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Company Registration No. 06146224 (England and Wales)
Direct Cars (Lincoln) Limited Unaudited accounts for the year ended 31 March 2026
Direct Cars (Lincoln) Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
6
- 2 -
Direct Cars (Lincoln) Limited Company Information for the year ended 31 March 2026
Directors
Michael A. Crow Deborah J. Crow
Secretary
Deborah J. Crow
Company Number
06146224 (England and Wales)
Registered Office
32 Silver Street Lincoln Lincolnshire LN2 1EW UNITED KINGDOM
Accountants
M D Darby FCPA, CPAA, FIAB, ACCA/Cert:IFR, IFRS, IPSAS, IA Templar Accounting & Business Support Services Limited (Incorp: Blake and Co ) 112 - 113 High Street, Lincoln, Lincolnshire LN5 7PY
- 3 -
Direct Cars (Lincoln) Limited Statement of financial position as at 31 March 2026
2026
2025
Notes
£
£
Fixed assets
Intangible assets
4
137,279
154,439
Tangible assets
5
580,111
442,789
717,390
597,228
Current assets
Inventories
6
66,939
27,999
Debtors
7
23,813
60,798
Cash at bank and in hand
1,714,475
1,803,901
1,805,227
1,892,698
Creditors: amounts falling due within one year
8
(510,312)
(530,627)
Net current assets
1,294,915
1,362,071
Total assets less current liabilities
2,012,305
1,959,299
Provisions for liabilities
Deferred tax
9
(234,901)
(136,621)
Other provisions
10
(200,000)
(200,000)
(434,901)
(336,621)
Net assets
1,577,404
1,622,678
- 4 -
Direct Cars (Lincoln) Limited Statement of financial position as at 31 March 2026 (continued)
Capital and reserves
Called up share capital
11
100
100
Revaluation reserve
63,250
63,250
Capital contribution reserve
-
450,000
Profit and loss account
1,514,054
1,109,328
Shareholders' funds
1,577,404
1,622,678
For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2026 and were signed on its behalf by
Michael A. Crow Director Company Registration No. 06146224
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Direct Cars (Lincoln) Limited Notes to the Accounts for the year ended 31 March 2026
1
Statutory information
Direct Cars (Lincoln) Limited is a private company, limited by shares, registered in England and Wales, registration number 06146224. The registered office is 32 Silver Street, Lincoln, Lincolnshire, LN2 1EW, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
15% Reducing balance
Computer equipment
20% Reducing balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortization. Goodwill is amortized at a fixed rate of 10% per annum
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
- 6 -
Direct Cars (Lincoln) Limited Notes to the Accounts for the year ended 31 March 2026
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2025
369,330
At 31 March 2026
369,330
Amortisation
At 1 April 2025
214,891
Charge for the year
17,160
At 31 March 2026
232,051
Net book value
At 31 March 2026
137,279
At 31 March 2025
154,439
Goodwill is being amortized at a fixed rate of 10% per annum
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
£
£
£
£
£
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2025
30,311
1,030,694
199,702
13,258
1,273,965
Additions
-
586,091
-
-
586,091
Disposals
-
(333,780)
-
-
(333,780)
At 31 March 2026
30,311
1,283,005
199,702
13,258
1,526,276
Depreciation
At 1 April 2025
11,500
629,213
185,853
4,610
831,176
Charge for the year
3,762
167,876
2,444
1,730
175,812
On disposals
-
(60,823)
-
-
(60,823)
At 31 March 2026
15,262
736,266
188,297
6,340
946,165
Net book value
At 31 March 2026
15,049
546,739
11,405
6,918
580,111
At 31 March 2025
18,811
401,481
13,849
8,648
442,789
6
Inventories
2026
2025
£
£
Raw materials
66,939
27,999
66,939
27,999
Raw materials comprise of vehicles at end of life, stripped of reusable parts to service the main fleet of vehicles/taxis
- 7 -
Direct Cars (Lincoln) Limited Notes to the Accounts for the year ended 31 March 2026
7
Debtors
2026
2025
£
£
Amounts falling due within one year
Trade debtors
23,813
31,798
Other debtors
-
29,000
23,813
60,798
8
Creditors: amounts falling due within one year
2026
2025
£
£
VAT
136,180
180,783
Trade creditors
90,007
76,999
Taxes and social security
54,662
50,000
Other creditors
11,878
25,809
Loans from directors
204,618
184,069
Accruals
12,967
12,967
510,312
530,627
The directors/shareholders have no personal guarantees in place joint or several
9
Deferred taxation
2026
2025
£
£
Accelerated capital allowances
234,901
136,621
2026
2025
£
£
Provision at start of year
136,621
109,057
Charged to the profit and loss account
98,280
27,564
Provision at end of year
234,901
136,621
We have created a cumulative deferred taxation reserve of some £234,901 due to accelerated capital allowances. This reserve will reverse in future periods and create a tax liability at the prevailing rate on the day.
10
Provisions for liabilities
£
At 1 April 2025
200,000
At 31 March 2026
200,000
In compliance re: health and safety rules a provision has been put in place to accommodate the removal of asbestos sheeting in the workshop. The re-levelling the surface area of the garage floor to ensure safe use of the vehicle lift/ramps and the introduction of the MOT (Ministry of Transport) testing facilities. £125,000 The provision has been increased to accommodate further costs in relation to asbestos removal of some £75,000
- 8 -
Direct Cars (Lincoln) Limited Notes to the Accounts for the year ended 31 March 2026
11
Share capital
2026
2025
£
£
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
12
Average number of employees
During the year the average number of employees was 30 (2025: 30).
- 9 -