Company Registration No. 10841531 (England and Wales)
Lincolnshire Drylining Limited
Unaudited accounts
for the year ended 30 June 2023
Lincolnshire Drylining Limited
Unaudited accounts
Contents
Lincolnshire Drylining Limited
Company Information
for the year ended 30 June 2023
Company Number
10841531 (England and Wales)
Registered Office
97 Bunkers Hill
Lincoln
Lincolnshire
LN2 4QT
United Kingdom
Accountants
M D Darby FCPA, CPAA, FIAB, ACCA/Cert:IFR, IFRS, IPSAS, IA
Templar Accounting & Business Support
Services Limited (Incorp: Blake and Co )
112 - 113 High Street,
Lincoln, Lincolnshire
LN5 7PY
Lincolnshire Drylining Limited
Statement of financial position
as at 30 June 2023
Tangible assets
117,321
82,551
Cash at bank and in hand
23,554
64,663
Creditors: amounts falling due within one year
(37,174)
(37,063)
Net current assets
15,874
82,547
Total assets less current liabilities
133,195
165,098
Creditors: amounts falling due after more than one year
(74,968)
(126,469)
Provisions for liabilities
Deferred tax
(18,163)
(10,579)
Called up share capital
100
100
Profit and loss account
39,964
27,950
Shareholders' funds
40,064
28,050
For the year ending 30 June 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 her 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 11 October 2023 and were signed on its behalf by
Lisa Walker
Director
Company Registration No. 10841531
Lincolnshire Drylining Limited
Notes to the Accounts
for the year ended 30 June 2023
Lincolnshire Drylining Limited is a private company, limited by shares, registered in England and Wales, registration number 10841531. The registered office is 97 Bunkers Hill, Lincoln, Lincolnshire, LN2 4QT, United Kingdom.
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
20% Reducing balance
Motor vehicles
20% 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 sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
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.
Lincolnshire Drylining Limited
Notes to the Accounts
for the year ended 30 June 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 July 2022
11,657
123,523
135,180
At 30 June 2023
75,757
123,523
199,280
At 1 July 2022
6,438
46,191
52,629
Charge for the year
13,864
15,466
29,330
At 30 June 2023
20,302
61,657
81,959
At 30 June 2023
55,455
61,866
117,321
At 30 June 2022
5,219
77,332
82,551
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
41,647
48,620
Amounts falling due within one year
Other debtors
28,296
8,626
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
6,000
6,000
Obligations under finance leases and hire purchase contracts
8,975
8,975
Taxes and social security
395
109
Loans from directors
21,054
20
A BB Loan of some £30,000 secured by way of a government guarantee is in place.
£30,000 term of 5yrs.
£30,000 divided by 5yrs = £6,000 due within 12mths included in current liabilities
Lincolnshire Drylining Limited
Notes to the Accounts
for the year ended 30 June 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
32,672
39,645
Deferred income
28,296
8,626
A BB Loan of £30,000 term 5yrs less £6,000 due year 1.
28 months liability remaining after 12 months
Yr 2. £6,000
Yr 3. £6,000
Yr 4. £2,000
8
Deferred taxation
2023
2022
Accelerated capital allowances
18,163
10,579
Provision at start of year
10,579
5,059
Charged to the profit and loss account
7,584
5,520
Provision at end of year
18,163
10,579
Deferred taxation is due to accelerated capital allowances of some £18,163 to date.
These reserves will reverse in future periods and create a tax liability at the prevailing rate on the day.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).