Lincolnshire Motors Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02579212 (England and Wales)

Audited Financial Statements

for the Year Ended 28 February 2017

for

Lincolnshire Motors Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr E A T Bell

Mr K R Bell

Mrs E A Bell

Mrs H M Bell

SECRETARY:

Mrs C M Barney

REGISTERED OFFICE:

Fairfield Industrial Estate

LOUTH

Lincolnshire

LN11 0LF

REGISTERED NUMBER:

02579212 (England and Wales)

AUDITORS:

Nicholsons

Statutory Auditors

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

Barclays Bank plc

Victoria Street

GRIMSBY

Lincolnshire

DN31 1DE

SOLICITORS:

Wilkin & Chapman

GRIMSBY

Lincolnshire

DN31 1HE

FIXED ASSETS

Tangible assets

4

675,409

693,224

CURRENT ASSETS

Stocks

5

1,700,934

1,722,830

Debtors

6

458,810

330,818

Cash at bank and in hand

467,182

79,096

2,626,926

2,132,744

CREDITORS

Amounts falling due within one year

7

2,068,808

1,621,936

NET CURRENT ASSETS

558,118

510,808

TOTAL ASSETS LESS CURRENT LIABILITIES

1,233,527

1,204,032

CREDITORS

Amounts falling due after more than one year

8

(2,500

)

(4,000

)

PROVISIONS FOR LIABILITIES

11

(5,981

)

(7,604

)

NET ASSETS

1,225,046

1,192,428

CAPITAL AND RESERVES

Called up share capital

12

145,002

145,002

Capital redemption reserve

13

65,000

65,000

Retained earnings

13

1,015,044

982,426

SHAREHOLDERS' FUNDS

1,225,046

1,192,428

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 22 August 2017 and were signed on its behalf by:

Mr E A T Bell - Director

1.	STATUTORY INFORMATION

Lincolnshire Motors 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. 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, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Freehold land - Nil and Buildings - 2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance and 25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after

making due allowance for obsolete and slow moving items.

The cost of work in progress and finished goods includes all production overheads and

depreciation and the attributable proportion of indirect overheads based on the normal level

of activity.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the

balance sheet. Those held under hire purchase contracts are depreciated over their

estimated useful lives. Those held under finance leases are depreciated over their

estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period.

The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2016 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 March 2016

624,420

62,919

24,737

318,384

1,030,460

Additions

-

-

-

32,930

32,930

Disposals

-

-

-

(12,000

)

(12,000

)

At 28 February 2017

624,420

62,919

24,737

339,314

1,051,390

DEPRECIATION

At 1 March 2016

12,000

58,422

20,673

246,141

337,236

Charge for year

3,000

1,125

2,002

44,618

50,745

Eliminated on disposal

-

-

-

(12,000

)

(12,000

)

At 28 February 2017

15,000

59,547

22,675

278,759

375,981

NET BOOK VALUE

At 28 February 2017

609,420

3,372

2,062

60,555

675,409

At 29 February 2016

612,420

4,497

4,064

72,243

693,224

Fixed assets, included in the above, which are held under hire purchase contracts are as

follows:

Motor

vehicles

£

COST

At 1 March 2016

51,138

Additions

16,320

Transfer to ownership

(19,400

)

At 28 February 2017

48,058

DEPRECIATION

At 1 March 2016

21,460

Charge for year

16,094

Transfer to ownership

(9,701

)

At 28 February 2017

27,853

NET BOOK VALUE

At 28 February 2017

20,205

At 29 February 2016

29,678

5.

STOCKS

2017

2016

£

£

Work-in-progress

53,597

25,618

Finished goods

1,647,337

1,697,212

1,700,934

1,722,830

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

419,924

312,139

Prepayments

38,886

18,679

458,810

330,818

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Mortgage loan

-

55,809

Hire purchase contracts (see note 9)

10,000

16,500

Trade creditors

1,111,588

1,065,370

Tax

32,781

33,272

Social security and other taxes

27,735

24,815

VAT

171,463

41,850

Directors' current accounts

286,029

275,327

Accruals and deferred income

429,212

108,993

2,068,808

1,621,936

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 9)

2,500

4,000

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2017

2016

£

£

Net obligations repayable:

Within one year

10,000

16,500

Between one and five years

2,500

4,000

12,500

20,500

Non-cancellable

operating leases

2017

2016

£

£

Within one year

15,000

15,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Creditors within one year

10,000

72,309

Creditors greater one year

2,500

4,000

12,500

76,309

HP liabilities are secured on the assets that they are financing.

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

5,981

7,604

Deferred

tax

£

Balance at 1 March 2016

7,604

Movement on accelerated

(1,623

)

capital allowances

Balance at 28 February 2017

5,981

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

145,002

Ordinary

£1

145,002

145,002

13.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 March 2016

982,426

65,000

1,047,426

Profit for the year

119,737

119,737

Dividends

(87,119

)

(87,119

)

At 28 February 2017

1,015,044

65,000

1,080,044

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Murray (Senior Statutory Auditor)

for and on behalf of Nicholsons

15.	RELATED PARTY DISCLOSURES

Included in creditors is a directors loan account balance of £82,769 (2016 £80,519) relating

to Mr E A T Bell, a directors loan account balance of £143,738 (2016 £157,489) relating to

Mrs E A Bell and a directors loan account balance of £59,522 (2016 £37,319) relating to Mr

K R Bell. Interest was paid on these unsecured loans of £3,978 (2016 £3,513) to Mr E A T

Bell, £7,189 (2016 £7,300) to Mrs E A Bell and to Mr K R Bell £2,314 (2016 £1,064).

The following dividends were paid to the directors during the year Mr E A T Bell and Mrs E A

Bell £22,230 (2016 £36,230) and Mr K R Bell and Mrs H M Bell £64,889 (2016 £64,219).

16.	CONTROLLING INTEREST

By virtue of their holding of 105,000 ordinary shares, Mr E A T Bell and Mrs E A Bell are the

ultimate controlling members.

17.	FIRST YEAR ADOPTION

This is the first period that the company has presented accounts in accordance with FRS

102 Section 1A 'The Financial Reporting Framework Applicable in the UK and Republic of

Ireland'. For financial years up to and including the year end 29 February 2016, the

Company prepared its financial statements in accordance with UK GAAP.

The date of transition to FRS 102 Section 1A is therefore 01 March 2016. The opening

equity position as at the 1 March 2016 and its previously published financial statements for

the year ended 29 February 2016 have been restated from UK GAAP.