Lincoln Leisure Vehicles Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09232956 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2018

for

Lincoln Leisure Vehicles Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Holman

S Tizard

REGISTERED OFFICE:

15 Newland

Lincoln

LN1 1XG

BUSINESS ADDRESS:

1 Harrington Avenue

Lincoln

LN6 7UP

REGISTERED NUMBER:

09232956 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

FIXED ASSETS

Intangible assets

4

6,600

7,700

Tangible assets

5

42,087

31,910

48,687

39,610

CURRENT ASSETS

Stocks

875,443

805,112

Debtors

6

36,643

15,967

Cash at bank and in hand

62,347

90,822

974,433

911,901

CREDITORS

Amounts falling due within one year

7

565,371

551,869

NET CURRENT ASSETS

409,062

360,032

TOTAL ASSETS LESS CURRENT LIABILITIES

457,749

399,642

CREDITORS

Amounts falling due after more than one year

8

-

(2,903

)

PROVISIONS FOR LIABILITIES

(5,482

)

(3,224

)

NET ASSETS

452,267

393,515

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

452,167

393,415

SHAREHOLDERS' FUNDS

452,267

393,515

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 2 January 2019 and were signed on its behalf by:

G Holman - Director

S Tizard - Director

1.	STATUTORY INFORMATION

Lincoln Leisure Vehicles 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Long leasehold

-

not provided

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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

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 12 (2017 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2017

and 30 September 2018

11,000

AMORTISATION

At 1 October 2017

3,300

Charge for year

1,100

At 30 September 2018

4,400

NET BOOK VALUE

At 30 September 2018

6,600

At 30 September 2017

7,700

5.	TANGIBLE FIXED ASSETS

Improvements

Long

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 October 2017

735

18,057

4,956

Additions

-

-

1,846

At 30 September 2018

735

18,057

6,802

DEPRECIATION

At 1 October 2017

-

3,751

974

Charge for year

-

1,805

1,294

At 30 September 2018

-

5,556

2,268

NET BOOK VALUE

At 30 September 2018

735

12,501

4,534

At 30 September 2017

735

14,306

3,982

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2017

12,479

6,409

3,708

46,344

Additions

15,602

-

324

17,772

At 30 September 2018

28,081

6,409

4,032

64,116

DEPRECIATION

At 1 October 2017

4,082

3,605

2,022

14,434

Charge for year

3,205

701

590

7,595

At 30 September 2018

7,287

4,306

2,612

22,029

NET BOOK VALUE

At 30 September 2018

20,794

2,103

1,420

42,087

At 30 September 2017

8,397

2,804

1,686

31,910

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

25,630

6,124

Other debtors

11,013

9,843

36,643

15,967

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

31,257

94,300

Trade creditors

37,675

63,701

Taxation and social security

69,502

91,342

Other creditors

426,937

302,526

565,371

551,869

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

-

2,903

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

3,321

9,571

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100