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REGISTERED NUMBER: 02436969 (England and Wales)













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: Mr Z C Jefferson



REGISTERED OFFICE: Outer Circle Road
LINCOLN
Lincolnshire
LN2 4HS



REGISTERED NUMBER: 02436969 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: Clydesdale Bank
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 4 357,373 382,191

CURRENT ASSETS
Stocks 55,283 72,609
Debtors 475,040 488,878
Cash at bank and in hand 56,960 78,495
587,283 639,982
CREDITORS
Amounts falling due within one year 170,202 274,840
NET CURRENT ASSETS 417,081 365,142
TOTAL ASSETS LESS CURRENT
LIABILITIES

774,454

747,333

PROVISIONS FOR LIABILITIES 23,757 26,170
NET ASSETS 750,697 721,163

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 750,597 721,063
SHAREHOLDERS' FUNDS 750,697 721,163

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 30 May 2025 and were signed by:





Mr Z C Jefferson - Director


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 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15-25% on reducing balance
Motor vehicles - 25% on reducing balance

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 29 (2023 - 24 ) .

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 604,894
Additions 19,399
Disposals (22,755 )
At 31 December 2024 601,538
DEPRECIATION
At 1 January 2024 222,703
Charge for year 38,180
Eliminated on disposal (16,718 )
At 31 December 2024 244,165
NET BOOK VALUE
At 31 December 2024 357,373
At 31 December 2023 382,191

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
£    £   
Mr Z C Jefferson
Balance outstanding at start of year 4,412 88
Amounts advanced 4,326 4,324
Amounts repaid (4,500 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,238 4,412

Mrs D K Smith
Balance outstanding at start of year 4,325 3,705
Amounts advanced 4,324 4,325
Amounts repaid (4,500 ) (3,705 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,149 4,325

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.