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COMPANY REGISTRATION NUMBER: 10129144
LINCOLNSHIRE STATICS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2024
LINCOLNSHIRE STATICS LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
133,334
172,817
Current assets
Stocks
166,300
123,375
Debtors
5
81,929
141,605
Cash at bank and in hand
77,670
32,899
----------
----------
325,899
297,879
Creditors: amounts falling due within one year
6
114,668
105,599
----------
----------
Net current assets
211,231
192,280
----------
----------
Total assets less current liabilities
344,565
365,097
Creditors: amounts falling due after more than one year
7
79,486
98,644
Provisions
5,770
10,550
----------
----------
Net assets
259,309
255,903
----------
----------
LINCOLNSHIRE STATICS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
259,307
255,901
----------
----------
Shareholders funds
259,309
255,903
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
B S Willett
C P Wenman
Director
Director
Company registration number: 10129144
LINCOLNSHIRE STATICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, LN1 1XW, England.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 5 ).
4. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 May 2023
227,054
5,914
232,968
Additions
4,359
4,359
----------
---------
----------
At 30 April 2024
227,054
10,273
237,327
----------
---------
----------
Depreciation
At 1 May 2023
56,626
3,525
60,151
Charge for the year
42,607
1,235
43,842
----------
---------
----------
At 30 April 2024
99,233
4,760
103,993
----------
---------
----------
Carrying amount
At 30 April 2024
127,821
5,513
133,334
----------
---------
----------
At 30 April 2023
170,428
2,389
172,817
----------
---------
----------
5. Debtors
2024
2023
£
£
Other debtors
81,929
141,605
---------
----------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,271
10,505
Corporation tax
83,745
68,545
Social security and other taxes
3,334
632
Other creditors
25,318
25,917
----------
----------
114,668
105,599
----------
----------
Included in other creditors is a balance of £19,175 (2023: £19,192) relating to assets held under hire purchase agreements.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
79,486
98,644
---------
---------
Included in other creditors is a balance of £79,486 (2023: £98,644) relating to assets held under hire purchase agreements.
8. Directors' advances, credits and guarantees
The overdrawn balance brought forward on the directors loan account was £108,807, this balance was fully repaid during the year. New advances were made to the directors during the year, of amounts totalling £77,172, resulting in an overdrawn balance carried forward of £77,172 at the year end. This balance will be fully repaid within nine months of the year end, interest is charged at 2.25% on the overdrawn loan balance.
9. Controlling party
The company was under the control of B S Willett and C P Wenman during the current and previous year.