Lincolnshire Statics Limited Filleted accounts for Companies House (small and micro)

LINCOLNSHIRE STATICS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10129144

LINCOLNSHIRE STATICS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 April 2020

LINCOLNSHIRE STATICS LIMITED

STATEMENT OF FINANCIAL POSITION

30 April 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	4	134,103	110,217

Current assets

Stocks		49,650	63,405
Debtors	5	57,835	43,766
Cash at bank and in hand		41,565	15,634
		----------	----------
		149,050	122,805

Creditors: amounts falling due within one year	6	85,504	59,155
		----------	----------
Net current assets		63,546	63,650
		----------	----------
Total assets less current liabilities		197,649	173,867

Creditors: amounts falling due after more than one year	7	100,622	78,068

Provisions	4,187	8,296
	----------	----------
Net assets	92,840	87,503
	----------	----------

LINCOLNSHIRE STATICS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 April 2020

	2020	2019
Note	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	92,838	87,501
	---------	---------
Shareholders funds	92,840	87,503
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 22 February 2021 , and are signed on behalf of the board by:

Mr B Willett	Ms C Wenman
Director	Director

Company registration number: 10129144

LINCOLNSHIRE STATICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, England, LN1 1XW.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Subsequent to the year-end, the UK has experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognized only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognized at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognized at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortized cost. Other financial instruments, including derivatives, are recognized at fair value, with any subsequent changes to fair value recognized in profit or loss.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2019: 2 ).

4. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 May 2019	148,423	2,871	151,294
Additions	103,000	893	103,893
Disposals	( 85,663)	–	( 85,663)
	----------	-------	----------
At 30 April 2020	165,760	3,764	169,524
	----------	-------	----------
Depreciation
At 1 May 2019	39,918	1,159	41,077
Charge for the year	15,356	404	15,760
Disposals	( 21,416)	–	( 21,416)
	----------	-------	----------
At 30 April 2020	33,858	1,563	35,421
	----------	-------	----------
Carrying amount
At 30 April 2020	131,902	2,201	134,103
	----------	-------	----------
At 30 April 2019	108,505	1,712	110,217
	----------	-------	----------

5. Debtors

	2020	2019
	£	£
Trade debtors	800	–
Other debtors	57,035	43,766
	---------	---------
	57,835	43,766
	---------	---------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	2,160	2,762
Corporation tax	59,827	32,881
Social security and other taxes	657	213
Other creditors	22,860	23,299
	---------	---------
	85,504	59,155
	---------	---------

7. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	100,622	78,068
	----------	---------

8. Directors' advances, credits and guarantees

The company was under the control of B Willett and C Wenman throughout the current and previous year. At the start of the year, the directors loan account was overdrawn by £33,031. Transactions during the year left the balance overdrawn by £40,064. No interest is charged on the overdrawn loan account balances. Advances are unsecured and repayable on demand.