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REGISTERED NUMBER: 09281002 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Lincoln By Design Ltd

Lincoln By Design Ltd (Registered number: 09281002)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lincoln By Design Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mrs M Chapman
J P Horton





REGISTERED OFFICE: 9 The Golden Cross
North End
Swineshead
Lincolnshire
PE20 3LS





REGISTERED NUMBER: 09281002 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ

Lincoln By Design Ltd (Registered number: 09281002)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,805 4,181

CURRENT ASSETS
Stocks 7,028 2,170
Debtors 5 7,173 4,179
Cash at bank and in hand 1 1,003
14,202 7,352
CREDITORS
Amounts falling due within one year 6 37,715 21,107
NET CURRENT LIABILITIES (23,513 ) (13,755 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,708

)

(9,574

)

CREDITORS
Amounts falling due after more than one
year

7

2,593

3,855
NET LIABILITIES (10,301 ) (13,429 )

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings (10,302 ) (13,430 )
SHAREHOLDERS' FUNDS (10,301 ) (13,429 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by:





Mrs M Chapman - Director


Lincoln By Design Ltd (Registered number: 09281002)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Lincoln By Design Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Material deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
At 31 May 2023 the Company's current liabilities exceeded its current assets by £23,513 (2022: £13,755)

Included within current liabilities is the balance owed to the director of £34,847 (2022: £3,993) The director will continue to support the company for the foreseeable future.

On the basis described above, the director considers it appropriate to prepare these financial statements on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Lincoln By Design Ltd (Registered number: 09281002)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 June 2022 1,041 10,378 117 11,536
Additions 1,450 12,880 - 14,330
At 31 May 2023 2,491 23,258 117 25,866
DEPRECIATION
At 1 June 2022 - 7,238 117 7,355
Charge for year - 2,706 - 2,706
At 31 May 2023 - 9,944 117 10,061
NET BOOK VALUE
At 31 May 2023 2,491 13,314 - 15,805
At 31 May 2022 1,041 3,140 - 4,181

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,266 3,038
Other debtors 907 1,141
7,173 4,179

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,420 1,384
Trade creditors 647 14,985
Other creditors 35,648 4,738
37,715 21,107

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 2,593 3,855

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary Share £1 1 1

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs M Chapman.