Registration number: 05391201

Lincs Aquatics Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Lincs Aquatics Limited

Company Information

Directors

R B Stubbs R L Stubbs

Registered office

Hanger 1 Strubby Airfield Woodthorpe Alford Lincolnshire LN13 0DD

Lincs Aquatics Limited

(Registration number: 05391201)
Balance Sheet as at 29 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	1,118,207	1,497,506
Current assets
Stocks	6	843,100	782,981
Debtors	7	41,792	60,237
Cash at bank and in hand		10,768	11,722
		895,660	854,940
Creditors: Amounts falling due within one year	8	(1,365,823)	(1,246,294)
Net current liabilities		(470,163)	(391,354)
Total assets less current liabilities		648,044	1,106,152
Creditors: Amounts falling due after more than one year	8	(8,333)	(416,843)
Provisions for liabilities		(58,845)	(54,066)
Net assets		580,866	635,243
Capital and reserves
Called up share capital	10	100	100
Retained earnings		580,766	635,143
Shareholders' funds		580,866	635,243

For the financial year ending 29 December 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 29 September 2025 and signed on its behalf by:
 

......................................... R L Stubbs Director

Lincs Aquatics Limited

Notes to the Financial Statements for the Year Ended 29 December 2024

1	General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 05391201.

These financial statements cover the individual entity, Lincs Aquatics Limited.

The address of its registered office is:
Hanger 1
Strubby Airfield
Woodthorpe
Alford
Lincolnshire
LN13 0DD

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 were prepared in accordance with Financial Reporting Standard 102 including Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' subject to the departure noted below.

Basis of preparation

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest whole pound.

Departure from requirements of FRS 102

No depreciation has been charged on freehold buildings as they are maintained to such a standard that their residual value is not less than their cost.

Management have concluded that the above departure does not affect the accounts from showing a true and fair view. Apart from this departure the company has complied with the relevant accounting standards and legislation.

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.

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 and deferred 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.

Lincs Aquatics Limited

Notes to the Financial Statements for the Year Ended 29 December 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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	15% and 33% reducing balance and 4% straight line
Furniture and fittings	15% reducing balance
Land and buildings	No depreciation charged
Motor Vehicles	15% reducing balance
Tenants fixtures	4% straight line

Intangible assets

Websites costs are shown at historical cost.

Website costs have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website	33% straight line

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 at the transaction price 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.

Lincs Aquatics Limited

Notes to the Financial Statements for the Year Ended 29 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

Lincs Aquatics Limited

Notes to the Financial Statements for the Year Ended 29 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If
contribution payments exceed the contribution due for service, the excess is recognised as a prepayment

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 17 (2023 - 19).

Lincs Aquatics Limited

Notes to the Financial Statements for the Year Ended 29 December 2024

4	Intangible assets

	Website  £	Total £
Cost or valuation
At 30 December 2023	4,450	4,450
At 29 December 2024	4,450	4,450
Amortisation
At 30 December 2023	4,450	4,450
At 29 December 2024	4,450	4,450
Carrying amount
At 29 December 2024	-	-

5	Tangible assets

	Land and buildings £	Long leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 30 December 2023	1,327,458	31,895	125,111	305,575	60,151	1,850,190
Additions	-	-	-	156,780	-	156,780
Disposals	(492,406)	-	(6,438)	(41,755)	-	(540,599)
At 29 December 2024	835,052	31,895	118,673	420,600	60,151	1,466,371
Depreciation
At 30 December 2023	-	16,926	111,846	195,579	28,333	352,684
Charge for the year	-	1,276	1,683	21,324	4,773	29,056
Eliminated on disposal	-	-	(4,396)	(29,180)	-	(33,576)
At 29 December 2024	-	18,202	109,133	187,723	33,106	348,164
Carrying amount
At 29 December 2024	835,052	13,693	9,540	232,877	27,045	1,118,207
At 29 December 2023	1,327,458	14,969	13,265	109,996	31,818	1,497,506

6

Stocks

	2024 £	2023 £
Finished goods and goods for resale	843,100	782,981

Lincs Aquatics Limited

Notes to the Financial Statements for the Year Ended 29 December 2024

7

Debtors

	2024 £	2023 £
Trade debtors	6,810	-
Other debtors	24,529	41,344
Prepayments and accrued income	10,453	18,893
	41,792	60,237

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Bank loans and overdrafts		53,633	151,375
Trade creditors		323,180	155,072
Taxation and social security		95,578	128,897
Other creditors		853,981	773,614
Accruals and deferred income		39,451	37,336
		1,365,823	1,246,294
Due after one year
Loans and borrowings	9	8,333	416,843

Creditors amounts falling due within one year on which security has been given includes bank loans of £10,000 (2023 - £78,694), bank overdraft of £43,633 (2023 - £72,681) and hire purchase of £2,773 (2023 - £5,398).

Creditors amounts falling due after more than one year on which security has been given includes bank loans of £8,333 (2023 - £414,069) and hire purchase of £nil (2023 - £2,774).

The bank loans and overdraft are secured on the freehold land and buildings and property owned personally by the directors. The hire purchase is secured on the asset to which it relates.

Included in creditors which are due after more than five years by instalments is £nil (2023 - £142,027).

Lincs Aquatics Limited

Notes to the Financial Statements for the Year Ended 29 December 2024

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	8,333	414,069
Finance lease liabilities	-	2,774
	8,333	416,843

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	10,000	78,694
Bank overdrafts	43,633	72,681
Finance lease liabilities	2,773	5,398
Other borrowings	848,144	759,922
	904,550	916,695

10	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

11	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £17,140 (2023 - £17,930).

12	Related party transactions

Expenditure with and payables to related parties

2024	Key management £
Amounts payable to related party	582,857

2023	Key management £
Amounts payable to related party	539,922