Webbs of Lincoln Limited 09939387 false 2023-04-01 2024-09-30 2024-09-30 The principal activity of the company is sale of motorcycles Digita Accounts Production Advanced 6.30.9574.0 true 09939387 2023-04-01 2024-09-30 09939387 2024-09-30 09939387 core:RetainedEarningsAccumulatedLosses 2024-09-30 09939387 core:ShareCapital 2024-09-30 09939387 core:CurrentFinancialInstruments 2024-09-30 09939387 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 09939387 core:Non-currentFinancialInstruments 2024-09-30 09939387 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 09939387 core:Goodwill 2024-09-30 09939387 core:FurnitureFittings 2024-09-30 09939387 core:MotorVehicles 2024-09-30 09939387 core:OfficeEquipment 2024-09-30 09939387 core:PlantMachinery 2024-09-30 09939387 bus:SmallEntities 2023-04-01 2024-09-30 09939387 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-09-30 09939387 bus:FilletedAccounts 2023-04-01 2024-09-30 09939387 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-09-30 09939387 bus:RegisteredOffice 2023-04-01 2024-09-30 09939387 bus:Director2 2023-04-01 2024-09-30 09939387 bus:Director3 2023-04-01 2024-09-30 09939387 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-09-30 09939387 core:Goodwill 2023-04-01 2024-09-30 09939387 core:FurnitureFittings 2023-04-01 2024-09-30 09939387 core:MotorVehicles 2023-04-01 2024-09-30 09939387 core:OfficeEquipment 2023-04-01 2024-09-30 09939387 core:PlantMachinery 2023-04-01 2024-09-30 09939387 1 2023-04-01 2024-09-30 09939387 2 2023-04-01 2024-09-30 09939387 1 2023-04-01 2024-09-30 09939387 countries:England 2023-04-01 2024-09-30 09939387 2023-03-31 09939387 core:Goodwill 2023-03-31 09939387 core:FurnitureFittings 2023-03-31 09939387 core:MotorVehicles 2023-03-31 09939387 core:OfficeEquipment 2023-03-31 09939387 core:PlantMachinery 2023-03-31 09939387 2022-04-01 2023-03-31 09939387 2023-03-31 09939387 core:RetainedEarningsAccumulatedLosses 2023-03-31 09939387 core:ShareCapital 2023-03-31 09939387 core:CurrentFinancialInstruments 2023-03-31 09939387 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09939387 core:Non-currentFinancialInstruments 2023-03-31 09939387 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09939387 core:Goodwill 2023-03-31 09939387 core:FurnitureFittings 2023-03-31 09939387 core:MotorVehicles 2023-03-31 09939387 core:OfficeEquipment 2023-03-31 09939387 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09939387

Webbs of Lincoln Limited

Unaudited Filleted Financial Statements

for the Period from 1 April 2023 to 30 September 2024

 

Webbs of Lincoln Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Webbs of Lincoln Limited

(Registration number: 09939387)
Balance Sheet as at 30 September 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

225,795

254,019

Tangible assets

5

82,510

83,453

 

308,305

337,472

Current assets

 

Stocks

6

1,337,343

1,055,612

Debtors

7

719,337

620,118

Cash at bank and in hand

 

22,307

120,015

 

2,078,987

1,795,745

Creditors: Amounts falling due within one year

8

(1,587,357)

(1,257,257)

Net current assets

 

491,630

538,488

Total assets less current liabilities

 

799,935

875,960

Creditors: Amounts falling due after more than one year

8

(137,655)

(193,508)

Provisions for liabilities

(19,255)

(19,287)

Net assets

 

643,025

663,165

Capital and reserves

 

Called up share capital

100

100

Retained earnings

642,925

663,065

Shareholders' funds

 

643,025

663,165

For the financial period ending 30 September 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 accounts for the period in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 December 2024 and signed on its behalf by:
 

 

Webbs of Lincoln Limited

(Registration number: 09939387)
Balance Sheet as at 30 September 2024

.........................................
S Waszczyszyn
Director

.........................................
P Laughton
Director

 

Webbs of Lincoln Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
117-121 Portland Street
Lincoln
LN5 7LG

These financial statements were authorised for issue by the Board on 12 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements cover the individual entity, Webbs of Lincoln Limited.

The financial statements are presented in sterling and are rounded to the nearest pound.

Disclosure of long or short period

The current accounting period covers a period of 18 months and is therefore not entirely comparable with the comparative financial information. The period has been extended to 30 September, to ensure that the year end coincides with the end of the summer trading period.

Prior period errors

During the period it was noted that there was an error in the calculation for the amortisation of Goodwill. The Directors have agreed to amend this error with Goodwill amortisation being amended to 20 years straight line.

The prior period has been amended to reflect this change, which has increased intangible fixed assets by £254,019, retained earnings by £254,019, but reduced the in year trading profit by £18,816.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

Webbs of Lincoln Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

Tax

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25-33% Reducing Balance

Fixture and Fittings

20-33% Reducing Balance

Office Equipment

20-33% Reducing Balance

Motor Vehicles

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 Years Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Webbs of Lincoln Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the period, was 18 (2023 - 16).

 

Webbs of Lincoln Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

376,324

376,324

At 30 September 2024

376,324

376,324

Amortisation

At 1 April 2023 (As restated)

122,305

122,305

Amortisation charge

28,224

28,224

At 30 September 2024

150,529

150,529

Carrying amount

At 30 September 2024

225,795

225,795

At 31 March 2023

254,019

254,019

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

108,864

18,251

7,154

18,322

152,591

Additions

21,232

3,089

-

-

24,321

Disposals

(1,807)

(10,024)

(7,154)

(16,822)

(35,807)

At 30 September 2024

128,289

11,316

-

1,500

141,105

Depreciation

At 1 April 2023

30,773

13,101

7,154

18,104

69,132

Charge for the period

22,704

2,347

-

219

25,270

Eliminated on disposal

(1,807)

(10,024)

(7,154)

(16,822)

(35,807)

At 30 September 2024

51,670

5,424

-

1,501

58,595

Carrying amount

At 30 September 2024

76,619

5,892

-

(1)

82,510

At 31 March 2023

78,085

5,150

-

218

83,453

6

Stocks

2024
£

2023
£

Other inventories

1,337,343

1,055,612

 

Webbs of Lincoln Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

154,846

154,562

Prepayments

21,385

8,343

Other debtors

543,106

457,213

 

719,337

620,118

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

750,093

421,535

Trade creditors

 

688,089

711,773

Taxation and social security

 

80,567

37,892

Accruals and deferred income

 

8,226

8,726

Other creditors

 

60,382

77,331

 

1,587,357

1,257,257

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

137,655

193,508

 

Webbs of Lincoln Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

Other borrowings

Trade creditors include aggregate amounts for secured liabilities of £281,513 (2023 - £656,024). This is secured over the motorcycles it finances.

Other creditors include aggregate amounts for secured liabilities of £37,789 (2023 - £47,107). This is secured over the motorcycles it finances.
 

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

137,655

193,508

Current loans and borrowings

2024
£

2023
£

Bank borrowings

37,600

37,600

Bank overdrafts

312,493

383,935

Other borrowings

400,000

-

750,093

421,535

Bank borrowings

The bank overdraft is secured by way of a fixed and floating charge over the undertakings of the company.

The bank loan is a cross guarantee and debenture between Nice White Limited, Webbs of Lincoln Limited and Webbs Yamaha Centre (Peterborough) Limited. There is also a legal charge over the properties owned by these companies.

Included within bank borrowings is an amount of £17,500 (2023: £32,500) advanced by the company’s bankers in respect of the Coronavirus Business Interruption Loan. This loan is repayable in equal instalments over 60 months and commenced July 2021, and interest is payable on the loan at a rate of 2.5% over base rate.