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Registration number: 05952975

Lincs Design Consultancy Ltd

Filleted Unaudited Financial Statements

for the Year Ended 31 October 2017

 

Lincs Design Consultancy Ltd

(Registration number: 05952975)
Balance Sheet as at 31 October 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

214,536

225,039

Investment property

6

129,118

-

 

343,654

225,039

Current assets

 

Debtors

7

116,248

69,776

Cash at bank and in hand

 

226,394

92,659

 

342,642

162,435

Creditors: Amounts falling due within one year

8

(259,599)

(148,453)

Net current assets

 

83,043

13,982

Total assets less current liabilities

 

426,697

239,021

Creditors: Amounts falling due after more than one year

8

(250,919)

(121,157)

Provisions for liabilities

(6,690)

(5,125)

Net assets

 

169,088

112,739

Capital and reserves

 

Called up share capital

9

90

90

Capital redemption reserve

10

10

Profit and loss account

168,988

112,639

Total equity

 

169,088

112,739

For the financial year ending 31 October 2017 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 accounts for the year in question in accordance with section 476; and

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.

 

Lincs Design Consultancy Ltd

(Registration number: 05952975)
Balance Sheet as at 31 October 2017

Approved and authorised by the Board on 12 March 2018 and signed on its behalf by:
 


Mr G J Kemp
Director

   
 

Lincs Design Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
12 Vickers Lane
Louth
Lincolnshire
LN11 9PJ

The company's registration number is 05952975.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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, returns, rebates and discounts.

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.

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 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.

 

Lincs Design Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% per annum on written down value

Office equipment

33% per annum on written down value

Freehold land and buildings

no depreciation is provided on freehold property as residual value is equivalent to cost and so any depreciation is immaterial

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

over 5 years

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.

 

Lincs Design Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

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 initially at the transaction price. 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.

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 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

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.

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.

 

Lincs Design Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 11 (2016 - 10).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2016

8,500

8,500

At 31 October 2017

8,500

8,500

Amortisation

At 1 November 2016

8,500

8,500

At 31 October 2017

8,500

8,500

Carrying amount

At 31 October 2017

-

-

At 31 October 2016

-

-

 

Lincs Design Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

5

Tangible assets

Freehold land and buildings
£

Office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2016

187,213

66,340

19,000

272,553

Additions

-

-

9,250

9,250

At 31 October 2017

187,213

66,340

28,250

281,803

Depreciation

At 1 November 2016

-

37,863

9,651

47,514

Charge for the year

-

17,028

2,725

19,753

At 31 October 2017

-

54,891

12,376

67,267

Carrying amount

At 31 October 2017

187,213

11,449

15,874

214,536

At 31 October 2016

187,213

28,477

9,349

225,039

6

Investment properties

2017
£

Additions

129,118

At 31 October

129,118

The value of investment property is reviewed annually by the directors.
There has been no valuation of investment property by an independent valuer.

7

Debtors

2017
£

2016
£

Trade debtors

110,076

66,393

Other debtors

6,172

3,383

116,248

69,776

 

Lincs Design Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Loans and borrowings

10

31,846

11,751

Trade creditors

 

60,561

8,654

Amounts due to group undertakings

62,545

38,366

Taxation and social security

 

79,743

69,752

Other creditors

 

24,904

19,930

 

259,599

148,453

Due after one year

 

Loans and borrowings

10

250,919

121,157

9

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary A shares of £ 1 each

72

72

72

72

Ordinary B shares of £ 1 each

18

18

18

18

 

90

90

90

90

 

Lincs Design Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

10

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Bank borrowings

26,133

8,351

Finance lease liabilities

5,713

3,400

31,846

11,751

2017
£

2016
£

Non-current loans and borrowings

Bank borrowings

242,667

116,057

Finance lease liabilities

8,252

5,100

250,919

121,157

The bank borrowings and finance lease liabilities are secured on assets of the company.