Company Registration No. 12067943 (England and Wales)
CB LINCS PROPERTY LTD
Unaudited accounts
for the year ended 30 June 2024
CB LINCS PROPERTY LTD
Unaudited accounts
Contents
CB LINCS PROPERTY LTD
Company Information
for the year ended 30 June 2024
Directors
Charles Barrett
Maria Dixon
Company Number
12067943 (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
CB LINCS PROPERTY LTD
Statement of financial position
as at 30 June 2024
Tangible assets
6,603
7,277
Investment property
140,000
140,000
Cash at bank and in hand
60,380
22,665
Creditors: amounts falling due within one year
(24,210)
(12,230)
Net current assets
125,951
56,572
Total assets less current liabilities
272,554
203,849
Creditors: amounts falling due after more than one year
(119,199)
(123,068)
Called up share capital
100
100
Revaluation reserve
71,000
71,000
Capital contribution reserve
50,000
8,000
Profit and loss account
32,255
1,681
Shareholders' funds
153,355
80,781
For the year ending 30 June 2024 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 26 November 2024 and were signed on its behalf by
Charles Barrett
Director
Company Registration No. 12067943
CB LINCS PROPERTY LTD
Notes to the Accounts
for the year ended 30 June 2024
CB LINCS PROPERTY LTD is a private company, limited by shares, registered in England and Wales, registration number 12067943. 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.
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:
Motor vehicles
20% Reducing balance
Computer equipment
20% Reducing balance
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.
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.
CB LINCS PROPERTY LTD
Notes to the Accounts
for the year ended 30 June 2024
4
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 July 2023
12,495
1,545
14,040
At 30 June 2024
12,495
2,518
15,013
At 1 July 2023
5,851
912
6,763
Charge for the year
1,328
319
1,647
At 30 June 2024
7,179
1,231
8,410
At 30 June 2024
5,316
1,287
6,603
At 30 June 2023
6,644
633
7,277
Fair value at 1 July 2023
140,000
The property had a revaluation carried out by a qualified surveyor based on the condition and market value as at the 2021 year end.
No adjustment to the valuation of the investment property has been necessary to date.
Amounts falling due within one year
Amounts falling due after more than one year
CB LINCS PROPERTY LTD
Notes to the Accounts
for the year ended 30 June 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
6,000
6,000
Taxes and social security
5,298
1,011
A BBL of some £30,000 had been obtained from the high street bank which has now matured in terms of repayment commencing in June 2021 over a 5 year period.
£6,000 represents 1 year of creditor liability falling due.
The loan has government support in terms of a guarantee to the banking institution.
No charges are filing at companies house in relation to this liability.
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Creditors: amounts falling due after more than one year
2024
2023
Bank loans
119,199
123,068
A BBL of some £30,000 had been obtained from the high street bank which has now matured in terms of repayment commencing in June 2021 over a 5 year period.
Yr. 2 £5,500
The final payment based on the standard repayment schedule will be June 30th 2026.
The loan has government support in terms of a guarantee to the banking institution.
No charges are filing at companies house in relation to this liability.
A further loan has been obtained to support the purchase of investment property with a security charge listed at companies house in favour of Keystone Property Finance.
An early repayment provision has been included in these statements reporting the total liability as £111,568 as at the reporting date.
A further loan from Bech Properties Ltd £2,131
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Capital contribution reserve
The directors have increased the capital contribution by some £42,000 in this period to support the continued growth.
CB LINCS PROPERTY LTD
Notes to the Accounts
for the year ended 30 June 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Unsecured Loan
46,137
-
-
46,137
This directors loan is to be repaid within 9 months.
12
Average number of employees
During the year the average number of employees was 2 (2023: 1).