| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Lincolnshire Flooring Contracts Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Lincolnshire Flooring Contracts Limited |
| Lincolnshire Flooring Contracts Limited (Registered number: 02436969) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Abridged Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Lincolnshire Flooring Contracts Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Newland House |
| The Point |
| Weaver Road |
| LINCOLN |
| Lincolnshire |
| LN6 3QN |
| BANKERS: |
| 8-10 Guildhall Street |
| LINCOLN |
| Lincolnshire |
| LN1 1TT |
| Lincolnshire Flooring Contracts Limited (Registered number: 02436969) |
| Abridged Statement of Financial Position |
| 31 December 2024 |
| 31/12/24 | 31/12/23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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 Flooring Contracts Limited (Registered number: 02436969) |
| Abridged Statement of Financial Position - continued |
| 31 December 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Lincolnshire Flooring Contracts Limited (Registered number: 02436969) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Lincolnshire Flooring Contracts Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Land held within freehold property is not being depreciated. |
| Stocks |
| 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 items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Financial instruments |
| Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
| Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
| Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
| Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. |
| Lincolnshire Flooring Contracts Limited (Registered number: 02436969) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| 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. |
| Operating lease income |
| Rental income is recognised in the profit and loss account under other income on an accruals basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Lincolnshire Flooring Contracts Limited (Registered number: 02436969) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | CONTINGENT LIABILITIES |
| With reference to the related party note, the maximum value of the security given amounts to the net assets of the company, or the balance on the loan notes, whichever is lowest. |
| 6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023: |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Lincolnshire Flooring Contracts Limited (Registered number: 02436969) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| The above loans are interest free and unsecured. |
| 7. | RELATED PARTY DISCLOSURES |
| The company is part of a group of three companies (formed 18 May 2017), of which the parent company is Lincolnshire Flooring Holdings Limited.During the year the company carried on trading activities with Lincolnshire Flooring Company (1977) Limited. Mr Z C Jefferson is director of both Lincolnshire Flooring Contracts Limited and Lincolnshire Flooring Company (1977) Limited. |
| On formation of the group, security was provided by Lincolnshire Flooring Contracts Limited in order to guarantee certain obligations of the parent company, Lincolnshire Flooring Holdings Limited. The charges, which have a balance of £1,222,189 at the year end (2023 - £1,562,209), owed to Mr G H Jefferson and Mr M J Jefferson, former directors, are by way of legal mortgage over all present and future freehold property, land and buildings and a fixed and floating charge over all other available assets of the company, together with comprehensive controls over the company's management for the duration of the agreement. The loan notes will remain in place until 2028 and are repayable quarterly until the maturity date. |
| During the year recharges took place between the company and Lincolnshire Flooring Company (1977) Limited based on actual usage of goods and services at cost and on normal commercial terms, £202,158 (2023- £197,258) was charged to the company from Lincolnshire Flooring Company (1977) Limited and £259,711 (2023- £203,061) was recharged out to Lincolnshire Flooring Company (1977) Limited. Included within recharges out was directors' remuneration of £58,195 (2023-£46,191). The balance owed by Lincolnshire Flooring Company (1977) Limited to this company at the year end is £12,726 (2023- £26,833). The company also has a short term loan from Mr G H Jefferson at the year end of NIL (2023- £65,000).The loans are unsecured and interest free. |
| 8. | POST BALANCE SHEET EVENTS - GROUP RESTRUCTURING |
| Subsequent to the year-end, a new parent company, Jefferson Asset Management Lincoln Limited, which was incorporated prior to the year end, acquired 100% of the shares in Lincolnshire Flooring Holdings Limited following a change of ownership. This does not affect the financial position as at 31 December 2024, and no adjustments have been made to these financial statements. |