Registration number:
Lymath & Moys Limited |
Lymath & Moys Limited
(Registration number: 05204283)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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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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Investments |
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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 assets |
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Total assets less current liabilities |
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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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Retained earnings |
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Shareholders' funds |
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Lymath & Moys Limited
(Registration number: 05204283)
Balance Sheet as at 31 March 2023
For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised for issue by the
D Moys
Company secretary and director
Lymath & Moys Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 and 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' (FRS 102).
Basis of preparation
These financial statements have been prepared under the historical cost convention and on a going concern basis.
Revenue recognition
Turnover represents amounts receivable, net of Value Added Tax, for the sale of goods and services to customers and includes unbilled work where recovery was reasonably certain at the year end.
Works in hand at the year end are estimated by the director based on net realisable value, the valuation being calculated to reflect the proportion of the total contract work carried out at the year end. Stage invoices are deducted in arriving at the valuation of works in hand. Such works are then included in turnover and shown under debtors as amounts recoverable on contracts. Stage invoices rendered in excess of amounts recoverable for the stage work in hand has reached at the year end are included in creditors. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Deferred tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date. It is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
Lymath & Moys Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10% reducing balance basis |
Office equipment |
33% reducing balance basis |
Motor vehicles |
20% reducing balance basis |
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and in previous years was amortised on a straight line basis over its original estimated useful economic life. Following an impairment review at the end of the 2015 financial year it was felt that there could be no certainty that the carrying value would be recoverable and the remaining balance was therefore fully amortised in those financial statements.
Stocks
Stocks are estimated by the director and valued at the lower of cost incurred in bringing each
product to its present location and condition and net realisable value, after due regard for obsolete
and slow moving items. Net realisable value is based on selling price less anticipated costs to
completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed
and variable overheads.
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.
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.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like bank deposits, debtors and creditors.
Staff numbers |
The average number of persons employed by the company (including directors under service contract) during the year, was
Lymath & Moys Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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- |
- |
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Disposals |
( |
( |
- |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
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- |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Lymath & Moys Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Director's current account |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Related party transactions |
The company uses premises owned by Mr D Moys for its registered office. The amount of rental charges payable by the company in the year was £1,037 (2022 - £1,007) relating to storage of materials and tools and office use at the director's residence.
Transactions with directors |
2023 |
At 1 April 2022 |
Repayments by director |
At 31 March 2023 |
T Moys |
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Interest free loan |
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( |
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