Company registration number 14731161 (England and Wales)
LINCOLN WATERSIDE CENTRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
LINCOLN WATERSIDE CENTRE LIMITED
COMPANY INFORMATION
Directors
D A Gibbons
C D Crookham
(Appointed 7 May 2025)
J D Stubbs
(Appointed 5 August 2025)
Secretary
R J Allen
Company number
14731161
Registered office
Wykeland House
47 Queen Street
Hull
HU1 1UU
Auditor
Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court, Princess Street
Hull
HU2 8BA
LINCOLN WATERSIDE CENTRE LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 17
LINCOLN WATERSIDE CENTRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 August 2025.

Principal activities

The principal activity of the company is that of ownership and commercial letting of the Lincoln Waterside shopping centre.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R J Allen
(Resigned 30 April 2026)
D C Donkin
(Resigned 17 April 2025)
I C Franks
(Resigned 30 May 2025)
D A Gibbons
A E Hands
(Resigned 30 April 2026)
P M Howard
(Resigned 30 April 2026)
C D Crookham
(Appointed 7 May 2025)
J D Stubbs
(Appointed 5 August 2025)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption within Part 15 of the Companies Act 2006.

On behalf of the board
C D Crookham
Director
18 May 2026
LINCOLN WATERSIDE CENTRE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LINCOLN WATERSIDE CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINCOLN WATERSIDE CENTRE LIMITED
- 3 -
Opinion

We have audited the financial statements of Lincoln Waterside Centre Limited (the 'company') for the year ended 31 August 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and the Report of Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Report of Directors has been prepared in accordance with applicable legal requirements.

LINCOLN WATERSIDE CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINCOLN WATERSIDE CENTRE LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of Directors.

Responsibilities of directors

As explained more fully in the Statement of Director's Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the United Kingdom Accounting Standards FRS102, the Companies Act 2006 and tax legislation. We also considered those laws and regulations that may have an indirect material effect on the financial statements including data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the Limited company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

LINCOLN WATERSIDE CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINCOLN WATERSIDE CENTRE LIMITED (CONTINUED)
- 5 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias: and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors..

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to t hem in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

William Cowell FCA
Senior Statutory Auditor
For and on behalf of Smailes Goldie
18 May 2026
Chartered Accountants
Statutory Auditor
Chartered Accountants
Statutory Auditor
Regent's Court, Princess Street
Hull
HU2 8BA
LINCOLN WATERSIDE CENTRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
Year
Period
ended
ended
31 August
31 August
2025
2024
Notes
£
£
Turnover
3
1,560,062
2,178,560
Administrative expenses
(756,827)
(530,789)
Operating profit
803,235
1,647,771
Interest payable and similar expenses
5
(561,022)
(665,466)
Profit before taxation
242,213
982,305
Tax on profit
6
(72,818)
(250,000)
Profit for the financial year
169,395
732,305

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 9 to 17 form part of these financial statements.

LINCOLN WATERSIDE CENTRE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
7
12,805,589
11,814,380
Investments
8
1
-
0
12,805,590
11,814,380
Current assets
Debtors
10
1,243,995
202,980
Cash at bank and in hand
37,677
857,351
1,281,672
1,060,331
Creditors: amounts falling due within one year
11
(1,644,378)
(972,824)
Net current (liabilities)/assets
(362,706)
87,507
Total assets less current liabilities
12,442,884
11,901,887
Creditors: amounts falling due after more than one year
12
(11,469,482)
(11,169,482)
Provisions for liabilities
Deferred tax liability
14
71,602
-
0
(71,602)
-
Net assets
901,800
732,405
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
901,700
732,305
Total equity
901,800
732,405

The notes on pages 9 to 17 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 May 2026 and are signed on its behalf by:
C D Crookham
Director
Company registration number 14731161 (England and Wales)
LINCOLN WATERSIDE CENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 March 2023
-
0
-
0
-
Period ended 31 August 2024:
Profit and total comprehensive income
-
732,305
732,305
Issue of share capital
16
100
-
100
Balance at 31 August 2024
100
732,305
732,405
Year ended 31 August 2025:
Profit and total comprehensive income
-
169,395
169,395
Balance at 31 August 2025
100
901,700
901,800

The notes on pages 9 to 17 form part of these financial statements.

LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
1
Accounting policies
Company information

Lincoln Waterside Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wykeland House, 47 Queen Street, Hull, HU1 1UU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors, having considered the forecasts for the period to 31 March 2027, have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.true

1.3
Turnover

Turnover comprises the invoice value of goods and services supplied by the Company within the UK exclusive of VAT and is accounted for on an accruals basis. All of the Company’s turnover relates to the principal activity and arises within the United Kingdom.

Rental income is recognised in the profit and loss account on a straight line basis over the term of the lease.

Lease incentives are amortised evenly over the term of the lease.

Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they are earned.

1.4
Investment property

Investment properties are carried at fair value. Deferred taxation is provided on gains at the rate expected to apply when the property is sold. No depreciation or amortisation is provided on Investment Properties. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amounts which might otherwise have been shown are not considered to be material in the context of these financial statements. Repairs and maintenance costs are expenses as incurred.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 10 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 11 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment properties.

The directors revalue the Company’s investment properties each year. The determination of the fair value of each property requires the use of estimates and assumptions in relation to factors such as future rental income, current market yields and future development costs.

Recoverability of trade and other receivables

The Directors use their professional judgement to assess the likely recovery of trade and other receivables, and provision is made in the financial statements accordingly.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Rental income
1,560,062
2,178,560
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administration
2
2
5
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
561,022
665,466
LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -
6
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
39,314
250,000
Adjustments in respect of prior periods
(38,098)
-
0
Total current tax
1,216
250,000
Deferred tax
Origination and reversal of timing differences
38,420
-
0
Adjustment in respect of prior periods
33,182
-
0
Total deferred tax
71,602
-
0
Total tax charge
72,818
250,000

The actual charge for the Period can be reconciled to the expected charge for the Period based on the profit or loss and the standard rates of tax as follows:

2025
2024
£
£
Profit before taxation
242,213
982,305
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
60,553
245,576
Tax effect of expenses that are not deductible in determining taxable profit
18,493
4,424
Under/(over) provided in prior years
(38,098)
-
0
Deferred tax adjustments in respect of prior years
33,182
-
0
Tax at marginal rate
(1,312)
-
0
Taxation charge for the year
72,818
250,000
7
Investment property
2025
£
Fair value
At 1 September 2024
11,814,380
Additions
991,209
At 31 August 2025
12,805,589

Investment property held at 31st August 2025 was valued by the directors at the open market value of £12,805,589.

LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 14 -
8
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
9
1
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2024
-
Additions
1
At 31 August 2025
1
Carrying amount
At 31 August 2025
1
At 31 August 2024
-
9
Subsidiaries

Details of the company's subsidiaries at 31 August 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Lincoln Waterside Leisure Limited
Wykeland House, 47 Queen Street, Hull, HU1 1UU
Ordinary
100.00
10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
84,896
193,522
Amounts owed by group undertakings
342,744
-
0
Prepayments and accrued income
349,689
9,458
777,329
202,980
2025
2024
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
466,666
-
0
Total debtors
1,243,995
202,980
LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -
11
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
135,844
8,466
Corporation tax
39,052
250,000
Other taxation and social security
21,445
11,704
Other creditors
273,309
400,148
Accruals and deferred income
1,174,728
302,506
1,644,378
972,824
12
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
13
11,469,482
11,169,482

Other borrowings are long term loans have been advanced equally by both shareholders and attract interest at 5%.

13
Loans and overdrafts
2025
2024
£
£
Loans from undertakings in which the company has a participating interest
11,469,482
11,169,482
Payable after one year
11,469,482
11,169,482

The long term loans have been advanced equally by both shareholders and attract interest at 5%.

14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
71,602
-
LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
14
Deferred taxation
(Continued)
- 16 -
2025
Movements in the year:
£
Liability at 1 September 2024
-
Charge to profit or loss
71,602
Liability at 31 August 2025
71,602

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

15
Retirement benefit schemes
Defined contribution schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Total contributions for the year are £5,675. (2024: £4,420)

At the end of the financial period pension contributions liabilities of £516 (2024: £425), in relation to the August 2025 payroll, were due to be paid. The liabilities are included within the accruals and deferred income figure,and were paid over to the scheme in September 2025.

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
17
Events after the reporting date

On 30 April 2026 Wykeland Properties Ltd acquired Lincolnshire Cooperative Ltd's shares and loans with Lincoln Waterside Centre Ltd. As such Lincoln Waterside Centre Ltd falls under the control and ownership of the wider Wykeland Group.

18
Related party transactions
Transactions with related parties

During the year the company has entered into transactions in the ordinary course of business with other companies under common control.

The company received loans of £150,000 from Wykeland Lincoln Holdings Limited and £150,000 from Lincolnshire Co-operative Limited during the year.

Loan balances outstanding at the year end totalled £5,734,741 (2024: £5,584,741) due to Wykeland Lincoln Holdings Limited and £5,734,741 (2024: £5,584,741) due to Lincolnshire Co-operative Limited.

Interest of £280,511 (2024: £332,733) was paid to Wykeland Lincoln Holdings Limited and interest of £280,511 (2024: £332,733) was paid to Lincolnshire Co-operative Limited during the year.

LINCOLN WATERSIDE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
19
Ultimate controlling party

At the balance sheet date the company had no ultimate controlling party.

The company had two shareholders which each owned 50% of the company.

On 30 April 2026 Wykeland Properties Limited acquired Lincolnshire Cooperative Limited's 50% share of the company.

The ultimate controlling party of Wykeland Properties Ltd and Wykeland Lincoln Holdings Ltd is Wykeland Group Ltd, which is registered in England and Wales.

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