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COMPANY REGISTRATION NUMBER: 05211101
LINCS ARCHIVING SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
LINCS ARCHIVING SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
Fixed Assets
Tangible assets
5
72,037
77,344
Current Assets
Stocks
1,890
11,045
Debtors
6
41,378
150,072
Cash at bank and in hand
908,700
641,857
-----------
-----------
951,968
802,974
Creditors: amounts falling due within one year
7
183,222
64,937
-----------
-----------
Net Current Assets
768,746
738,037
-----------
-----------
Total Assets Less Current Liabilities
840,783
815,381
Provisions
Taxation including deferred tax
18,010
19,336
-----------
-----------
Net Assets
822,773
796,045
-----------
-----------
LINCS ARCHIVING SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
2023
2022
Note
£
£
£
£
Capital and Reserves
Called up share capital
2,500
2,500
Profit and loss account
820,273
793,545
-----------
-----------
Shareholders Funds
822,773
796,045
-----------
-----------
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.
For the year ending 31 March 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 were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
R C Applewhite
E G Applewhite
Director
Director
Company registration number: 05211101
LINCS ARCHIVING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 The Fields, Washingborough, Lincoln, LN4 1FY.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue Recognition
The turnover shown in the profit and loss account represents amounts due for services provided during the year, exclusive of Value Added Tax.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible Assets
Tangible assets are initially recorded at cost, and 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.
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:
Motor Vehicles
-
20% straight line
Equipment
-
5%-20% Straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
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 stock to its present location and condition.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible Assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2022
15,445
157,905
173,350
Additions
1,814
1,814
---------
-----------
-----------
At 31 March 2023
15,445
159,719
175,164
---------
-----------
-----------
Depreciation
At 1 April 2022
15,445
80,561
96,006
Charge for the year
7,121
7,121
---------
-----------
-----------
At 31 March 2023
15,445
87,682
103,127
---------
-----------
-----------
Carrying amount
At 31 March 2023
72,037
72,037
---------
-----------
-----------
At 31 March 2022
77,344
77,344
---------
-----------
-----------
6. Debtors
2023
2022
£
£
Trade debtors
38,971
61,981
Other debtors
2,407
88,091
---------
-----------
41,378
150,072
---------
-----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,251
707
Social security and other taxes
22,620
2,091
Other creditors
159,351
62,139
-----------
---------
183,222
64,937
-----------
---------
8. Other Financial Commitments
The company has given a guarantee of the bank borrowing of a partnership involving the directors, limited to £250,000.