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Registration number: 08054513

South Lincs Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

South Lincs Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

South Lincs Properties Limited

Company Information

Directors

Mr P J Duffy

Mrs K M Duffy

Mr JP Duffy

Registered office

Lynway Nurseries
Main Road
Algarkirk, Boston
Lincolnshire
PE20 2BE

Accountants

Cannon Williamson
Chartered Certified AccountantsAlbion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

South Lincs Properties Limited

(Registration number: 08054513)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

715

-

Investment property

5

5,574,277

5,574,277

 

5,574,992

5,574,277

Current assets

 

Debtors

6

1,670,088

1,670,088

Cash at bank and in hand

 

159,844

96,021

 

1,829,932

1,766,109

Creditors: Amounts falling due within one year

7

(422,274)

(447,984)

Net current assets

 

1,407,658

1,318,125

Total assets less current liabilities

 

6,982,650

6,892,402

Provisions for liabilities

(193,256)

(193,256)

Net assets

 

6,789,394

6,699,146

Capital and Reserves

 

Called up share capital

8

100

100

Retained Earnings

6,789,294

6,699,046

Shareholders' funds

 

6,789,394

6,699,146

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 July 2025 and signed on its behalf by:
 

.........................................
Mr JP Duffy
Director

 

South Lincs Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lynway Nurseries
Main Road
Algarkirk, Boston
Lincolnshire
PE20 2BE

These financial statements were authorised for issue by the Board on 4 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

South Lincs Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

South Lincs Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

4

Tangible Assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

810

810

At 31 October 2024

810

810

Depreciation

Charge for the year

95

95

At 31 October 2024

95

95

Carrying amount

At 31 October 2024

715

715

5

Investment properties

2024
£

At 1 November

5,574,277

At 31 October

5,574,277

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

1,670,088

1,670,088

   

1,670,088

1,670,088

 

South Lincs Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade Creditors

 

6,604

24,007

Amounts owed to group undertakings and undertakings in which the company has a participating interest

385,595

385,595

Taxation and social security

 

23,530

31,942

Accruals and deferred income

 

3,306

3,150

Other creditors

 

3,239

3,290

 

422,274

447,984

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Class 1 of £1 each

100

100

100

100