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Registration number: 02818857

North Lincs Structures Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

North Lincs Structures Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

North Lincs Structures Limited

Company Information

Directors

Mr M R Harness

Mrs B M Harness

Mrs L Matic

Miss E Harness

Company secretary

Mrs B M Harness

Registered office

6 Pippin Drive
Bottesford
Scunthorpe
North Lincolnshire
DN16 3TR

 

North Lincs Structures Limited

(Registration number: 02818857)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

841,802

826,763

Current assets

 

Stocks

-

28,000

Debtors

5

432,192

193,062

Cash at bank and in hand

 

97,057

467,464

 

529,249

688,526

Creditors: Amounts falling due within one year

6

(444,318)

(512,783)

Net current assets

 

84,931

175,743

Total assets less current liabilities

 

926,733

1,002,506

Creditors: Amounts falling due after more than one year

6

(103,087)

(163,144)

Provisions for liabilities

(147,841)

(162,770)

Net assets

 

675,805

676,592

Capital and reserves

 

Called up share capital

7

2

2

Revaluation reserve

169,604

169,604

Retained earnings

506,199

506,986

Shareholders' funds

 

675,805

676,592

For the financial year ending 31 May 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 year 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 10 January 2025 and signed on its behalf by:
 

 

North Lincs Structures Limited

(Registration number: 02818857)
Balance Sheet as at 31 May 2024

.........................................
Mr M R Harness
Director

 

North Lincs Structures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
6 Pippin Drive
Bottesford
Scunthorpe
North Lincolnshire
DN16 3TR

These financial statements were authorised for issue by the Board on 10 January 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Summary of disclosure exemptions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group..

Group accounts not prepared

The financial statements contain information about North Lincs Structures Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements..

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

North Lincs Structures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 eclsuing land and buildings 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.

The revaluation method has been adopted for land and buildings and has been assessed by the directors themselves and will continue to use this model going forward.

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

5%, 10% & 20% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stock has been estimated at the lower of cost and selling price less cost to sell.

 

North Lincs Structures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 year, was 24 (2023 - 21).

 

North Lincs Structures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

400,000

621,422

84,981

1,106,403

Additions

-

56,691

37,875

94,566

Disposals

-

-

(42,440)

(42,440)

At 31 May 2024

400,000

678,113

80,416

1,158,529

Depreciation

At 1 June 2023

-

243,842

35,798

279,640

Charge for the year

-

48,084

14,715

62,799

Eliminated on disposal

-

-

(25,712)

(25,712)

At 31 May 2024

-

291,926

24,801

316,727

Carrying amount

At 31 May 2024

400,000

386,187

55,615

841,802

At 31 May 2023

400,000

377,580

49,183

826,763

Included within the net book value of land and buildings above is £400,000 (2023 - £400,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the Company's Land and buildings was revalued on 31 May 2024. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £244,485 (2023 - £244,485).

5

Debtors

Current

2024
£

2023
£

Trade debtors

275,091

91,157

Prepayments

37,446

29,875

Other debtors

119,655

72,030

 

432,192

193,062

 

North Lincs Structures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans

29,794

22,512

Hire purchase

 

57,885

51,211

Trade creditors

 

257,016

249,226

Amounts owed to group undertakings

8

78,122

149,200

Taxation and social security

 

13,027

32,069

Accruals and deferred income

 

2,350

2,250

Other creditors

 

6,124

6,315

 

444,318

512,783

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Bank loans

18,304

36,608

Hire purchase

 

84,783

126,536

 

103,087

163,144



Creditors include bank loans secured against the companies land and buildings, and hire purchase contracts secured agaisnt the assets purchased under the agreements totalling £179,278 (2023 - £236,867).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

8

Related party transactions

The below advance was unsecured and had no fixed repayment date. No interest has been charged on the balance.

 

North Lincs Structures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Transactions with Directors

2024

At 1 June 2023
£

Advances to Director
£

Repayments by Director
£

At 31 May 2024
£

Mr M R Harness

56,759

41,753

(110,000)

(11,488)

2023

At 1 June 2022
£

Advances to Director
£

At 31 May 2023
£

Mr M R Harness

(59,339)

116,098

56,759

9

Parent and ultimate parent undertaking


The company has taken advantage of exemption, under the terms of FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with its parent company North Lincs Structures (Holdings) Limited.


 The Company's immediate parent is North Lincs Structures (Holdings) Limited, incorporated in England and Wales.

 The ultimate controlling party is Michael Harness.