Acorah Software Products - Accounts Production 16.1.200 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 04689717 Mr M B Tapp Mr L M Phillips Mr L M Phillips iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04689717 2023-05-31 04689717 2024-05-31 04689717 2023-06-01 2024-05-31 04689717 frs-core:ComputerEquipment 2023-06-01 2024-05-31 04689717 frs-core:FurnitureFittings 2023-06-01 2024-05-31 04689717 frs-core:NetGoodwill 2023-06-01 2024-05-31 04689717 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04689717 frs-core:ShareCapital 2024-05-31 04689717 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 04689717 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04689717 frs-bus:AbridgedAccounts 2023-06-01 2024-05-31 04689717 frs-bus:SmallEntities 2023-06-01 2024-05-31 04689717 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 04689717 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04689717 frs-bus:Director1 2023-06-01 2024-05-31 04689717 frs-bus:Director1 2023-05-31 04689717 frs-bus:Director1 2024-05-31 04689717 frs-bus:Director2 2023-06-01 2024-05-31 04689717 frs-bus:Director2 2023-05-31 04689717 frs-bus:Director2 2024-05-31 04689717 frs-bus:CompanySecretary1 2023-06-01 2024-05-31 04689717 frs-countries:EnglandWales 2023-06-01 2024-05-31 04689717 2022-05-31 04689717 2023-05-31 04689717 2022-06-01 2023-05-31 04689717 frs-core:ShareCapital 2023-05-31 04689717 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 04689717
Lincoln Marks Motor Company Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 May 2024
Allen Mills Howard & Co
Chartered Accountants
Lewis House
56 Manchester Road
Altrincham
Cheshire
WA14 4PJ
Unaudited Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 04689717
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 336,681 340,748
336,681 340,748
CURRENT ASSETS
Stocks 154,552 158,664
Debtors 13,519 20,953
Cash at bank and in hand 247,117 276,268
415,188 455,885
Creditors: Amounts Falling Due Within One Year (57,405 ) (70,913 )
NET CURRENT ASSETS (LIABILITIES) 357,783 384,972
TOTAL ASSETS LESS CURRENT LIABILITIES 694,464 725,720
PROVISIONS FOR LIABILITIES
Deferred Taxation (90 ) (106 )
NET ASSETS 694,374 725,614
CAPITAL AND RESERVES
Called up share capital 6 2 2
Profit and Loss Account 694,372 725,612
SHAREHOLDERS' FUNDS 694,374 725,614
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 May 2024 in accordance with section 444(2A) of the Companies Act 2006.
The financial statements were approved by the Board of Directors and authorised for issue on 6 January 2025 and were signed on its behalf by:
Mr M B Tapp
Director
Mr L M Phillips
Director
6th January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Lincoln Marks Motor Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04689717 . The registered office is Lewis House, 56 Manchester Road, Altrincham, Cheshire, WA14 4PJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It relates to the acquisition of a business in 1997 and was amortised to profit and loss account over its estimated economic life of ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold - 1% on cost
Fixtures & Fittings - 15% on reducing balance
Computer Equipment - 33% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Page 4
2.6. Taxation
Tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Total
£
Cost
As at 1 June 2023 150,000
As at 31 May 2024 150,000
Amortisation
As at 1 June 2023 150,000
As at 31 May 2024 150,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
Page 4
Page 5
5. Tangible Assets
Total
£
Cost
As at 1 June 2023 411,923
As at 31 May 2024 411,923
Depreciation
As at 1 June 2023 71,175
Provided during the period 4,067
As at 31 May 2024 75,242
Net Book Value
As at 31 May 2024 336,681
As at 1 June 2023 340,748
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
7. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Matthew Tapp 4,771 21,600 21,678 - 4,693
Mr Lincoln Phillips 4,863 21,600 21,678 - 4,785
The above loans were unsecured, interest free and repayable on demand. They were both repaid on 6th January 2025.
Page 5