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REGISTERED NUMBER: 02928762 (England and Wales)















LINCOLN POLYTHENE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024






LINCOLN POLYTHENE LIMITED (REGISTERED NUMBER: 02928762)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


LINCOLN POLYTHENE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: Mrs P M Hobson
A J Hobson





SECRETARY: A J Hobson





REGISTERED OFFICE: Unit 2-5
George Street
Great Northern Terrace
Lincoln
Lincolnshire
LN5 8LG





REGISTERED NUMBER: 02928762 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

LINCOLN POLYTHENE LIMITED (REGISTERED NUMBER: 02928762)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 27,568 22,073
Tangible assets 5 149,788 157,754
177,356 179,827

CURRENT ASSETS
Stocks 646,956 805,337
Debtors 6 1,632,166 609,393
Cash at bank 6,012,454 5,978,966
8,291,576 7,393,696
CREDITORS
Amounts falling due within one year 7 1,465,423 1,823,021
NET CURRENT ASSETS 6,826,153 5,570,675
TOTAL ASSETS LESS CURRENT LIABILITIES 7,003,509 5,750,502

PROVISIONS FOR LIABILITIES 36,767 44,143
NET ASSETS 6,966,742 5,706,359

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 6,966,642 5,706,259
SHAREHOLDERS' FUNDS 6,966,742 5,706,359

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 8 May 2025 and were signed on its behalf by:





A J Hobson - Director


LINCOLN POLYTHENE LIMITED (REGISTERED NUMBER: 02928762)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

Lincoln Polythene 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of polythene is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - at varying rates on cost
Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.


LINCOLN POLYTHENE LIMITED (REGISTERED NUMBER: 02928762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued
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 the income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2023 29,122
Additions 8,700
At 31 October 2024 37,822
AMORTISATION
At 1 November 2023 7,049
Charge for year 3,205
At 31 October 2024 10,254
NET BOOK VALUE
At 31 October 2024 27,568
At 31 October 2023 22,073

LINCOLN POLYTHENE LIMITED (REGISTERED NUMBER: 02928762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2023 40,987 687,602 728,589
Additions - 61,543 61,543
Disposals - (19,543 ) (19,543 )
At 31 October 2024 40,987 729,602 770,589
DEPRECIATION
At 1 November 2023 40,987 529,848 570,835
Charge for year - 49,966 49,966
At 31 October 2024 40,987 579,814 620,801
NET BOOK VALUE
At 31 October 2024 - 149,788 149,788
At 31 October 2023 - 157,754 157,754


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 1,530,011 481,030
Amounts owed by group undertakings 4,489 10,761
Other debtors 97,666 117,602
1,632,166 609,393

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts - 502,227
Trade creditors 942,655 976,589
Amounts owed to group undertakings 23,859 432
Taxation and social security 440,749 294,626
Other creditors 58,160 49,147
1,465,423 1,823,021

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
100 Ordinary £1 100 100

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have loan accounts totalling £24 in credit brought forward (2023: £13,007 overdrawn). During the year, the directors of the company borrowed £131 (2023: £65) from the company and repaid £nil (2023: £13,096). The balance at the end of the year totalled £107 overdrawn (2023: £24 in credit).