Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06470562 2022-04-01 2023-03-31 06470562 2021-04-01 2022-03-31 06470562 2023-03-31 06470562 2022-03-31 06470562 2021-04-01 06470562 c:Director1 2022-04-01 2023-03-31 06470562 c:Director2 2022-04-01 2023-03-31 06470562 d:Buildings 2022-04-01 2023-03-31 06470562 d:Buildings 2023-03-31 06470562 d:Buildings 2022-03-31 06470562 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06470562 d:MotorVehicles 2022-04-01 2023-03-31 06470562 d:MotorVehicles 2023-03-31 06470562 d:MotorVehicles 2022-03-31 06470562 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06470562 d:FurnitureFittings 2022-04-01 2023-03-31 06470562 d:FurnitureFittings 2023-03-31 06470562 d:FurnitureFittings 2022-03-31 06470562 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06470562 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06470562 d:CurrentFinancialInstruments 2023-03-31 06470562 d:CurrentFinancialInstruments 2022-03-31 06470562 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06470562 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06470562 d:ShareCapital 2023-03-31 06470562 d:ShareCapital 2022-03-31 06470562 d:SharePremium 2023-03-31 06470562 d:SharePremium 2022-03-31 06470562 d:RetainedEarningsAccumulatedLosses 2023-03-31 06470562 d:RetainedEarningsAccumulatedLosses 2022-03-31 06470562 c:FRS102 2022-04-01 2023-03-31 06470562 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06470562 c:FullAccounts 2022-04-01 2023-03-31 06470562 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06470562 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06470562 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 iso4217:GBP xbrli:pure
                                                                                                                      Registered number: 06470562














LYNG GARAGE LTD
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
LYNG GARAGE LTD
REGISTERED NUMBER:06470562

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
155,076
157,144

  
155,076
157,144

Current assets
  

Stocks
  
13,608
8,758

Debtors: amounts falling due within one year
 5 
38,092
37,242

Cash at bank and in hand
  
222,975
191,243

  
274,675
237,243

Creditors: amounts falling due within one year
 6 
(56,945)
(54,383)

Net current assets
  
 
 
217,730
 
 
182,860

Total assets less current liabilities
  
372,806
340,004

Provisions for liabilities
  

Deferred tax
 7 
(622)
(687)

  
 
 
(622)
 
 
(687)

Net assets
  
372,184
339,317


Capital and reserves
  

Called up share capital 
  
999
999

Share premium account
  
225,252
225,252

Profit and loss account
  
145,933
113,066

  
372,184
339,317


Page 1

 
LYNG GARAGE LTD
REGISTERED NUMBER:06470562
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D W Ward
................................................
R D Ward
Director
Director


Date: 20 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
LYNG GARAGE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Lyng Garage Limited is a private company limited by shares and incorporated in England and Wales, registration number 06470562. The registered office is Summerhill House, 1 Sculthorpe Road, Fakenham, Norfolk, NR21 9HA. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

The Directors have considered the Company’s position at the time of signing the financial
statements, and in particular the effects on the Company of the wider economy. As part of their
assessment, they have taken into consideration a number of possible trading performance,
profitability and cash flow scenarios.
Based on this, the Directors have concluded that they have a reasonable expectation that the
Company will have adequate resources to continue in operational existence for the foreseeable
future, being at least twelve months from the date of signing these financial statements, and they
therefore continue to adopt the going concern basis of accounting in preparing these financial
statements.

Page 3

 
LYNG GARAGE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
LYNG GARAGE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
LYNG GARAGE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).


4.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2022
172,500
3,500
24,915
200,915


Additions
-
-
750
750



At 31 March 2023

172,500
3,500
25,665
201,665



Depreciation


At 1 April 2022
18,975
2,877
21,919
43,771


Charge for the year on owned assets
1,725
156
937
2,818



At 31 March 2023

20,700
3,033
22,856
46,589



Net book value



At 31 March 2023
151,800
467
2,809
155,076



At 31 March 2022
153,525
623
2,996
157,144

Page 6

 
LYNG GARAGE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
32,111
31,962

Prepayments
5,981
5,280

38,092
37,242



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
16,311
14,713

Corporation tax
8,126
4,265

Other taxation and social security
7,325
4,032

Other creditors
25,183
31,373

56,945
54,383



7.


Deferred taxation




2023
2022


£

£






At beginning of year
(687)
(843)


Charged to profit or loss
65
156



At end of year
(622)
(687)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(622)
(687)

(622)
(687)

Page 7

 
LYNG GARAGE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an indepently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £408 (2022 - £819).


9.


Related party transactions

Included in other creditors at year end are balances owed to the directors of £25,183 (2022 - £31,373). The balances are unsecured, interest-free and repayable on demand.

 
Page 8