2023-08-012024-07-312024-07-31falseNI632456LNC ENTERPRISES 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LNC ENTERPRISES LTD

Registered Number
NI632456
(Northern Ireland)

Unaudited Financial Statements for the Year ended
31 July 2024

LNC ENTERPRISES LTD
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

Terry McKnight

Registered Address

12 C/O Gliderobes
Springtown Road
Londonderry
BT48 0LY

Registered Number

NI632456 (Northern Ireland)
LNC ENTERPRISES LTD
Statement of Financial Position
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets422,15618,577
22,15618,577
Current assets
Stocks1,5501,400
Debtors8,23216,013
Cash at bank and on hand2008,200
9,98225,613
Creditors amounts falling due within one year(24,633)(29,418)
Net current assets (liabilities)(14,651)(3,805)
Total assets less current liabilities7,50514,772
Creditors amounts falling due after one year(6,643)(13,571)
Net assets8621,201
Capital and reserves
Called up share capital11
Profit and loss account8611,200
Shareholders' funds8621,201
The financial statements were approved and authorised for issue by the Director on 29 April 2025, and are signed on its behalf by:
Terry McKnight
Director
Registered Company No. NI632456
LNC ENTERPRISES LTD
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. 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 compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
Intangible assets
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 20% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Fixtures & Fittings - 20% - Reducing Balance Motor Vehicles - 20% - Reducing Balance Plant & Machinery - 20% - Reducing Balance
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year55
3.Intangible assets

Total

£
Cost or valuation
At 01 August 2310,000
At 31 July 2410,000
Amortisation and impairment
At 01 August 2310,000
At 31 July 2410,000
Net book value
At 31 July 24-
At 31 July 23-
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 August 2340,760
Additions12,218
Disposals(3,355)
At 31 July 2440,328
Depreciation and impairment
At 01 August 2322,183
Charge for year5,284
At 31 July 2418,172
Net book value
At 31 July 2422,156
At 31 July 2318,577