35 30/09/2023 2023-09-30 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2022-10-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08670366 2022-10-01 2023-09-30 08670366 2023-09-30 08670366 2022-09-30 08670366 2021-10-01 2022-09-30 08670366 2022-09-30 08670366 core:NetGoodwill 2022-10-01 2023-09-30 08670366 core:PlantMachinery 2022-10-01 2023-09-30 08670366 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 08670366 core:MotorVehicles 2022-10-01 2023-09-30 08670366 core:OnerousContractsExcludingVacantProperties 2022-10-01 2023-09-30 08670366 bus:RegisteredOffice 2022-10-01 2023-09-30 08670366 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 08670366 bus:LeadAgentIfApplicable 2022-10-01 2023-09-30 08670366 bus:Director1 2022-10-01 2023-09-30 08670366 bus:Director2 2022-10-01 2023-09-30 08670366 core:NetGoodwill 2023-09-30 08670366 core:PlantMachinery 2022-09-30 08670366 core:FurnitureFittingsToolsEquipment 2022-09-30 08670366 core:MotorVehicles 2022-09-30 08670366 core:PlantMachinery 2023-09-30 08670366 core:FurnitureFittingsToolsEquipment 2023-09-30 08670366 core:MotorVehicles 2023-09-30 08670366 core:WithinOneYear 2023-09-30 08670366 core:WithinOneYear 2022-09-30 08670366 core:AfterOneYear 2023-09-30 08670366 core:AfterOneYear 2022-09-30 08670366 core:ShareCapital 2023-09-30 08670366 core:ShareCapital 2022-09-30 08670366 core:RetainedEarningsAccumulatedLosses 2023-09-30 08670366 core:RetainedEarningsAccumulatedLosses 2022-09-30 08670366 bus:OrdinaryShareClass1 core:ShareCapital 2023-09-30 08670366 bus:OrdinaryShareClass1 core:ShareCapital 2022-09-30 08670366 core:NetGoodwill 2022-09-30 08670366 core:PlantMachinery 2022-09-30 08670366 core:FurnitureFittingsToolsEquipment 2022-09-30 08670366 core:MotorVehicles 2022-09-30 08670366 bus:SmallEntities 2022-10-01 2023-09-30 08670366 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 08670366 bus:FullAccounts 2022-10-01 2023-09-30 08670366 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 08670366 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 08670366 core:ComputerEquipment 2022-10-01 2023-09-30
Company registration number: 08670366
Lynx Engineers Ltd
Unaudited filleted financial statements
30 September 2023
Lynx Engineers Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Lynx Engineers Ltd
Directors and other information
Directors Mr Christopher Charles Grundy
Mr Robert David Grundy
Company number 08670366
Registered office Unit 1 Riverside Ind Est.
Marsh Lane
Boston
Lincs
PE21 7PJ
Business address Unit 1 Riverside Ind Est.
Marsh Lane
Boston
Lincs
PE21 7PJ
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
Lynx Engineers Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Lynx Engineers Ltd
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lynx Engineers Ltd for the year ended 30 September 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Lynx Engineers Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lynx Engineers Ltd and state those matters that we have agreed to state to the board of directors of Lynx Engineers Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lynx Engineers Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Lynx Engineers Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lynx Engineers Ltd. You consider that Lynx Engineers Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lynx Engineers Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
8 November 2023
Lynx Engineers Ltd
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 532,690 488,820
_______ _______
532,690 488,820
Current assets
Stocks 200,540 268,000
Debtors 7 393,634 269,633
Cash at bank and in hand 210 67
_______ _______
594,384 537,700
Creditors: amounts falling due
within one year 8 ( 584,173) ( 653,819)
_______ _______
Net current assets/(liabilities) 10,211 ( 116,119)
_______ _______
Total assets less current liabilities 542,901 372,701
Creditors: amounts falling due
after more than one year 9 ( 96,861) ( 102,390)
Provisions for liabilities ( 79,503) ( 49,529)
_______ _______
Net assets 366,537 220,782
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 366,437 220,682
_______ _______
Shareholders funds 366,537 220,782
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 November 2023 , and are signed on behalf of the board by:
Mr Christopher Charles Grundy
Director
Company registration number: 08670366
Lynx Engineers Ltd
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 1 Riverside Ind Est., Marsh Lane, Boston, Lincs, PE21 7PJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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, except to the extent 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 in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 25 % reducing balance
Computer Equipment - 33 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2022: 30 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 October 2022 and 30 September 2023 25,000 25,000
_______ _______
Amortisation
At 1 October 2022 and 30 September 2023 25,000 25,000
_______ _______
Carrying amount
At 30 September 2023 - -
_______ _______
At 30 September 2022 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 907,031 7,316 33,295 947,642
Additions 30,787 1,299 70,038 102,124
_______ _______ _______ _______
At 30 September 2023 937,818 8,615 103,333 1,049,766
_______ _______ _______ _______
Depreciation
At 1 October 2022 430,560 3,663 24,599 458,822
Charge for the year 49,503 683 8,068 58,254
_______ _______ _______ _______
At 30 September 2023 480,063 4,346 32,667 517,076
_______ _______ _______ _______
Carrying amount
At 30 September 2023 457,755 4,269 70,666 532,690
_______ _______ _______ _______
At 30 September 2022 476,471 3,653 8,696 488,820
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 375,855 263,144
Other debtors 17,779 6,489
_______ _______
393,634 269,633
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 52,787 62,659
Trade creditors 293,860 367,550
Social security and other taxes 129,951 84,566
Other creditors 107,575 139,044
_______ _______
584,173 653,819
_______ _______
The Bank hold a first charge against all fixed assets held by the company on the overdraft facility. Incuded in the above Bank loans and overdrafts falling due within one year is the amount in respect of the above bank charge of £31,483 (2022 - £9,789).
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 16,667 37,971
Other creditors 80,194 64,419
_______ _______
96,861 102,390
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 4,500 3,000
_______ _______