Company Registration No. 08600056 (England and Wales)
Lincs Lining Limited
Unaudited accounts
for the year ended 31 July 2023
Lincs Lining Limited
Unaudited accounts
Contents
Lincs Lining Limited
Company Information
for the year ended 31 July 2023
Company Number
08600056 (England and Wales)
Registered Office
Unit F1 Leafbridge Business Park
Castings Way, Station Road
Lincoln
LN6 9WG
Accountants
Future Cloud Accounting Limited
14 Halifax Court
Fernwood Business Centre
Newark
Nottinghamshire
NG24 3JP
Lincs Lining Limited
Statement of financial position
as at 31 July 2023
Tangible assets
366,661
350,173
Cash at bank and in hand
79,695
137,690
Creditors: amounts falling due within one year
(232,487)
(161,078)
Net current assets
165,274
112,900
Total assets less current liabilities
531,935
463,073
Creditors: amounts falling due after more than one year
(29,537)
(37,497)
Provisions for liabilities
Deferred tax
(44,385)
(40,231)
Net assets
458,013
385,345
Called up share capital
1
1
Profit and loss account
458,012
385,344
Shareholders' funds
458,013
385,345
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 January 2024 and were signed on its behalf by
D C Revill
Director
Company Registration No. 08600056
Lincs Lining Limited
Notes to the Accounts
for the year ended 31 July 2023
Lincs Lining Limited is a private company, limited by shares, registered in England and Wales, registration number 08600056. The registered office is Unit F1 Leafbridge Business Park, Castings Way, Station Road, Lincoln, LN6 9WG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Lincs Lining Limited
Notes to the Accounts
for the year ended 31 July 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2022
188,384
162,802
101,631
18,459
471,276
Additions
-
22,877
28,229
567
51,673
Disposals
-
(380)
-
(899)
(1,279)
At 31 July 2023
188,384
185,299
129,860
18,127
521,670
At 1 August 2022
-
69,124
41,943
10,036
121,103
Charge for the year
-
16,479
16,671
1,319
34,469
On disposals
-
(240)
-
(323)
(563)
At 31 July 2023
-
85,363
58,614
11,032
155,009
At 31 July 2023
188,384
99,936
71,246
7,095
366,661
At 31 July 2022
188,384
93,678
59,688
8,423
350,173
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
45,970
25,987
Amounts falling due within one year
Trade debtors
285,800
105,322
Accrued income and prepayments
29,117
30,290
Lincs Lining Limited
Notes to the Accounts
for the year ended 31 July 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
15,422
7,222
Trade creditors
64,022
42,164
Taxes and social security
115,804
93,623
Other creditors
5,468
6,854
The following secured debts are included within creditors, hire purchase contracts £15,422 (2022: £7,222)
Obligations under hire purchase contracts are secured on the asset to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
11,204
9,165
The following secured debts are included within creditors, hire purchase contracts £11,204 (2022: £9,165).
Obligations under hire purchase contracts are secured on the asset to which they relate.
8
Average number of employees
During the year the average number of employees was 8 (2022: 9).