Company Registration No. 08081007 (England and Wales)
CONEY'S OF LINCOLN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
75 High Street
Boston
Lincolnshire
PE21 8SX
CONEY'S OF LINCOLN LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
CONEY'S OF LINCOLN LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
15,803
18,458
Tangible assets
5
115,342
67,872
Investments
6
-
0
5
131,145
86,335
Current assets
Stocks
789,520
749,027
Debtors
7
405,076
271,978
Cash at bank and in hand
75,548
56,160
1,270,144
1,077,165
Creditors: amounts falling due within one year
8
(1,014,734)
(737,481)
Net current assets
255,410
339,684
Total assets less current liabilities
386,555
426,019
Creditors: amounts falling due after more than one year
9
(228,069)
(247,088)
Provisions for liabilities
(19,395)
(12,895)
Net assets
139,091
166,036
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
138,991
165,936
Total equity
139,091
166,036
CONEY'S OF LINCOLN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr Scott Crowson
Director
Company registration number 08081007 (England and Wales)
CONEY'S OF LINCOLN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Coney's of Lincoln Limited is a private company limited by shares incorporated in England and Wales. The registered office is 75 High Street, Boston, Lincolnshire, PE21 8SX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

CONEY'S OF LINCOLN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
10% Straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short leasehold property
Shop equipment
15% Reducing balance
Fixtures and fittings
10% Reducing balance
Office equipment
15% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

CONEY'S OF LINCOLN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

CONEY'S OF LINCOLN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

CONEY'S OF LINCOLN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
24
20
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
2,800
23,750
26,550
Amortisation and impairment
At 1 February 2023
1,363
6,729
8,092
Amortisation charged for the year
280
2,375
2,655
At 31 January 2024
1,643
9,104
10,747
Carrying amount
At 31 January 2024
1,157
14,646
15,803
At 31 January 2023
1,437
17,021
18,458
CONEY'S OF LINCOLN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
5
Tangible fixed assets
Short leasehold property
Shop equipment
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
1
17,366
155,694
10,669
183,730
Additions
-
0
159
52,000
3,111
55,270
Disposals
(1)
-
0
-
0
-
0
(1)
At 31 January 2024
-
0
17,525
207,694
13,780
238,999
Depreciation and impairment
At 1 February 2023
-
0
11,537
98,751
5,570
115,858
Depreciation charged in the year
-
0
887
5,839
1,073
7,799
At 31 January 2024
-
0
12,424
104,590
6,643
123,657
Carrying amount
At 31 January 2024
-
0
5,101
103,104
7,137
115,342
At 31 January 2023
1
5,829
56,943
5,099
67,872
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
5
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023
5
Disposals
(5)
At 31 January 2024
-
Carrying amount
At 31 January 2024
-
At 31 January 2023
5
CONEY'S OF LINCOLN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
106,809
109,147
Other debtors
235,214
115,317
Prepayments and accrued income
63,053
47,514
405,076
271,978
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
126,655
50,535
Trade creditors
651,877
527,994
Taxation and social security
124,676
81,862
Other creditors
111,526
77,090
1,014,734
737,481
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
111,914
130,787
Other creditors
116,155
116,301
228,069
247,088
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
34,585
49,218
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
2024-01-312023-02-01false29 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr Scott W CrowsonMrs Jodi L Crowsonfalsefalse080810072023-02-012024-01-31080810072024-01-31080810072023-01-3108081007core:NetGoodwill2024-01-3108081007core:IntangibleAssetsOtherThanGoodwill2024-01-3108081007core:NetGoodwill2023-01-3108081007core:IntangibleAssetsOtherThanGoodwill2023-01-3108081007core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-01-3108081007core:PlantMachinery2024-01-3108081007core:FurnitureFittings2024-01-3108081007core:ComputerEquipment2024-01-3108081007core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-3108081007core:PlantMachinery2023-01-3108081007core:FurnitureFittings2023-01-3108081007core:ComputerEquipment2023-01-3108081007core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3108081007core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3108081007core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3108081007core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3108081007core:CurrentFinancialInstruments2024-01-3108081007core:CurrentFinancialInstruments2023-01-3108081007core:Non-currentFinancialInstruments2024-01-3108081007core:Non-currentFinancialInstruments2023-01-3108081007core:ShareCapital2024-01-3108081007core:ShareCapital2023-01-3108081007core:RetainedEarningsAccumulatedLosses2024-01-3108081007core:RetainedEarningsAccumulatedLosses2023-01-3108081007bus:Director12023-02-012024-01-3108081007core:Goodwill2023-02-012024-01-3108081007core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3108081007core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-02-012024-01-3108081007core:PlantMachinery2023-02-012024-01-3108081007core:FurnitureFittings2023-02-012024-01-3108081007core:ComputerEquipment2023-02-012024-01-31080810072022-02-012023-01-3108081007core:NetGoodwill2023-01-3108081007core:IntangibleAssetsOtherThanGoodwill2023-01-31080810072023-01-3108081007core:NetGoodwill2023-02-012024-01-3108081007core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-3108081007core:PlantMachinery2023-01-3108081007core:FurnitureFittings2023-01-3108081007core:ComputerEquipment2023-01-3108081007core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-02-012024-01-3108081007bus:PrivateLimitedCompanyLtd2023-02-012024-01-3108081007bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3108081007bus:FRS1022023-02-012024-01-3108081007bus:AuditExemptWithAccountantsReport2023-02-012024-01-3108081007bus:Director22023-02-012024-01-3108081007bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP