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REGISTERED NUMBER: 04947404 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 November 2024

for

Lincolnshire Office Friends Limited

Lincolnshire Office Friends Limited (Registered number: 04947404)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lincolnshire Office Friends Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: R J Mearns
Mrs M J Mearns



SECRETARY:



REGISTERED OFFICE: King Edward Street
Grimsby
N E Lincolnshire
DN31 3LA



REGISTERED NUMBER: 04947404 (England and Wales)



BANKERS: HSBC Bank Plc
55 Victoria Street
Grimsby
N E Lincolnshire
DN31 1UX

Lincolnshire Office Friends Limited (Registered number: 04947404)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 477,391 423,262
Investments 6 10,052 285,050
487,443 708,312

CURRENT ASSETS
Stocks 139,462 103,720
Debtors 7 1,058,737 638,138
Cash at bank and in hand 443,897 51,162
1,642,096 793,020
CREDITORS
Amounts falling due within one year 8 892,882 699,102
NET CURRENT ASSETS 749,214 93,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,236,657

802,230

CREDITORS
Amounts falling due after more than one
year

9

(233,653

)

(15,206

)

PROVISIONS FOR LIABILITIES (39,553 ) (11,099 )
NET ASSETS 963,451 775,925

CAPITAL AND RESERVES
Called up share capital 1,006 1,006
Retained earnings 10 962,445 774,919
SHAREHOLDERS' FUNDS 963,451 775,925

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lincolnshire Office Friends Limited (Registered number: 04947404)

Balance Sheet - continued
30 November 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 May 2025 and were signed on its behalf by:





R J Mearns - Director


Lincolnshire Office Friends Limited (Registered number: 04947404)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Lincolnshire Office Friends Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Lincolnshire Office Friends Limited (Registered number: 04947404)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 208,000
AMORTISATION
At 1 December 2023
and 30 November 2024 208,000
NET BOOK VALUE
At 30 November 2024 -
At 30 November 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Office and
Property Equipment fittings
£    £    £   
COST
At 1 December 2023 269,209 5,722 88,235
Additions - 11,899 -
Disposals - - -
At 30 November 2024 269,209 17,621 88,235
DEPRECIATION
At 1 December 2023 - 230 40,628
Charge for year - 2,180 4,760
Eliminated on disposal - - -
At 30 November 2024 - 2,410 45,388
NET BOOK VALUE
At 30 November 2024 269,209 15,211 42,847
At 30 November 2023 269,209 5,492 47,607

Lincolnshire Office Friends Limited (Registered number: 04947404)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2023 174,478 23,017 560,661
Additions 85,041 3,907 100,847
Disposals (4,469 ) - (4,469 )
At 30 November 2024 255,050 26,924 657,039
DEPRECIATION
At 1 December 2023 82,181 14,360 137,399
Charge for year 32,077 3,977 42,994
Eliminated on disposal (745 ) - (745 )
At 30 November 2024 113,513 18,337 179,648
NET BOOK VALUE
At 30 November 2024 141,537 8,587 477,391
At 30 November 2023 92,297 8,657 423,262

In the opinion of the Directors the Freehold Property had a value in excess of the balance sheet value.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 December 2023 69,105
Additions 69,982
Transfer to ownership (29,912 )
At 30 November 2024 109,175
DEPRECIATION
At 1 December 2023 3,403
Charge for year 13,385
Transfer to ownership (19,396 )
At 30 November 2024 (2,608 )
NET BOOK VALUE
At 30 November 2024 111,783
At 30 November 2023 65,702

Lincolnshire Office Friends Limited (Registered number: 04947404)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 December 2023 285,050
Disposals 10,002
At 30 November 2024 295,052
PROVISIONS

Impairments 285,000
At 30 November 2024 285,000
NET BOOK VALUE
At 30 November 2024 10,052
At 30 November 2023 285,050

The company owns 50% of the issued share capital of Office Friends Systems Ltd.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 843,954 627,159
Other debtors 207,950 7,275
Prepayments 6,833 3,704
1,058,737 638,138

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans and overdrafts 12,000 -
Hire purchase contracts 22,094 9,403
Trade creditors 727,798 559,636
Other creditors 2,644 1,836
Intercompany account 10,002 -
Tax 87,860 55,365
Social security and other taxes 23,419 17,779
VAT 53,913 46,673
Factoring account (102,504 ) (67,954 )
Directors' current accounts 55,656 76,364
892,882 699,102

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans - 1-2 years 186,908 -
Hire purchase contracts 46,745 15,206
233,653 15,206

Lincolnshire Office Friends Limited (Registered number: 04947404)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

10. RESERVES
Retained
earnings
£   

At 1 December 2023 774,919
Profit for the year 497,559
Dividends (310,033 )
At 30 November 2024 962,445

11. ULTIMATE CONTROLLING PARTY

On 29 October 2024 Office Friends Holdings Ltd acquired 50% of the issued share capital. Office Friends Holdings is 100% owned by the 2 directors and does not trade.