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

REGISTERED NUMBER: 04431433 (England and Wales)

LINCS CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

G R Campbell

SECRETARY:

G R Campbell

REGISTERED OFFICE:

122 Roman Wharf

Lincoln

Lincolnshire

LN1 1SR

REGISTERED NUMBER:

04431433 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

FIXED ASSETS

Tangible assets

4

3,150

-

CURRENT ASSETS

Stocks

128,870

28,870

Debtors

5

18,958

18,783

Cash at bank

7

38,856

147,835

86,509

CREDITORS

Amounts falling due within one year

6

129,887

105,711

NET CURRENT ASSETS/(LIABILITIES)

17,948

(19,202

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,098

(19,202

)

CREDITORS

Amounts falling due after more than one year

7

35,000

-

NET LIABILITIES

(13,902

)

(19,202

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(14,002

)

(19,302

)

SHAREHOLDERS' FUNDS

(13,902

)

(19,202

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 22 February 2021 and were signed by:

G R Campbell - Director

1.	STATUTORY INFORMATION

Lincs Construction 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 represents amounts charges to customer for goods and services provided during the year, excluding value added tax and trade discounts.

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 etc

-

33% on cost and 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Work in progress and stock

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

Work in progress is stated at the lower of cost and estimated invoice price less costs to complete the project.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the income statement on a straight line basis over the period of the lease.

Going concern

During the year ended 31 May 2020 the company sustained a profit on ordinary activities before taxation of £5,300 (2019: £27,151 loss). At that date its liabilities exceeded its assets by £13,902 (2019: £19,202).

Following the impact of Covid-19, these accounts have been prepared on a going concern basis, on the understanding that the directors and shareholders will continue to financially support the company during this uncertain period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2019

108

Additions

4,345

At 31 May 2020

4,453

DEPRECIATION

At 1 June 2019

108

Charge for year

1,195

At 31 May 2020

1,303

NET BOOK VALUE

At 31 May 2020

3,150

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

18,958

18,783

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

17,797

-

Trade creditors

25,732

21,478

Taxation and social security

2,655

1,309

Other creditors

83,703

82,924

129,887

105,711

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

35,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

7,000

-

7,000

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdraft

17,797

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

10.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the statement of financial position amount to £21,924 (2019: £29,534).