Lincs Construction Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04431433 (England and Wales)

LINCS CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

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

5,529

3,972

CURRENT ASSETS

Stocks

-

4,020

Debtors

5

2,876

800

Cash at bank

29,514

306

32,390

5,126

CREDITORS

Amounts falling due within one year

6

24,347

19,509

NET CURRENT ASSETS/(LIABILITIES)

8,043

(14,383

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,572

(10,411

)

PROVISIONS FOR LIABILITIES

1,051

-

NET ASSETS/(LIABILITIES)

12,521

(10,411

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

12,421

(10,511

)

SHAREHOLDERS' FUNDS

12,521

(10,411

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 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 director on 3 January 2018 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 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.

The financial statements for the year ended 31 May 2017 are the first financial statements of Lincs Construction Limited

prepared in accordance with FRS 102. Adjustments required on transition are set out in the notes to the financial

statements.

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

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

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 profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2016

5,308

Additions

10,950

Disposals

(8,700

)

At 31 May 2017

7,558

DEPRECIATION

At 1 June 2016

1,336

Charge for year

2,868

Eliminated on disposal

(2,175

)

At 31 May 2017

2,029

NET BOOK VALUE

At 31 May 2017

5,529

At 31 May 2016

3,972

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

2,876

800

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

6,988

367

Taxation and social security

3,038

-

Other creditors

14,321

19,142

24,347

19,509

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2017 and 31 May 2016:

2017

2016

£

£

G R Campbell

Balance outstanding at start of year

(5,342

)

(560

)

Amounts advanced

14,125

3,675

Amounts repaid

(6,273

)

(8,457

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,510

(5,342

)

9.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the period ended 31 May 2017. The reported financial position

and financial performance for the previous period are not affected by the transition to

FRS 102.