Company registration number 14731161 (England and Wales)
LINCOLN WATERSIDE CENTRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
LINCOLN WATERSIDE CENTRE LIMITED
COMPANY INFORMATION
Directors
R J Allen
(Appointed 15 March 2023)
D C Donkin
(Appointed 15 March 2023)
I C Franks
(Appointed 15 March 2023)
D A Gibbons
(Appointed 15 March 2023)
A E Hands
(Appointed 16 May 2023)
P M Howard
(Appointed 8 April 2024)
Secretary
R J Allen
Company number
14731161
Registered office
Stanley Bett House
15-23 Tentercroft Street
Lincoln
England
LN5 7DB
Auditor
Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court, Princess Street
Hull
HU2 8BA
LINCOLN WATERSIDE CENTRE LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 14
LINCOLN WATERSIDE CENTRE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 AUGUST 2024
- 1 -
The directors present their annual report and financial statements for the Period ended 31 August 2024.
Principal activities
The principal activity of the company is that of ownership and commercial letting of the Lincoln Waterside shopping centre.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
R J Allen
(Appointed 15 March 2023)
D C Donkin
(Appointed 15 March 2023)
I C Franks
(Appointed 15 March 2023)
D A Gibbons
(Appointed 15 March 2023)
A E Hands
(Appointed 16 May 2023)
P M Howard
(Appointed 8 April 2024)
S M Galjaard
(Appointed 15 March 2023 and resigned 18 August 2023)
H S C Breese
(Appointed 26 October 2023 and resigned 8 April 2024)
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption within Part 15 of the Companies Act 2006.
By order of the board
R J Allen
Secretary
29 November 2024
LINCOLN WATERSIDE CENTRE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 AUGUST 2024
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LINCOLN WATERSIDE CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINCOLN WATERSIDE CENTRE LIMITED
- 3 -
Opinion
We have audited the financial statements of Lincoln Waterside Centre Limited (the 'company') for the Period ended 31 August 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the Period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
the Report of Directors has been prepared in accordance with applicable legal requirements.
LINCOLN WATERSIDE CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINCOLN WATERSIDE CENTRE LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of Directors.
Responsibilities of directors
As explained more fully in the Statement of Director's Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.
We assessed the susceptibility of the Limited company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
LINCOLN WATERSIDE CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINCOLN WATERSIDE CENTRE LIMITED (CONTINUED)
- 5 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
William Cowell ACA
Senior Statutory Auditor
For and on behalf of Smailes Goldie
29 November 2024
Chartered Accountants
Statutory Auditor
Chartered Accountants
Statutory Auditor
Regent's Court, Princess Street
Hull
HU2 8BA
LINCOLN WATERSIDE CENTRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 AUGUST 2024
- 6 -
Period
ended
31 August
2024
Notes
£
Turnover
3
2,178,560
Administrative expenses
(530,789)
Operating profit
1,647,771
Interest payable and similar expenses
5
(665,466)
Profit before taxation
982,305
Tax on profit
6
(250,000)
Profit for the financial Period
732,305
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 9 to 14 form part of these financial statements.
LINCOLN WATERSIDE CENTRE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 7 -
2024
Notes
£
£
Fixed assets
Investment property
7
11,814,380
Current assets
Debtors
8
202,980
Cash at bank and in hand
857,351
1,060,331
Creditors: amounts falling due within one year
9
(972,824)
Net current assets
87,507
Total assets less current liabilities
11,901,887
Creditors: amounts falling due after more than one year
10
(11,169,482)
Net assets
732,405
Capital and reserves
Called up share capital
13
100
Profit and loss reserves
732,305
Total equity
732,405
The notes on pages 9 to 14 form part of these financial statements.
These financial statements have been prepared 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 November 2024 and are signed on its behalf by:
D A Gibbons
A E Hands
Director
Director
Company registration number 14731161 (England and Wales)
LINCOLN WATERSIDE CENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2024
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 March 2023
-
Period ended 31 August 2024:
Profit and total comprehensive income
-
732,305
732,305
Issue of share capital
13
100
-
100
Balance at 31 August 2024
100
732,305
732,405
The notes on pages 9 to 14 form part of these financial statements.
LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 9 -
1
Accounting policies
Company information
Lincoln Waterside Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stanley Bett House, 15-23 Tentercroft Street, Lincoln, England, LN5 7DB.
1.1
Reporting period
The first annual accounts of the company are presented as a 15 month period.
This accounting reference date was extended to align with the year end of one of the shareholders, Lincolnshire Co-operative Limited.
1.2
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.
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 at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The directors, having considered the forecasts for the period to 31 March 2026, have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.true
1.4
Turnover
Turnover comprises the invoice value of goods and services supplied by the Company within the UK exclusive of VAT and is accounted for on an accruals basis. All of the Company’s turnover relates to the principal activity and arises within the United Kingdom.
Rental income is recognised in the profit and loss account on a straight line basis over the term of the lease.
Lease incentives are amortised evenly over the term of the lease.
Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they are earned.
1.5
Investment property
Investment properties are carried at fair value. Deferred taxation is provided on gains at the rate expected to apply when the property is sold. No depreciation or amortisation is provided on Investment Properties. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amounts which might otherwise have been shown are not considered to be material in the context of these financial statements. Repairs and maintenance costs are expenses as incurred.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 10 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
1.9
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.
LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 11 -
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.
1.10
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Valuation of investment properties.
The directors revalue the Company’s investment properties each year. The determination of the fair value of each property requires the use of estimates and assumptions in relation to factors such as future rental income, current market yields and future development costs.
Recoverability of trade and other receivables
The Directors use their professional judgement to assess the likely recovery of trade and other receivables, and provision is made in the financial statements accordingly.
LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 12 -
3
Turnover
2024
£
Turnover analysed by class of business
Rental income
2,178,560
4
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
Number
Administration
2
5
Interest payable and similar expenses
2024
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
665,466
6
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
250,000
The actual charge for the Period can be reconciled to the expected charge for the Period based on the profit or loss and the standard rates of tax as follows:
2024
£
Profit before taxation
982,305
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
245,576
Tax effect of expenses that are not deductible in determining taxable profit
4,424
Taxation charge for the period
250,000
LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 13 -
7
Investment property
2024
£
Fair value
At 15 March 2023
Additions
11,814,380
At 31 August 2024
11,814,380
Investment property held at 31st August 2024 was valued by the directors at the open market value of £11,814,380.
8
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
193,522
Prepayments and accrued income
9,458
202,980
9
Creditors: amounts falling due within one year
2024
£
Trade creditors
8,466
Corporation tax
250,000
Other taxation and social security
11,704
Other creditors
400,148
Accruals and deferred income
302,506
972,824
10
Creditors: amounts falling due after more than one year
2024
Notes
£
Other borrowings
11
11,169,482
Other borrowings are long term loans have been advanced equally by both shareholders and attract interest at 5%.
LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 14 -
11
Loans and overdrafts
2024
£
Loans from undertakings in which the company has a participating interest
11,169,482
Payable after one year
11,169,482
The long term loans have been advanced equally by both shareholders and attract interest at 5%.
12
Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Total contributions for the year are £4,420.
At the end of the financial period pension contributions liabilities of £425, in relation to the August 2024 payroll, were due to be paid. The liabilities are included within the accruals and deferred income figure,and were paid over to the scheme in September 2024.
13
Share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
14
Related party transactions
Transactions with related parties
During the year the company has entered into transactions in the ordinary course of business with other companies under common control.
The company received a loan of £5,584,741 from Wykeland Lincoln Holdings Limited and the company received a loan of £5,584,741 from Lincolnshire Co-operative Limited, all of which was outstanding at the year end date.
Interest of £332,733 was paid to Wykeland Lincoln Holdings Limited and interest of £332,733 was paid to Lincolnshire Co-operative Limited during the year.
15
Ultimate controlling party
The company has no ultimate controlling party.
The company has two shareholders, Wykeland Lincoln Holdings Limited and Lincolnshire Co-operative Limited, each of which owns 50% of the company.
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