unaudited Financial Statements

for the Year Ended 28 February 2023






South Lincs Foundry Limited (Registered number: 06506615)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 9


South Lincs Foundry Limited

Company Information
for the Year Ended 28 February 2023







Director: D B W Harriman





Registered office: 7 Swan Court
Cygnet Park
Hampton
Peterborough
Cambs
PE7 8GX





Business address: Spalding Common
Spalding
Lincolnshire
PE11 3AS





Registered number: 06506615 (England and Wales)





Accountants: Moore Thompson
7 Swan Court
Forder Way, Cygnet Park
Hampton
Peterborough
Cambs
PE7 8GX

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
South Lincs Foundry Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Director's report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of South Lincs Foundry Limited for the year ended 28 February 2023 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of South Lincs Foundry Limited in accordance with the terms of our engagement letter dated 28 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of South Lincs Foundry Limited and state those matters that we have agreed to state to the director of South Lincs Foundry Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than South Lincs Foundry Limited and its director for our work or for this report.

It is your duty to ensure that South Lincs Foundry Limited 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 loss of South Lincs Foundry Limited. You consider that South Lincs Foundry Limited 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 South Lincs Foundry Limited. 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.






Moore Thompson
7 Swan Court
Forder Way, Cygnet Park
Hampton
Peterborough
Cambs
PE7 8GX


24 November 2023

South Lincs Foundry Limited (Registered number: 06506615)

Statement of Financial Position
28 February 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 5 18,503 37,009
Tangible assets 6 74,534 92,853
93,037 129,862

Current assets
Stocks 138,278 146,839
Debtors 7 339,761 461,144
Cash at bank and in hand 45,161 75,286
523,200 683,269
Creditors
Amounts falling due within one year 8 353,061 391,489
Net current assets 170,139 291,780
Total assets less current liabilities 263,176 421,642

Creditors
Amounts falling due after more than one
year

9

(27,016

)

(37,146

)

Provisions for liabilities (13,727 ) (17,229 )
Net assets 222,433 367,267

Capital and reserves
Called up share capital 11 100 100
Fair value reserve 12 2,009 2,873
Retained earnings 220,324 364,294
Shareholders' funds 222,433 367,267

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

South Lincs Foundry Limited (Registered number: 06506615)

Statement of Financial Position - continued
28 February 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 November 2023 and were signed by:





D B W Harriman - Director


South Lincs Foundry Limited (Registered number: 06506615)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. Statutory information

South Lincs Foundry 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. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office Equipment - 33% on reducing balance

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

South Lincs Foundry Limited (Registered number: 06506615)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


3. Accounting policies - continued

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. Employees and directors

The average number of employees during the year was 24 (2022 - 24 ) .

South Lincs Foundry Limited (Registered number: 06506615)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


5. Intangible fixed assets
Goodwill
£   
Cost
At 1 March 2022
and 28 February 2023 185,056
Amortisation
At 1 March 2022 148,047
Charge for year 18,506
At 28 February 2023 166,553
Net book value
At 28 February 2023 18,503
At 28 February 2022 37,009

6. Tangible fixed assets
Fixtures
Plant and and Motor Office
machinery fittings vehicles Equipment Totals
£    £    £    £    £   
Cost
At 1 March 2022 281,541 10,455 14,995 7,824 314,815
Additions - - - 900 900
At 28 February 2023 281,541 10,455 14,995 8,724 315,715
Depreciation
At 1 March 2022 195,688 8,701 12,326 5,247 221,962
Charge for year 17,171 351 667 1,030 19,219
At 28 February 2023 212,859 9,052 12,993 6,277 241,181
Net book value
At 28 February 2023 68,682 1,403 2,002 2,447 74,534
At 28 February 2022 85,853 1,754 2,669 2,577 92,853

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 322,422 454,650
Other debtors 17,339 6,494
339,761 461,144

South Lincs Foundry Limited (Registered number: 06506615)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 9,950 8,896
Hire purchase contracts - 2,666
Trade creditors 92,898 100,028
Tax - 30,294
Social security and other taxes 9,243 8,047
VAT 12,032 33,290
Other creditors 293 2,013
Factoring advances 200,853 182,666
Directors' loan accounts 8,946 8,084
Accruals and deferred income 18,846 15,505
353,061 391,489

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 27,016 37,146

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 2,666
Factoring advances 200,853 182,666
200,853 185,332

Obligations under finance leases and hire purchase contracts are secured on the tangible fixed assets concerned.

Factoring advances at the year end are secured on the company trade debtors.

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

South Lincs Foundry Limited (Registered number: 06506615)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


12. Reserves
Fair
value
reserve
£   
At 1 March 2022 2,873
Loan NPV adjustment (864 )

At 28 February 2023 2,009