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
Lincs Grab Limited
Company Information
for the year ended 31 July 2024
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
Lincs Grab Limited
Statement of financial position
as at 31 July 2024
Tangible assets
98,269
90,540
Investment property
60,000
60,000
Cash at bank and in hand
109,403
56,894
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)
-
Net assets
105,114
125,371
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
Lincs Grab Limited
Notes to the Accounts
for the year ended 31 July 2024
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.
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.
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 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 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.
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
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
At 31 July 2024
51,817
46,452
98,269
At 31 July 2023
54,821
35,719
90,540
Fair value at 1 August 2023
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.
Amounts falling due within one year
Trade debtors
23,531
22,509
Other debtors
20,222
18,160
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
Loans from directors
1,147
21,640
Deferred income
20,222
18,161
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
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
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
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
£
Additional provisions made during the period
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.
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).