Lincoln Marks Motor Company Limited - Accounts to registrar (filleted) - small 18.2

Unaudited Financial Statements

for the Year Ended 31st May 2019

for

Lincoln Marks Motor Company Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L M Phillips

M B Tapp

SECRETARY:

L M Phillips

REGISTERED OFFICE:

Lewis House

56 Manchester Road

Altrincham

Cheshire

WA14 4PJ

REGISTERED NUMBER:

04689717 (England and Wales)

ACCOUNTANTS:

Allen Mills Howard & Co

Chartered Accountants

Lewis House

56 Manchester Road

Altrincham

Cheshire

WA14 4PJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

356,981

361,350

356,981

361,350

CURRENT ASSETS

Stocks

217,671

142,919

Debtors

39,207

41,158

Cash at bank and in hand

117,708

215,364

374,586

399,441

CREDITORS

Amounts falling due within one year

21,957

49,120

NET CURRENT ASSETS

352,629

350,321

TOTAL ASSETS LESS CURRENT LIABILITIES

709,610

711,671

PROVISIONS FOR LIABILITIES

222

222

NET ASSETS

709,388

711,449

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

709,386

711,447

709,388

711,449

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2019 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st May 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 4th December 2019 and were signed on its behalf by:

L M Phillips - Director

M B Tapp - Director

1.	STATUTORY INFORMATION

Lincoln Marks Motor Company 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable from the sales of vehicles,

excluding discounts and VAT.

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

-

1% on cost

Plant and machinery etc

-

33% on cost and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st June 2018

and 31st May 2019

150,000

AMORTISATION

At 1st June 2018

and 31st May 2019

150,000

NET BOOK VALUE

At 31st May 2019

-

At 31st May 2018

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st June 2018

and 31st May 2019

411,923

DEPRECIATION

At 1st June 2018

50,573

Charge for year

4,369

At 31st May 2019

54,942

NET BOOK VALUE

At 31st May 2019

356,981

At 31st May 2018

361,350

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

3,450

3,450

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st May 2019 and

31st May 2018:

2019

2018

£

£

L M Phillips

Balance outstanding at start of year

5,652

5,091

Amounts advanced

21,785

21,600

Amounts repaid

(22,048

)

(21,039

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,389

5,652

M B Tapp

Balance outstanding at start of year

5,587

5,025

Amounts advanced

21,785

21,600

Amounts repaid

(22,048

)

(21,038

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,324

5,587