Lincs Pumps & Pipelines Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04961529 (England and Wales)

Lincs Pumps & Pipelines Limited

Unaudited Financial Statements

for the Year Ended 31 January 2022

Page

Company information

1

Chartered accountants' report

2

Statement of financial position

3

to

4

Notes to the financial statements

5

to

10

Director:

Mr D.A. Webster

Secretary:

Mr T Webster

Registered office:

Bank House

Broad street

Spalding

Lincolnshire

PE11 1TB

Business address:

Winjac

Watergate

Quadring Eaudyke

Spalding

Lincolnshire

PE11 4PY

Registered number:

04961529 (England and Wales)

Accountants:

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Director's report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lincs Pumps & Pipelines Limited for the year ended 31 January 2022 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Lincs Pumps & Pipelines Limited in accordance with the terms of our engagement letter dated 28 June 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Lincs Pumps & Pipelines Limited and state those matters that we have agreed to state to the director of Lincs Pumps & Pipelines Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lincs Pumps & Pipelines Limited and its director for our work or for this report.

It is your duty to ensure that Lincs Pumps & Pipelines Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lincs Pumps & Pipelines Limited. You consider that Lincs Pumps & Pipelines Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lincs Pumps & Pipelines Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

20 May 2022

Fixed assets

Intangible assets

5

12,000

18,000

Tangible assets

6

23,953

28,044

35,953

46,044

Current assets

Stocks

4,150

4,198

Debtors

7

48,915

67,157

Cash at bank and in hand

141,308

123,045

194,373

194,400

Creditors

Amounts falling due within one year

8

105,572

106,310

Net current assets

88,801

88,090

Total assets less current liabilities

124,754

134,134

Provisions for liabilities

4,551

5,269

Net assets

120,203

128,865

Capital and reserves

Called up share capital

9

100

100

Retained earnings

120,103

128,765

Shareholders' funds

120,203

128,865

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 May 2022 and were signed by:

Mr D.A. Webster - Director

1.	Statutory information

Lincs Pumps & Pipelines 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

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 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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 20 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

33% on a straight line basis and 15% on 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.

Government grants

Coronavirus Job Retention Scheme (CJRS)

Accrual model

Grant income received in relation to CJRS is recognised in the accounts on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. As such the income from the grant is recognised on a straight line basis over the furlough period for each relevant employee.

Small Business Grant Fund (SBGF)

Accrual model

The SBGF represents a cash payments from local authorities to eligible businesses with no future performance-related conditions. Grant income received in relation to SBGF is recognised in the accounts when it becomes receivable for the purpose of giving immediate financial support to the entity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4.	Employees and directors

The average number of employees during the year was 4 (2021 - 4 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 February 2021

and 31 January 2022

120,000

Amortisation

At 1 February 2021

102,000

Charge for year

6,000

At 31 January 2022

108,000

Net book value

At 31 January 2022

12,000

At 31 January 2021

18,000

6.	Tangible fixed assets

Plant and

Motor

Office

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 February 2021

34,512

29,785

4,113

68,410

Additions

1,776

-

167

1,943

Disposals

-

(9,640

)

-

(9,640

)

At 31 January 2022

36,288

20,145

4,280

60,713

Depreciation

At 1 February 2021

15,579

22,389

2,398

40,366

Charge for year

3,029

1,668

613

5,310

Eliminated on disposal

-

(8,916

)

-

(8,916

)

At 31 January 2022

18,608

15,141

3,011

36,760

Net book value

At 31 January 2022

17,680

5,004

1,269

23,953

At 31 January 2021

18,933

7,396

1,715

28,044

7.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

7,258

22,968

Other debtor

28,381

29,801

VAT

3,473

1,266

Director's loan account

6,551

9,829

Prepayments and accrued income

3,252

3,293

48,915

67,157

8.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

13,497

21,615

Corporation tax

20,014

17,159

Social security and other taxes

257

-

Pension creditor

87

75

Other creditors

66,667

62,404

Accruals and deferred income

5,050

5,057

105,572

106,310

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary shares

£1

100

100

10.	Director's advances, credits and guarantees

As at 31st January 2022 the directors owed the company an amount of £6,551 (2021 - £9,829) in respect of their current account.

Interest was charged on any overdrawn loan balances at a rate of 2.25% & 2.0%.