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Company Registration No. 12128456 (England and Wales)
Lincs Grab Limited Unaudited accounts for the year ended 31 July 2024
Lincs Grab Limited Unaudited accounts Contents
Page
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Lincs Grab Limited Company Information for the year ended 31 July 2024
Director
Michael Lynch
Company Number
12128456 (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
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Lincs Grab Limited Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
98,269 
90,540 
Investment property
60,000 
60,000 
158,269 
150,540 
Current assets
Debtors
45,058 
43,787 
Cash at bank and in hand
109,403 
56,894 
154,461 
100,681 
Creditors: amounts falling due within one year
(56,880)
(58,600)
Net current assets
97,581 
42,081 
Total assets less current liabilities
255,850 
192,621 
Creditors: amounts falling due after more than one year
(45,172)
(40,500)
Provisions for liabilities
Deferred tax
(30,564)
(26,750)
Other provisions
(75,000)
- 
(105,564)
(26,750)
Net assets
105,114 
125,371 
Capital and reserves
Called up share capital
1 
1 
Capital contribution reserve
25,481 
60,000 
Profit and loss account
79,632 
65,370 
Shareholders' funds
105,114 
125,371 
For the year ending 31 July 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 director acknowledges his 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 and authorised for issue on 6 January 2024 and were signed on its behalf by
Michael Lynch Director Company Registration No. 12128456
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Lincs Grab Limited Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
Lincs Grab Limited is a private company, limited by shares, registered in England and Wales, registration number 12128456. 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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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.
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:
Plant & machinery
20% Reducing balance
Motor vehicles
20% Reducing balance
Deferred taxation
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.
Investment property
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.
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Lincs Grab Limited Notes to the Accounts for the year ended 31 July 2024
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2023
71,732 
68,750 
140,482 
Additions
7,100 
40,000 
47,100 
Disposals
- 
(23,800)
(23,800)
At 31 July 2024
78,832 
84,950 
163,782 
Depreciation
At 1 August 2023
16,911 
33,031 
49,942 
Charge for the year
10,104 
13,127 
23,231 
On disposals
- 
(7,660)
(7,660)
At 31 July 2024
27,015 
38,498 
65,513 
Net book value
At 31 July 2024
51,817 
46,452 
98,269 
At 31 July 2023
54,821 
35,719 
90,540 
5
Investment property
2024 
£ 
Fair value at 1 August 2023
60,000 
At 31 July 2024
60,000 
Property acquisition at Moor Lane, Reepham, Lincolnshire. The value/purchase price as at July 31st 2023 being £60,000, the director feels a revaluation is necessary at the year end (July 31st 2024) The revaluation did not take place as planned as at July 31st 2024, due to a complete land remedial process is to be undertaken to ensure the safety of the site. A provision of of some £75,000 has been created to carryout these works.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
1,305 
3,118 
Trade debtors
23,531 
22,509 
Other debtors
20,222 
18,160 
45,058 
43,787 
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Lincs Grab Limited Notes to the Accounts for the year ended 31 July 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
4,500 
4,500 
Trade creditors
20,445 
13,579 
Other creditors
9,846 
- 
Loans from directors
1,147 
21,640 
Accruals
720 
720 
Deferred income
20,222 
18,161 
56,880 
58,600 
The bounce back loan of £45,000 has been extended to a term of 10 years, with capital and interest holidays during this period, therefore as at the year end £4,500 represents 10% of the loan debt repayable within 12 months. Interest will start to accrue in the preceding period.
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
45,172 
40,500 
A bounce back loan with a repayment period of 10 years has been reported in these statements. Repayment period Year 2. £4,500 Year 3. £4,500 Year 4. £4,500 Year 5. £4,500 Year 6. £4,500 Year 7. £4,500 Year 8. £4,500 Year 9. £4,500 Year 10. £4,500 Interested added to the balance £4,672 Interest at a rate of 2.5% per annum started accruing on the start of the 2nd year. No payments have been made in the period and interest has been added to the cumulative balance as at July 31st 2024 of some £4,672
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Lincs Grab Limited Notes to the Accounts for the year ended 31 July 2024
9
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
30,564 
26,750 
2024 
2023 
£ 
£ 
Provision at start of year
26,750 
7,858 
Charged to the profit and loss account
3,814 
18,892 
Provision at end of year
30,564 
26,750 
A cumulative deferred taxation reserve has been created to date of some £30,564 These reserves are due to accelerated capital allowances,. These reserves will reverse in future periods creating a tax liability at the prevailing rate on the day.
10
Provisions for liabilities
£ 
At 1 August 2023
- 
Additional provisions made during the period
75,000 
At 31 July 2024
75,000 
Property acquisition at Moor Lane, Reepham, Lincolnshire. The value/purchase price as at July 31st 2023 being £60,000, the director feels a revaluation is necessary at the year end (July 31st 2024) The revaluation of Moor Lane Reepton, Lincolnshire did not take place as planned as at July 31st 2024. due to a complete land remedial process is to be undertaken to ensure the safety of the site. A provision of of some £75,000 has been created to carryout these works.
11
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
12
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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