Lincs Pumps and Pipelines Limited Filleted accounts for Companies House (small and micro)

LINCS PUMPS & PIPELINES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04961529

Lincs Pumps and Pipelines Limited

Filleted Unaudited Financial Statements

for the year ended

31 January 2018

Lincs Pumps and Pipelines Limited

Statement of Financial Position

as at 31 January 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Intangible assets	5	36,000	42,000
Tangible assets	6	15,537	17,234
		-----------	-----------
		51,537	59,234

Current assets

Stocks		5,500	5,500
Debtors	7	107,774	118,601
Cash at bank and in hand		149,576	99,387
		-----------	-----------
		262,850	223,488

Creditors: amounts falling due within one year	8	113,985		78,518
		-----------		-----------
Net current assets			148,865		144,970
			-----------		-----------
Total assets less current liabilities			200,402		204,204

Provisions

Taxation including deferred tax	2,844	3,307
	-----------	-----------
Net assets	197,558	200,897
	-----------	-----------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		197,458	200,797
		-----------	-----------
Shareholders funds		197,558	200,897
		-----------	-----------

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 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 statement of comprehensive income has not been delivered.

For the year ending 31st January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Lincs Pumps and Pipelines Limited

Statement of Financial Position (continued)

as at 31 January 2018

These financial statements were approved by the board of directors and authorised for issue on 27 July 2018 , and are signed on behalf of the board by:

D. Webster
Director

Company registration number: 04961529

Lincs Pumps and Pipelines Limited

Notes to the Financial Statements

for the year ended 31st January 2018

1. General information

The company is a private company limited by shares, registered in England and Wales, registration number 04961529 . The address of the registered office is Bank House, Broad Street, Spalding, Lincolnshire, PE11 1TB. The company's trading address is Winjac, Watergate, Quadring Eaudyke, Spalding, Lincolnshire, PE11 4PY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. 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.

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.

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 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:

Plant and machinery	-	15% reducing balance
Office equipment	-	15% reducing balance
Motor vehicles	-	25% 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.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2017: 4 ).

5. Intangible assets

	Goodwill
	£

Cost
At 1st February 2017 and 31st January 2018	120,000
	-----------
Amortisation
At 1st February 2017	78,000
Charge for the year	6,000
	-----------
At 31st January 2018	84,000
	-----------
Carrying amount
At 31st January 2018	36,000
	-----------
At 31st January 2017	42,000
	-----------

6. Tangible assets

Plant and machinery	Office equipment	Motor vehicles	Total
£	£	£	£

Cost
At 1st February 2017	17,990	3,564	19,535	41,089
Additions	3,126	–	–	3,126
Disposals	( 2,490)	–	–	( 2,490)
	-----------	-----------	-----------	-----------
At 31st January 2018	18,626	3,564	19,535	41,725
	-----------	-----------	-----------	-----------
Depreciation
At 1st February 2017	12,122	1,907	9,826	23,855
Charge for the year	1,208	249	2,427	3,884
Disposals	( 1,551)	–	–	( 1,551)
	-----------	-----------	-----------	-----------
At 31st January 2018	11,779	2,156	12,253	26,188
	-----------	-----------	-----------	-----------
Carrying amount
At 31st January 2018	6,847	1,408	7,282	15,537
	-----------	-----------	-----------	-----------
At 31st January 2017	5,868	1,657	9,709	17,234
	-----------	-----------	-----------	-----------

7. Debtors

	2018	2017
	£	£

Trade debtors	66,948	69,854
Prepayments and accrued income	3,148	2,572
Director's loan account	8,096	13,789
Other debtors	29,582	32,386
	-----------	-----------
	107,774	118,601
	-----------	-----------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£

Trade creditors	35,165	8,339
Corporation tax	22,861	18,633
Social security and other taxes	5,421	5,703
Other creditors	50,538	45,843
	-----------	-----------
	113,985	78,518
	-----------	-----------

9. Called up share capital

Issued, called up and fully paid

2018		2017
No.	£	No.	£

Ordinary shares of £ 1 each	100	100	100	100
	-----------	-----------	-----------	-----------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

2018
Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
£	£	£	£

Director	13,789	61,752	( 67,445)	8,096
	-----------	-----------	-----------	-----------

2017
Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
£	£	£	£

Director	7,821	52,520	( 46,552)	13,789
	-----------	-----------	-----------	-----------