1 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 138,197 22,323 67 115,941 115,941 138,197 xbrli:pure xbrli:shares iso4217:GBP NI006095 2022-04-01 2023-03-31 NI006095 2023-03-31 NI006095 2022-03-31 NI006095 2021-04-01 2022-03-31 NI006095 2022-03-31 NI006095 2021-03-31 NI006095 core:PlantMachinery 2022-04-01 2023-03-31 NI006095 core:MotorVehicles 2022-04-01 2023-03-31 NI006095 bus:Director1 2022-04-01 2023-03-31 NI006095 core:PlantMachinery 2022-03-31 NI006095 core:LandBuildings 2023-03-31 NI006095 core:PlantMachinery 2023-03-31 NI006095 core:MotorVehicles 2023-03-31 NI006095 core:WithinOneYear 2023-03-31 NI006095 core:WithinOneYear 2022-03-31 NI006095 core:ShareCapital 2023-03-31 NI006095 core:ShareCapital 2022-03-31 NI006095 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI006095 core:RetainedEarningsAccumulatedLosses 2022-03-31 NI006095 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 NI006095 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 NI006095 core:Non-currentFinancialInstruments core:OtherIncreaseDecreaseInInvestments 2023-03-31 NI006095 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 NI006095 core:Non-currentFinancialInstruments 2023-03-31 NI006095 core:Non-currentFinancialInstruments 2022-03-31 NI006095 core:LandBuildings 2022-03-31 NI006095 core:PlantMachinery 2022-03-31 NI006095 core:MotorVehicles 2022-03-31 NI006095 bus:SmallEntities 2022-04-01 2023-03-31 NI006095 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 NI006095 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI006095 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI006095 bus:FullAccounts 2022-04-01 2023-03-31 NI006095 core:OfficeEquipment 2022-04-01 2023-03-31 NI006095 core:OfficeEquipment 2023-03-31 NI006095 core:OfficeEquipment 2022-03-31
COMPANY REGISTRATION NUMBER: NI006095
Lyle Motors Newtownards Ltd
Filleted Unaudited Financial Statements
Year ended
31 March 2023
Lyle Motors Newtownards Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,330,972
1,331,462
Investments
6
115,941
138,197
------------
------------
1,446,913
1,469,659
Current assets
Debtors
7
394,900
519,486
Cash at bank and in hand
220,318
74,045
---------
---------
615,218
593,531
Creditors: amounts falling due within one year
8
20,283
26,491
---------
---------
Net current assets
594,935
567,040
------------
------------
Total assets less current liabilities
2,041,848
2,036,699
Provisions
Taxation including deferred tax
184,240
184,240
------------
------------
Net assets
1,857,608
1,852,459
------------
------------
Capital and reserves
Called up share capital
8,000
8,000
Profit and loss account
1,849,608
1,844,459
------------
------------
Shareholders funds
1,857,608
1,852,459
------------
------------
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.
For the 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:
- 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 .
Lyle Motors Newtownards Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 9 October 2023 , and are signed on behalf of the board by:
Mr GV Lyle
Director
Company registration number: NI006095
Lyle Motors Newtownards Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 229 Bangor Road, Holywood, Co Down, BT18 0JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover represents the invoiced value of rent charged during the year excluding value added tax and is net of rebates. Revenue is recognised on the date that the rent is due.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profit and its results as stated in the financial statements. Deferred tax assets are recognised to the extent that they are regarded as as recoverable. Deferred tax assets are regarded as recoverable to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities recognised have not been discounted.
Tangible assets
The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost, or valuation, of tangible fixed assets, less their estimated residual values on a straight line basis over the expected useful economic lives of the assets concerned.
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 & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates 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/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.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities 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/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 joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
1,329,500
1,204
1,000
2,465
1,334,169
------------
-------
-------
-------
------------
Depreciation
At 1 April 2022
1,136
1,571
2,707
Charge for the year
17
250
223
490
------------
-------
-------
-------
------------
At 31 March 2023
1,153
250
1,794
3,197
------------
-------
-------
-------
------------
Carrying amount
At 31 March 2023
1,329,500
51
750
671
1,330,972
------------
-------
-------
-------
------------
At 31 March 2022
1,329,500
68
1,000
894
1,331,462
------------
-------
-------
-------
------------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2022
138,197
Revaluations
( 22,323)
Other movements
67
---------
At 31 March 2023
115,941
---------
Impairment
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
115,941
---------
At 31 March 2022
138,197
---------
7. Debtors
2023
2022
£
£
Other debtors
394,900
519,486
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
7,938
14,250
Social security and other taxes
3,912
3,822
Other creditors
8,433
8,419
--------
--------
20,283
26,491
--------
--------
9. Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss
10. Directors' advances, credits and guarantees
There were amounts advanced to the director during the financial year. The details are as follows: (a) Opening balance £310,020.21 (a) Amount advanced in year £4,047.44; (b) No interest was charged on the advance (c) The outstanding amount is due to be repaid in 53 weeks (d) There were no amounts repaid during the year
11. Related party transactions
There is no ultimate controlling party Mr G V Lyle is regarded as a related party due to his position as director in Lyle Motors (Newtownards) Limited. The following transactions were conducted with George Lyle during the year: 2023 2022 £ £ Net movement in loan to G V Lyle 4,047 5,345 Balances outstanding with George Lyle at the year end were as follows: £ £ Amount owed by related party 314,068 310,020