Lincs Drywall Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05343071 (England and Wales)

Financial Statements

for the Year Ended 31 January 2020

for

Lincs Drywall Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K P Wilkes

J O Rainey

Mrs C A Wilkes

SECRETARY:

Mrs C A Wilkes

REGISTERED OFFICE:

15 Newland

Lincoln

Lincolnshire

LN1 1XG

REGISTERED NUMBER:

05343071 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

FIXED ASSETS

Tangible assets

4

8,755

9,692

CURRENT ASSETS

Stocks

2,332

1,048

Debtors

5

1,988

1,979

Cash at bank

25,989

32,263

30,309

35,290

CREDITORS

Amounts falling due within one year

6

24,179

31,968

NET CURRENT ASSETS

6,130

3,322

TOTAL ASSETS LESS CURRENT LIABILITIES

14,885

13,014

PROVISIONS FOR LIABILITIES

1,663

1,841

NET ASSETS

13,222

11,173

CAPITAL AND RESERVES

Called up share capital

7

1,000

1,000

Retained earnings

12,222

10,173

SHAREHOLDERS' FUNDS

13,222

11,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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.

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 31 March 2020 and were signed on its behalf by:

K P Wilkes - Director

J O Rainey - Director

1.	STATUTORY INFORMATION

Lincs Drywall 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.

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Motor vehicles

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 February 2019

10,011

8,000

18,011

Additions

1,561

-

1,561

At 31 January 2020

11,572

8,000

19,572

DEPRECIATION

At 1 February 2019

4,819

3,500

8,319

Charge for year

1,373

1,125

2,498

At 31 January 2020

6,192

4,625

10,817

NET BOOK VALUE

At 31 January 2020

5,380

3,375

8,755

At 31 January 2019

5,192

4,500

9,692

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Prepayments

1,988

1,979

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

434

1,107

Corporation tax

13,661

18,467

Social security and other taxes

1,404

801

VAT

6,830

8,799

Directors' current accounts

70

609

Accrued expenses

1,780

2,185

24,179

31,968

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1,000

Ordinary

£1

1,000

1,000

8.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £2,578 (2019 £6,005).

These amounts consist of operating lease commitments payable over the next two (2019 two ) year.