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REGISTERED NUMBER: 00756037 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

North Lincs. Engineering Limited

North Lincs. Engineering Limited (Registered number: 00756037)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


North Lincs. Engineering Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Ms K Goodyear





SECRETARY: Ms K Goodyear





REGISTERED OFFICE: College View Works
Manby Road
Grimoldby
Louth
Lincolnshire
LN11 8HE





REGISTERED NUMBER: 00756037 (England and Wales)






North Lincs. Engineering Limited (Registered number: 00756037)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 222,109 198,130

CURRENT ASSETS
Stocks 183,440 273,648
Debtors 5 513,820 347,481
Cash at bank and in hand 160,162 201,402
857,422 822,531
CREDITORS
Amounts falling due within one year 6 180,863 165,159
NET CURRENT ASSETS 676,559 657,372
TOTAL ASSETS LESS CURRENT
LIABILITIES

898,668

855,502

CAPITAL AND RESERVES
Called up share capital 87,000 87,000
Revaluation reserve 7 101,701 101,701
Retained earnings 709,967 666,801
898,668 855,502

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 30 July 2024 and were signed by:





Ms K Goodyear - Director


North Lincs. Engineering Limited (Registered number: 00756037)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

North Lincs. Engineering Limited 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 comprises the fair value of 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 recognizes 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 there 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.

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.

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.


North Lincs. Engineering Limited (Registered number: 00756037)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
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.

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

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 f 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 22 ) .

North Lincs. Engineering Limited (Registered number: 00756037)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 230,457 99,252 27,194 83,786 440,689
Additions - 8,481 13,304 14,000 35,785
Disposals - - - (3,750 ) (3,750 )
At 31 March 2024 230,457 107,733 40,498 94,036 472,724
DEPRECIATION
At 1 April 2023 63,736 90,146 23,158 65,519 242,559
Charge for year 3,174 1,616 727 6,025 11,542
Eliminated on disposal - - - (3,486 ) (3,486 )
At 31 March 2024 66,910 91,762 23,885 68,058 250,615
NET BOOK VALUE
At 31 March 2024 163,547 15,971 16,613 25,978 222,109
At 31 March 2023 166,721 9,106 4,036 18,267 198,130

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 421,060 254,909
Other debtors 92,760 92,572
513,820 347,481

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 136,529 124,536
Taxation and social security 32,548 29,653
Other creditors 11,786 10,970
180,863 165,159

7. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 101,701

8. RELATED PARTY DISCLOSURES

31.3.24 31.3.23
£ £
Total balance owing from related parties 23,546 2,754
Sales to related parties 8,546 47,424
Purchases from related parties - 109,161

Related parties are companies in which the director is also a director or has an interest.

9. ULTIMATE CONTROLLING PARTY

There is no overall controlling party.