1 July 2022 v2023.23.2 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBP072874992022-07-012023-06-30072874992023-06-30072874992022-06-3007287499core:WithinOneYear2023-06-3007287499core:WithinOneYear2022-06-3007287499core:AfterOneYear2023-06-3007287499core:AfterOneYear2022-06-3007287499core:ShareCapital2023-06-3007287499core:ShareCapital2022-06-3007287499core:RetainedEarningsAccumulatedLosses2023-06-3007287499core:RetainedEarningsAccumulatedLosses2022-06-3007287499bus:Director12022-07-012023-06-3007287499bus:RegisteredOffice2022-07-012023-06-3007287499core:MotorVehicles2022-07-012023-06-3007287499core:PlantMachinery2022-07-012023-06-3007287499core:OfficeEquipment2022-07-012023-06-3007287499core:LandBuildings2022-07-012023-06-30072874992021-07-012022-06-3007287499core:LandBuildings2022-07-0107287499core:PlantMachinery2022-07-01072874992022-07-0107287499core:LandBuildings2023-06-3007287499core:PlantMachinery2023-06-3007287499core:LandBuildings2022-06-3007287499core:PlantMachinery2022-06-3007287499core:CostValuation2022-07-0107287499core:CostValuation2023-06-300728749912022-07-012023-06-3007287499countries:EnglandWales2022-07-012023-06-3007287499bus:AuditExemptWithAccountantsReport2022-07-012023-06-3007287499bus:PrivateLimitedCompanyLtd2022-07-012023-06-3007287499bus:SmallEntities2022-07-012023-06-3007287499bus:FullAccounts2022-07-012023-06-30
Company registration number:
07287499
Lynx Recycling And Recovery Limited
Unaudited Filleted Financial Statements for the year ended
30 June 2023
Lynx Recycling And Recovery Limited
Statement of Financial Position
30 June 2023
20232022
Note££
Fixed assets    
Tangible assets 5
301,084
 
346,902
 
Investments 6
30
 
30
 
301,114
 
346,932
 
Current assets    
Debtors 7
1,613,398
 
1,611,759
 
Cash at bank and in hand
770,957
 
158,608
 
2,384,355
 
1,770,367
 
Creditors: amounts falling due within one year 8
(197,614
)
(109,583
)
Net current assets
2,186,741
 
1,660,784
 
Total assets less current liabilities 2,487,855   2,007,716  
Creditors: amounts falling due after more than one year 9
(35,224
)
(41,335
)
Provisions for liabilities
(52,330
)
(62,286
)
Net assets
2,400,301
 
1,904,095
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
2,400,201
 
1,903,995
 
Shareholders funds
2,400,301
 
1,904,095
 
For the 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.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
23 October 2023
, and are signed on behalf of the board by:
C Wilson
Director
Company registration number:
07287499
Lynx Recycling And Recovery Limited
Notes to the Financial Statements
Year ended
30 June 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
81 Waltham Road
,
Grimsby
,
DN33 2ND
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Consolidation

The entity has taken advantage of the option not to prepare consolidated
financial statements
contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods or services supplied, net of discounts and Value Added Tax.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
25% straight line
Plant and machinery
10% straight line
Office equipment
33% straight line
Land and buildings
Straight line over 5 years

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
10
(2022:
11
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 July 2022
29,619
 
549,157
 
578,776
 
Additions
3,460
 
23,006
 
26,466
 
Disposals -  
(67,700
)
(67,700
)
At
30 June 2023
33,079
 
504,463
 
537,542
 
Depreciation      
At
1 July 2022
-  
231,874
 
231,874
 
Charge -  
63,811
 
63,811
 
Disposals -  
(59,227
)
(59,227
)
At
30 June 2023
-  
236,458
 
236,458
 
Carrying amount      
At
30 June 2023
33,079
 
268,005
 
301,084
 
At 30 June 2022
29,619
 
317,283
 
346,902
 

6 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 July 2022
30
 
At
30 June 2023
30
 
Impairment  
At
1 July 2022
and
30 June 2023
-  
Carrying amount  
At
30 June 2023
30
 
At 30 June 2022
30
 
The company owns 30% of the ordinary share capital of Allingham Estates Limited, a company incorporated in England & Wales. Allingham Estates Limited is a property investment company. The aggregate capital and reserves was £2,998 (2022 - £1,904). The profit for the current year was £57,142 (2022 - £65,428).

7 Debtors

20232022
££
Trade debtors -  
27,900
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,600,673
 
1,583,859
 
Other debtors
12,725
  -  
1,613,398
 
1,611,759
 

8 Creditors: amounts falling due within one year

20232022
££
Trade creditors
2,651
 
8,684
 
Taxation and social security
173,744
 
68,382
 
Other creditors
21,219
 
32,517
 
197,614
 
109,583
 
Hire Purchase creditors are secured on the asset to which they relate.

9 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
35,224
 
41,335
 
Hire Purchase creditors are secured on the asset to which they relate.