IRIS Accounts Production v22.1.4.3 02890297 Board of Directors 1.2.21 31.1.22 31.1.22 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure028902972021-01-31028902972022-01-31028902972021-02-012022-01-31028902972020-01-31028902972020-02-012021-01-31028902972021-01-3102890297ns16:EnglandWales2021-02-012022-01-3102890297ns15:PoundSterling2021-02-012022-01-3102890297ns11:Director12021-02-012022-01-3102890297ns11:PrivateLimitedCompanyLtd2021-02-012022-01-3102890297ns11:SmallEntities2021-02-012022-01-3102890297ns11:AuditExempt-NoAccountantsReport2021-02-012022-01-3102890297ns11:SmallCompaniesRegimeForDirectorsReport2021-02-012022-01-3102890297ns11:SmallCompaniesRegimeForAccounts2021-02-012022-01-3102890297ns11:FullAccounts2021-02-012022-01-3102890297ns6:CurrentFinancialInstruments2022-01-3102890297ns6:CurrentFinancialInstruments2021-01-3102890297ns6:Non-currentFinancialInstruments2022-01-3102890297ns6:Non-currentFinancialInstruments2021-01-3102890297ns6:ShareCapital2022-01-3102890297ns6:ShareCapital2021-01-3102890297ns6:RevaluationReserve2022-01-3102890297ns6:RevaluationReserve2021-01-3102890297ns6:RetainedEarningsAccumulatedLosses2022-01-3102890297ns6:RetainedEarningsAccumulatedLosses2021-01-310289029712021-02-012022-01-3102890297ns6:OwnedOrFreeholdAssetsns6:LandBuildings2021-02-012022-01-3102890297ns6:PlantMachinery2021-02-012022-01-3102890297ns6:FurnitureFittings2021-02-012022-01-3102890297ns6:MotorVehicles2021-02-012022-01-3102890297ns6:LandBuildings2021-01-3102890297ns6:PlantMachinery2021-01-3102890297ns6:FurnitureFittings2021-01-3102890297ns6:MotorVehicles2021-01-3102890297ns6:LandBuildings2021-02-012022-01-3102890297ns6:LandBuildings2022-01-3102890297ns6:PlantMachinery2022-01-3102890297ns6:FurnitureFittings2022-01-3102890297ns6:MotorVehicles2022-01-3102890297ns6:LandBuildings2021-01-3102890297ns6:PlantMachinery2021-01-3102890297ns6:FurnitureFittings2021-01-3102890297ns6:MotorVehicles2021-01-3102890297ns6:WithinOneYearns6:CurrentFinancialInstruments2022-01-3102890297ns6:WithinOneYearns6:CurrentFinancialInstruments2021-01-3102890297ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-01-3102890297ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2021-01-3102890297ns6:Secured2022-01-3102890297ns6:Secured2021-01-3102890297ns6:RevaluationReserve2021-01-31
REGISTERED NUMBER: 02890297 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2022

for

Lynnmoore Engineering Company Limited

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Contents of the Financial Statements
for the Year Ended 31 January 2022










Page

Balance Sheet 1

Notes to the Financial Statements 3


Lynnmoore Engineering Company Limited (Registered number: 02890297)

Balance Sheet
31 January 2022

31.1.22 31.1.21
Notes £ £
Fixed assets
Tangible assets 4 185,442 181,223

Current assets
Stocks 447,838 170,233
Debtors 5 213,050 211,090
Cash at bank and in hand 153,243 8,316
814,131 389,639
Creditors
Amounts falling due within one year 6 (683,463 ) (276,579 )
Net current assets 130,668 113,060
Total assets less current liabilities 316,110 294,283

Creditors
Amounts falling due after more than one
year

7

(34,022

)

(50,000

)
Net assets 282,088 244,283

Capital and reserves
Called up share capital 120 120
Revaluation reserve 10 102,214 105,716
Retained earnings 179,754 138,447
282,088 244,283

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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.

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Balance Sheet - continued
31 January 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 18 August 2022 and were signed on its behalf by:





Mrs J M Anderson - Director


Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements
for the Year Ended 31 January 2022


1. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

2. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022


2. Accounting policies - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022


2. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.

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 are 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. 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.

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.


Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022


2. Accounting policies - continued
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 20 (2021 - 18 ) .

4. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 February 2021 230,000 146,049 22,365 32,990 431,404
Additions - 5,981 - 11,475 17,456
At 31 January 2022 230,000 152,030 22,365 44,465 448,860
Depreciation
At 1 February 2021 55,200 144,045 21,637 29,299 250,181
Charge for year 9,200 1,498 182 2,357 13,237
At 31 January 2022 64,400 145,543 21,819 31,656 263,418
Net book value
At 31 January 2022 165,600 6,487 546 12,809 185,442
At 31 January 2021 174,800 2,004 728 3,691 181,223

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022


4. Tangible fixed assets - continued

On transition to FRS102 the freehold property was revalued by Giles Stovold BSc (Hons) MRICS FNAEA of Russen & Turner, Kings Lynn.

In respect of tangible fixed assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

In respect of tangible assets held at valuation, the aggregate cost depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost are as follows:
Freehold
Property

At 31st January 2022
Aggregate Cost198,566
Aggregate Depreciation(129,348)

Carrying Value69,218

At 31st January 2021
Aggregate Cost198,566
Aggregate Depreciation(123,650)

Carrying Value74,916

5. Debtors: amounts falling due within one year
31.1.22 31.1.21
£ £
Trade debtors 184,051 177,933
Other debtors 28,999 33,157
213,050 211,090

6. Creditors: amounts falling due within one year
31.1.22 31.1.21
£ £
Bank loans and overdrafts (see note 8) 44,459 59,130
Trade creditors 163,679 110,083
Taxation and social security 85,190 55,291
Other creditors 390,135 52,075
683,463 276,579

7. Creditors: amounts falling due after more than one year
31.1.22 31.1.21
£ £
Bank loans (see note 8) 34,022 50,000

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022


8. Loans

An analysis of the maturity of loans is given below:

31.1.22 31.1.21
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 34,793 59,130
Bank loans 9,666 -
44,459 59,130

Amounts falling due between two and five years:
Bank loans - 2-5 years 34,022 50,000

9. Secured debts

The following secured debts are included within creditors:

31.1.22 31.1.21
£ £
Bank overdrafts 34,793 59,130
Bank loans 43,688 50,000
78,481 109,130

10. Reserves
Revaluation
reserve
£
At 1 February 2021 105,716
Reclassification fm revaluatio (3,502 )

At 31 January 2022 102,214

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.