2023-09-012024-08-312024-08-31false07530242Lincoln City Engineering 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Lincoln City Engineering Limited

Registered Number
07530242
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

Lincoln City Engineering Limited
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

C M Wessels

Registered Address

Unit 14 Unit 14
Discovery Court, Whisby Road
Lincoln
LN6 3AJ

Registered Number

07530242 (England and Wales)
Lincoln City Engineering Limited
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets345,13740,151
45,13740,151
Current assets
Stocks4590575
Debtors518,17219,849
Cash at bank and on hand1,000-
19,76220,424
Creditors amounts falling due within one year6(57,777)(44,802)
Net current assets (liabilities)(38,015)(24,378)
Total assets less current liabilities7,12215,773
Creditors amounts falling due after one year7(4,107)(11,636)
Provisions for liabilities9(3,550)(3,667)
Net assets(535)470
Capital and reserves
Called up share capital100100
Profit and loss account(635)370
Shareholders' funds(535)470
The financial statements were approved and authorised for issue by the Director on 3 March 2025, and are signed on its behalf by:
C M Wessels
Director
Registered Company No. 07530242
Lincoln City Engineering Limited
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery10
Fixtures and fittings10
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year43
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Total

£££
Cost or valuation
At 01 September 23100,4032,080102,483
Additions10,000-10,000
At 31 August 24110,4032,080112,483
Depreciation and impairment
At 01 September 2362,12420862,332
Charge for year4,8291855,014
At 31 August 2466,95339367,346
Net book value
At 31 August 2443,4501,68745,137
At 31 August 2338,2791,87240,151
4.Stocks

2024

2023

££
Other stocks590575
Total590575
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables13,57815,674
Other debtors3,1532,763
Prepayments and accrued income1,4411,412
Total18,17219,849
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables18,3488,942
Bank borrowings and overdrafts5,0005,960
Taxation and social security5,68310,460
Finance lease and HP contracts2,5015,001
Other creditors24,56912,558
Accrued liabilities and deferred income1,6761,881
Total57,77744,802
The finance lease liabilities are secured on the assets to which they relate.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts4,1079,136
Other creditors-2,500
Total4,10711,636
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-2,501
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3,5503,667
Total3,5503,667