Registered number
12436397
Lincs Fit (Normanby) Limited
Filleted Accounts
31 July 2024
Rivermoor Accounting Limited
Accountants
Orchards End
Kelsey Road
Moortown
Lincolnshire
LN7 6JB
Lincs Fit (Normanby) Limited
Registered number: 12436397
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 70,259 89,684
Current assets
Debtors 4 138,041 94,424
Cash at bank and in hand 23,522 49,086
161,563 143,510
Creditors: amounts falling due within one year 5 (96,253) (115,082)
Net current assets 65,310 28,428
Net assets 135,569 118,112
Capital and reserves
Called up share capital 1 1
Profit and loss account 135,568 118,111
Shareholder's funds 135,569 118,112
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R H Johnston
Director
Approved by the board on 9 April 2025
Lincs Fit (Normanby) Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 3,474 166,152 169,626
Additions - 4,000 4,000
At 31 July 2024 3,474 170,152 173,626
Depreciation
At 1 August 2023 1,585 78,357 79,942
Charge for the year 474 22,951 23,425
At 31 July 2024 2,059 101,308 103,367
Net book value
At 31 July 2024 1,415 68,844 70,259
At 31 July 2023 1,889 87,795 89,684
4 Debtors 2024 2023
£ £
Trade debtors 134,041 90,734
Other debtors 4,000 3,690
138,041 94,424
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 12,033 29,244
Trade creditors 10,513 33,279
Taxation and social security costs 67,403 46,859
Other creditors 6,304 5,700
96,253 115,082
6 Other information
Lincs Fit (Normanby) Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Hillcrest
Normanby le Wold
Market Rasen
Lincolnshire
LN7 6ST
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