Company Registration No. 13003046 (England and Wales)
LINCOLN DEVELOPMENTS LTD
Unaudited accounts
for the year ended 30 November 2023
LINCOLN DEVELOPMENTS LTD
Unaudited accounts
Contents
LINCOLN DEVELOPMENTS LTD
Company Information
for the year ended 30 November 2023
Directors
Scott Gregory
Joe Good
Company Number
13003046 (England and Wales)
Registered Office
112 -113 High Street
LINCOLN
LN5 7PY
ENGLAND
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
LINCOLN DEVELOPMENTS LTD
Statement of financial position
as at 30 November 2023
Investment property
200,000
200,000
Inventories
347,433
885,711
Cash at bank and in hand
258,558
5,856
Creditors: amounts falling due within one year
(9,745)
(41,284)
Net current assets
792,114
1,010,197
Total assets less current liabilities
992,114
1,210,197
Creditors: amounts falling due after more than one year
(813,167)
(1,169,963)
Called up share capital
100
100
Revaluation reserve
50,000
50,000
Capital contribution reserve
399,899
145,000
Profit and loss account
(271,052)
(154,866)
Shareholders' funds
178,947
40,234
For the year ending 30 November 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 directors acknowledge their 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 of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by
Joe Good
Director
Company Registration No. 13003046
LINCOLN DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 30 November 2023
LINCOLN DEVELOPMENTS LTD is a private company, limited by shares, registered in England and Wales, registration number 13003046. The registered office is 112 -113 High Street, LINCOLN, LN5 7PY, ENGLAND.
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.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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.
LINCOLN DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 30 November 2023
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.
Fair value at 1 December 2022
200,000
At 30 November 2023
200,000
(Appraisers UK - Licenced Valuer's), Bristol. Avon.
The investment property valuation was carried out by the above company and as at November 2022 had a market value of some £200,000
No revaluation has been carried out since November 2022, therefore the property value remains the same in these current financial statements to November 2023.
Raw materials
163,000
135,000
Work in progress
184,433
750,711
The value of raw materials as at the statement date is £163,000
W.I.P.
The remaining Work in Progress at the Fiskerton site comprise of:
Plot 3. Plot 4. Plot 7. the cost to date £184,433
Amounts falling due within one year
Amounts falling due after more than one year
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
4,345
3,985
Other creditors
4,500
6,500
Loans from directors
-
29,899
LINCOLN DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 30 November 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
813,167
1,169,963
The company has a legal charge registered in favour of the investor at companies house over the property under land titles LL21791 & LL22725
This loan has an agreed term of 3 years and can be extended if so requested by the borrower.
This investor has a charge registered at companies house in relation to land title LL313642
The loan has a repayment term of 3 years which can be extended, based on 1/3 plus interest to be remitted on the completion and sale of each phase of the project.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Capital contribution reserve
The director/shareholders have increased the capital contribution in this period to support the continued development of the business by some £254,899 bringing the total contribution as at the period end of £399,899
Analysis of contributions
Joe Good - £49,950
M. Good & Sons Ltd - £150,000
Scott Gregory - £129,950
S & C Lettings & Developments Ltd - £70,000
11
Average number of employees
During the year the average number of employees was 2 (2022: 2).