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Registration number: 4786086

Lynx Purchasing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Lynx Purchasing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Lynx Purchasing Limited

(Registration number: 4786086)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

101,514

107,515

Current assets

 

Debtors

6

631,975

521,009

Cash at bank and in hand

 

1,096,116

981,481

 

1,728,091

1,502,490

Creditors: Amounts falling due within one year

7

(604,268)

(453,175)

Net current assets

 

1,123,823

1,049,315

Total assets less current liabilities

 

1,225,337

1,156,830

Provisions for liabilities

(19,288)

(20,428)

Net assets

 

1,206,049

1,136,402

Capital and reserves

 

Called up share capital

200

200

Retained earnings

1,205,849

1,136,202

Shareholders' funds

 

1,206,049

1,136,402

For the financial year ending 30 June 2023 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.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

 

Lynx Purchasing Limited

(Registration number: 4786086)
Balance Sheet as at 30 June 2023

.........................................
Mr J Pinder
Director

.........................................
Mrs L Pinder
Company secretary and director

 

Lynx Purchasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Parkhill Studio
Walton Road
Wetherby
West Yorkshire
LS22 5DZ
England

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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, 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Lynx Purchasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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 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 balance sheet 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

Motor Vehicles

25% Straight Line

Office Equipment

25% Straight Line

Computer Equipment

33.33% Straight Line

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.

 

Lynx Purchasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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 9 (2022 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

44,391

30,707

 

Lynx Purchasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

12,172

203,113

215,285

Additions

1,480

36,880

38,360

Disposals

-

(27,250)

(27,250)

At 30 June 2023

13,652

212,743

226,395

Depreciation

At 1 July 2022

4,556

103,213

107,769

Charge for the year

3,747

40,615

44,362

Eliminated on disposal

-

(27,250)

(27,250)

At 30 June 2023

8,303

116,578

124,881

Carrying amount

At 30 June 2023

5,349

96,165

101,514

At 30 June 2022

7,616

99,899

107,515

6

Debtors

Current

2023
£

2022
£

Trade debtors

623,223

509,803

Prepayments

8,752

9,319

Other debtors

-

1,887

 

631,975

521,009

 

Lynx Purchasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Directors loan accounts

8

115,666

115,264

trade creditors

 

157,350

98,862

Taxation and social security

 

156,501

113,769

Accruals and deferred income

 

74,438

55,113

Other creditors

 

100,313

70,167

 

604,268

453,175

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Directors loan accounts

115,666

115,264