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REGISTERED NUMBER: 01298488 (England and Wales)













Financial Statements

for the Year Ended 31 December 2024

for

Lincolnshire Flooring Company (1977)
Limited

Lincolnshire Flooring Company (1977)
Limited (Registered number: 01298488)






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 Company (1977)
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: 01298488 (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 Company (1977)
Limited (Registered number: 01298488)

Abridged Statement of Financial Position
31 December 2024

31/12/24 31/12/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 412,413 360,873

CURRENT ASSETS
Stocks 169,520 171,717
Debtors 290,759 456,981
Cash at bank and in hand 895,480 430,036
1,355,759 1,058,734
CREDITORS
Amounts falling due within one year 367,233 233,906
NET CURRENT ASSETS 988,526 824,828
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,400,939

1,185,701

PROVISIONS FOR LIABILITIES 41,124 24,443
NET ASSETS 1,359,815 1,161,258

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,359,715 1,161,158
SHAREHOLDERS' FUNDS 1,359,815 1,161,258

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 Company (1977)
Limited (Registered number: 01298488)

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 Company (1977)
Limited (Registered number: 01298488)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Lincolnshire Flooring Company (1977) 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 - 50% on cost and 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 Company (1977)
Limited (Registered number: 01298488)

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 37 (2023 - 25 ) .

Lincolnshire Flooring Company (1977)
Limited (Registered number: 01298488)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2024 613,214
Additions 106,354
Disposals (48,086 )
At 31 December 2024 671,482
DEPRECIATION
At 1 January 2024 252,341
Charge for year 43,145
Eliminated on disposal (36,417 )
At 31 December 2024 259,069
NET BOOK VALUE
At 31 December 2024 412,413
At 31 December 2023 360,873

5. CONTINGENT LIABILITIES

In reference to the related party note, the maximum amount of security given amounts to the net assets of the company.

Lincolnshire Flooring Company (1977)
Limited (Registered number: 01298488)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. 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 Contracts Limited. Mr Z C Jefferson is director of both Lincolnshire Flooring Contracts Limited and Lincolnshire Flooring Company (1977) Limited.

On the formation of the group, security was provided by Lincolnshire Flooring Company (1977) 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), are owed to Mr G H Jefferson and Mr M J Jefferson, former directors, 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 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 Contracts Limited on a cost basis, based on actual usage of goods and services; £202,158 (2023- £197,258) was recharged out to Lincolnshire Flooring Contracts Limited and £259,711 (2023- £203,061) was charged to the company from Lincolnshire Flooring Contracts Limited. Included within the recharges from Lincolnshire Flooring Contracts Limited were directors' remuneration of £58,195 (2023- £46,191). The balance owed to Lincolnshire Flooring Contracts Limited as at 31 December 2024 was £12,726 (2023- £26,833). The loan is unsecured and interest free.

7. 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 effect the financial position as at 31 December 2024, and no adjustments have been made to these financial statements.