Company registration number:
11695780
Lincoln Car Valeting Limited
Unaudited filleted financial statements
30 November 2019
Lincoln Car Valeting Limited
Contents
Statement of financial position
Notes to the financial statements
Lincoln Car Valeting Limited
Statement of financial position
30 November 2019
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30/11/19
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Note
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£
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£
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Fixed assets
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Intangible assets
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5
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32,000
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_______
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32,000
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Current assets
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Debtors
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6
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1,901
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Cash at bank and in hand
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11,355
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_______
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13,256
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Creditors: amounts falling due
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within one year
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7
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(
50,029)
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_______
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Net current liabilities
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(
36,773)
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_______
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Total assets less current liabilities
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(
4,773)
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_______
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Net liabilities
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(
4,773)
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_______
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Capital and reserves
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Called up share capital
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100
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Profit and loss account
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(
4,873)
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_______
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Shareholders deficit
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(
4,773)
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_______
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For the period ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
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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 financial statements.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
25 November 2020
, and are signed on behalf of the board by:
Mr Baki Karaj
Director
Company registration number:
11695780
Lincoln Car Valeting Limited
Notes to the financial statements
Period ended 30 November 2019
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Apex House, 2nd Floor, Grand Arcade, London, N12 0EH.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
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:
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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Staff costs
The average number of persons employed by the company during the period amounted to
6
The aggregate payroll costs incurred during the period were:
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Period
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ended
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30/11/19
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£
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Wages and salaries
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58,121
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_______
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5.
Intangible assets
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Other intangible assets
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Total
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£
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£
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Cost
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At 26 November 2018
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-
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-
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Additions
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40,000
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40,000
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_______
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_______
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At 30 November 2019
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40,000
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40,000
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_______
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_______
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Amortisation
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At 26 November 2018
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-
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-
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Charge for the period
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8,000
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8,000
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_______
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_______
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At 30 November 2019
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8,000
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8,000
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_______
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_______
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Carrying amount
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At 30 November 2019
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32,000
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32,000
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_______
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_______
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6.
Debtors
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30/11/19
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£
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Other debtors
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1,901
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_______
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7.
Creditors: amounts falling due within one year
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30/11/19
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£
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Trade creditors
|
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5,180
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Other creditors
|
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44,849
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_______
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50,029
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_______
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8.
Directors advances, credits and guarantees
During the period, company owed £38,633 to the directors of the company.