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Company Registration No. 13062726 (England and Wales)
LINCS PAINTING & DECORATING LTD Unaudited accounts for the year ended 31 December 2023
LINCS PAINTING & DECORATING LTD Unaudited accounts Contents
Page
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LINCS PAINTING & DECORATING LTD Company Information for the year ended 31 December 2023
Director
Daniel Alexander Wilcockson
Company Number
13062726 (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
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LINCS PAINTING & DECORATING LTD Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
11,269 
15,021 
Current assets
Debtors
2,817 
8,378 
Cash at bank and in hand
4,812 
2,681 
7,629 
11,059 
Creditors: amounts falling due within one year
(9,062)
(18,743)
Net current liabilities
(1,433)
(7,684)
Total assets less current liabilities
9,836 
7,337 
Creditors: amounts falling due after more than one year
(4,266)
(5,224)
Net assets
5,570 
2,113 
Capital and reserves
Called up share capital
100 
100 
Capital contribution reserve
10,000 
- 
Profit and loss account
(4,530)
2,013 
Shareholders' funds
5,570 
2,113 
For the year ending 31 December 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 his 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 26 August 2024 and were signed on its behalf by
Daniel Alexander Wilcockson Director Company Registration No. 13062726
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LINCS PAINTING & DECORATING LTD Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
LINCS PAINTING & DECORATING LTD is a private company, limited by shares, registered in England and Wales, registration number 13062726. 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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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.
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
25% Reducing balance
Fixtures & fittings
25% Reducing balance
Computer equipment
30% Reducing balance
Deferred taxation
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.
Leased assets
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.
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LINCS PAINTING & DECORATING LTD Notes to the Accounts for the year ended 31 December 2023
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 January 2023
485 
25,020 
650 
550 
26,705 
At 31 December 2023
485 
25,020 
650 
550 
26,705 
Depreciation
At 1 January 2023
174 
10,946 
284 
280 
11,684 
Charge for the year
62 
3,518 
91 
81 
3,752 
At 31 December 2023
236 
14,464 
375 
361 
15,436 
Net book value
At 31 December 2023
249 
10,556 
275 
189 
11,269 
At 31 December 2022
311 
14,074 
366 
270 
15,021 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
10,556 
8,557 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
- 
898 
Other debtors
- 
5,581 
- 
6,479 
Amounts falling due after more than one year
Other debtors
2,817 
1,899 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
1,884 
- 
Obligations under finance leases and hire purchase contracts
3,333 
3,333 
Other creditors
- 
1,628 
Loans from directors
3,125 
13,062 
Accruals
720 
720 
9,062 
18,743 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
4,266 
5,224 
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LINCS PAINTING & DECORATING LTD Notes to the Accounts for the year ended 31 December 2023
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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