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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
Page
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Lincs Lining Limited Company Information for the year ended 31 July 2023
Director
D C Revill
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
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Lincs Lining Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
366,661 
350,173 
Current assets
Debtors
318,066 
136,288 
Cash at bank and in hand
79,695 
137,690 
397,761 
273,978 
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 
Capital and reserves
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
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Lincs Lining Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
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 taxation
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
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.
Foreign exchange
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.
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Lincs Lining Limited Notes to the Accounts for the year ended 31 July 2023
Leased assets
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.
Pension costs
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 
Depreciation
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 
Net book value
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 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
45,970 
25,987 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
285,800 
105,322 
Accrued income and prepayments
29,117 
30,290 
Other debtors
3,149 
676 
318,066 
136,288 
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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 
Accruals
17,077 
1,215 
Deferred income
4,694 
- 
232,487 
161,078 
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 
£ 
£ 
Bank loans
18,333 
28,332 
Obligations under finance leases and hire purchase contracts
11,204 
9,165 
29,537 
37,497 
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).
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