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REGISTERED NUMBER: 03483555 (England and Wales)












LINCOLNSHIRE TYRE CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2023






LINCOLNSHIRE TYRE CO. LIMITED (REGISTERED NUMBER: 03483555)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


LINCOLNSHIRE TYRE CO. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 DECEMBER 2023







DIRECTORS: A R P Parkin
W R Strickland





SECRETARY: A R P Parkin





REGISTERED OFFICE: Warwick Road
Fairfield Industrial Estate
Louth
Lincolnshire
LN11 0YB





REGISTERED NUMBER: 03483555 (England and Wales)





ACCOUNTANTS: Dexter & Sharpe (Louth)
Chartered Certified Accountants
1 Eastgate
Louth
Lincolnshire
LN11 9NB

LINCOLNSHIRE TYRE CO. LIMITED (REGISTERED NUMBER: 03483555)

ABRIDGED BALANCE SHEET
30 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 105,027 117,027
Investments 4 10,000 10,000
115,027 127,027

CURRENT ASSETS
Stocks 38,968 37,495
Debtors 63,307 59,429
Cash at bank and in hand 3,858 24,827
106,133 121,751
CREDITORS
Amounts falling due within one year 179,776 194,420
NET CURRENT LIABILITIES (73,643 ) (72,669 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

41,384

54,358

CREDITORS
Amounts falling due after more than one year (14,802 ) (25,858 )

PROVISIONS FOR LIABILITIES (6,563 ) (8,263 )
NET ASSETS 20,019 20,237

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings 19 237
SHAREHOLDERS' FUNDS 20,019 20,237

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 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.

LINCOLNSHIRE TYRE CO. LIMITED (REGISTERED NUMBER: 03483555)

ABRIDGED BALANCE SHEET - continued
30 DECEMBER 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 August 2024 and were signed on its behalf by:





A R P Parkin - Director


LINCOLNSHIRE TYRE CO. LIMITED (REGISTERED NUMBER: 03483555)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023


1. 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.

The financial statements have been prepared in accordance with applicable accounting standards.


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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 33% on cost and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiaries, associated companies and jointly controlled entities are held on the balance sheet at share 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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

LINCOLNSHIRE TYRE CO. LIMITED (REGISTERED NUMBER: 03483555)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023


2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

3. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 31 December 2022 268,973
Additions 686
Disposals (19,980 )
At 30 December 2023 249,679
DEPRECIATION
At 31 December 2022 151,946
Charge for year 10,081
Eliminated on disposal (17,375 )
At 30 December 2023 144,652
NET BOOK VALUE
At 30 December 2023 105,027
At 30 December 2022 117,027

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 31 December 2022
and 30 December 2023 18,300
DEPRECIATION
At 31 December 2022 8,217
Charge for year 2,521
At 30 December 2023 10,738
NET BOOK VALUE
At 30 December 2023 7,562
At 30 December 2022 10,083

LINCOLNSHIRE TYRE CO. LIMITED (REGISTERED NUMBER: 03483555)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023


4. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 31 December 2022
and 30 December 2023 10,000
NET BOOK VALUE
At 30 December 2023 10,000
At 30 December 2022 10,000

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 911 5,486

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 December 2023 and 30 December 2022:

2023 2022
£    £   
A R P Parkin
Balance outstanding at start of year (1,166 ) (10,166 )
Amounts advanced 26,025 9,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,859 (1,166 )