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Registration number: 01725879

South Lincs Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

South Lincs Construction Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

South Lincs Construction Limited

Company Information

Directors

Mr M P Fitzjohn

Mr K M Elliker

Registered office

Bars Bridge Bourne Road
West Pinchbeck
Spalding
Lincolnshire
PE11 3NQ

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

South Lincs Construction Limited

(Registration number: 01725879)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

142,730

130,562

Current assets

 

Stocks

5

56,288

18,652

Debtors

6

396,102

864,458

Cash at bank and in hand

 

842,341

107,551

 

1,294,731

990,661

Creditors: Amounts falling due within one year

7

(867,945)

(909,641)

Net current assets

 

426,786

81,020

Total assets less current liabilities

 

569,516

211,582

Creditors: Amounts falling due after more than one year

7

(83,411)

(98,821)

Provisions for liabilities

(1,927)

(2,037)

Net assets

 

484,178

110,724

Capital and Reserves

 

Called up share capital

8

1,602

1,602

Capital redemption reserve

400

400

Retained Earnings

482,176

108,722

Shareholders' funds

 

484,178

110,724

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 24 November 2023 and signed on its behalf by:
 

 

South Lincs Construction Limited

(Registration number: 01725879)
Balance Sheet as at 31 May 2023 (continued)

.........................................
Mr M P Fitzjohn
Director

.........................................
Mr K M Elliker
Director

 

South Lincs Construction 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 Wales.

The address of its registered office is:
Bars Bridge Bourne Road
West Pinchbeck
Spalding
Lincolnshire
PE11 3NQ
United Kingdom

These financial statements were authorised for issue by the Board on 24 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises 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.

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.

 

South Lincs Construction Limited

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

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet 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.

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

Freehold Property

5% Straight Line

Plant and Machinery

25% Reducing Balance

Fixtures and Fittings

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

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 change 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 is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 their 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.

 

South Lincs Construction Limited

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

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 of 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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 10 (2022 - 9).

 

South Lincs Construction Limited

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

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

137,381

36,595

67,081

69,217

310,274

Additions

-

-

15,995

-

15,995

Disposals

-

(8,929)

(11,250)

-

(20,179)

At 31 May 2023

137,381

27,666

71,826

69,217

306,090

Depreciation

At 1 June 2022

16,039

36,298

59,266

68,109

179,712

Charge for the year

407

63

1,815

277

2,562

Eliminated on disposal

-

(8,884)

(10,030)

-

(18,914)

At 31 May 2023

16,446

27,477

51,051

68,386

163,360

Carrying amount

At 31 May 2023

120,935

189

20,775

831

142,730

At 31 May 2022

121,342

297

7,815

1,108

130,562

Included within the net book value of land and buildings above is £120,935 (2022 - £121,342) in respect of freehold land and buildings.
 

 

South Lincs Construction Limited

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

5

Stocks

2023
£

2022
£

Work in progress

55,538

16,902

Other inventories

750

1,750

56,288

18,652

6

Debtors

Current

2023
£

2022
£

Trade Debtors

328,583

697,223

Prepayments

6,644

13,111

Other debtors

60,875

154,124

 

396,102

864,458

 

South Lincs Construction Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

14,000

12,520

Trade Creditors

 

434,847

711,820

Taxation and social security

 

226,733

124,461

Accruals and deferred income

 

191,570

60,840

Other creditors

 

795

-

 

867,945

909,641

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

83,411

98,821

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,602

1,602

1,602

1,602

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

83,411

98,821

2023
£

2022
£

Current loans and borrowings

Bank borrowings

14,000

12,520

 

South Lincs Construction Limited

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

10

Related party transactions

 

South Lincs Construction Limited

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

10

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,192

17,772

Contributions paid to money purchase schemes

3,360

3,360

21,552

21,132