Registration number:
Lincs Aquatics Limited
for the Year Ended 30 December 2020
Lincs Aquatics Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Lincs Aquatics Limited
Company Information
Directors |
R B Stubbs R L Stubbs |
Registered office |
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Lincs Aquatics Limited
(Registration number: 05391201)
Balance Sheet as at 30 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 30 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Lincs Aquatics Limited
Notes to the Financial Statements for the Year Ended 30 December 2020
General information |
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 05391201.
The address of its registered office is:
These financial statements cover the individual entity, Lincs Aquatics Limited.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 including Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' subject to the departure noted below.
Basis of preparation
These financial statements have been prepared using the historical cost convetion except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest whole pound.
Departure from requirements of FRS 102
No depreciation has been charged on freehold buildings as they are maintained to such a standard that their residual value is not less than their revaluation cost. |
Management have concluded that the above departures do not affect the accounts from showing a true and fair view. Apart from these departures the company has complied with the relevant accounting standards and legislation. |
Going concern
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Lincs Aquatics Limited
Notes to the Financial Statements for the Year Ended 30 December 2020
Government grants
Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% and 33% reducing balance |
Furniture and fittings |
15% reducing balance |
Land and buildings |
No depreciation charged |
Motor Vehicles |
15% reducing balance |
Tenants fixtures |
4% straight line basis |
Intangible assets
Websites costs are shown at historical cost.
Website costs have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
33% straight line basis |
Lincs Aquatics Limited
Notes to the Financial Statements for the Year Ended 30 December 2020
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Lincs Aquatics Limited
Notes to the Financial Statements for the Year Ended 30 December 2020
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Lincs Aquatics Limited
Notes to the Financial Statements for the Year Ended 30 December 2020
Intangible assets |
Website |
Total |
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Cost or valuation |
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At 31 December 2019 |
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At 30 December 2020 |
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Amortisation |
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At 31 December 2019 |
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At 30 December 2020 |
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Carrying amount |
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At 30 December 2020 |
- |
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Tangible assets |
Land and buildings |
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 31 December 2019 |
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Additions |
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- |
- |
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Disposals |
- |
- |
- |
- |
( |
( |
At 30 December 2020 |
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Depreciation |
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At 31 December 2019 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
- |
- |
( |
( |
At 30 December 2020 |
- |
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Carrying amount |
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At 30 December 2020 |
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At 30 December 2019 |
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Stocks |
2020 |
2019 |
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Finished goods and goods for resale |
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Lincs Aquatics Limited
Notes to the Financial Statements for the Year Ended 30 December 2020
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
2,610 |
7,228 |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
26,521 |
19,921 |
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Due after one year |
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Loans and borrowings |
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Creditors amounts falling due within one year on which security has been given includes bank loans of £68,831 (2019 - £61,442), bank overdraft of £nil (2019 - £48,584) and hire purchase £nil (2019 - £2,401).
Creditors amounts falling due after more than one year on which security has been given includes bank loans of £596,762 (2019 - £638,291).
The bank loans are secured on the freehold land and buildings.
Included in creditors which are due after more than five years by instalments is £301,998 (2019 - £369,588).
Lincs Aquatics Limited
Notes to the Financial Statements for the Year Ended 30 December 2020
Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Finance lease liabilities |
- |
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Other borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Other transactions with directors |
The company has not paid a market rent in respect of a property owned by one of the directors and which is occupied by the company.
Expenditure with and payables to related parties
2020 |
Key management |
Amounts payable to related party |
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2019 |
Key management |
Amounts payable to related party |
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