Lincoln Construction Limited - Period Ending 2016-06-30

Registration number: 04031075

Lincoln Construction Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

Atkinson Saul Fairholm Limited
Chartered Accountants
21A Newland
Lincoln
LN1 1XP

Lincoln Construction Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Lincoln Construction Limited
(Registration number: 04031075)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			7,709			4,513
Current assets
Stocks					89,360			150,886
Debtors					62,747			68,845
Cash at bank and in hand					46,335			7,395
					198,442			227,126
Creditors: Amounts falling due within one year					(151,718)			(178,211)
Net current assets					46,724			48,915
Total assets less current liabilities					54,433			53,428
Provisions for liabilities					(1,542)			(854)
Net assets					52,891			52,574
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					52,791			52,474
Shareholders' funds					52,891			52,574

For the year ending 30 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 10 March 2017 and signed on its behalf by:

.........................................
D Brownlow
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Lincoln Construction Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% Reducing balance
Fixtures and fittings	15% Reducing balance

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Lincoln Construction Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2015		6,306			6,306
Additions		5,639			5,639
At 30 June 2016		11,945			11,945
Depreciation
At 1 July 2015		1,793			1,793
Charge for the year		2,443			2,443
At 30 June 2016		4,236			4,236
Net book value
At 30 June 2016		7,709			7,709
At 30 June 2015		4,513			4,513

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

4

Control

The company is controlled by Lincoln Construction (Holdings) Limited, a company incorporated in England and Wales. This company owns 100% of the shares and is controlled by the directors of this company.

Page 3