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Registered Number: 01569175
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 July 2023

for

LYMINGTON TECHNICAL SERVICES LIMITED

Director Dr P Tosswell
Registered Number 01569175
Registered Office Mountbatten House
Grosvenor Square
Southampton
SO15 2JU
Accountants Numeric Accounting Limited
Chartered Certified Accountants
Suite 1, The Portway Centre,
Old Sarum Park,
Old Sarum
SP4 6EB
Secretary Mrs E Johnson
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 18,004    11,931 
18,004    11,931 
Current assets      
Stocks 4 17,790    17,170 
Debtors: amounts falling due within one year 5 7,580    49,518 
Cash at bank and in hand 71,601    65,083 
96,971    131,771 
Creditors: amount falling due within one year 6 (20,313)   (36,546)
Net current assets 76,658    95,225 
 
Total assets less current liabilities 94,662    107,156 
Provisions for liabilities 7 (3,715)   (2,592)
Net assets 90,947    104,564 
 

Capital and reserves
     
Called up share capital 8 2    2 
Profit and loss account 90,945    104,562 
Shareholder's funds 90,947    104,564 
 


For the year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 22 November 2023 and were signed by:


-------------------------------
Dr P Tosswell
Director
2
General Information
Lymington Technical Services Limited is a private company, limited by shares, registered in England and Wales, registration number 01569175, registration address Mountbatten House, Grosvenor Square, Southampton, SO15 2JU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Cost of sales
The cost of sales is the accumulated total of all costs used to create a product or service, which has been sold.
Employee Benefits
The company operates a defined contribution pension scheme.  A defined contribution plan is a pension plan under which fixed contributions 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 an employee benefit expense when they are due.  if contribution payments exceed the contribution due for a service, the excess is recognised as prepayment.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Technical equipment - 15% on reducing balance
Office equipment - 15% on reducing balance
Computer equipment - 33% on cost
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 August 2022 103,639    8,118    21,646    133,403 
Additions 7,356    108    2,639    10,103 
Disposals (1,901)       (1,901)
At 31 July 2023 109,094    8,226    24,285    141,605 
Depreciation
At 01 August 2022 92,413    7,983    21,076    121,472 
Charge for year 2,258    22    445    2,725 
On disposals (596)       (596)
At 31 July 2023 94,075    8,005    21,521    123,601 
Net book values
Closing balance as at 31 July 2023 15,019    221    2,764    18,004 
Opening balance as at 01 August 2022 11,226    135    570    11,931 


4.

Stocks

2023
£
  2022
£
Work in Progress 17,790    17,170 
17,790    17,170 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 4,920    47,239 
Prepayments & Accrued Income 2,223    2,279 
Other Debtors 437   
7,580    49,518 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors   4,001 
Corporation Tax 12,501    14,931 
PAYE & Social Security 1,292    1,258 
Other Creditors   978 
Wages & Salaries Control Account   1,725 
Directors' Current Accounts 1,189    2,127 
VAT 5,331    11,526 
20,313    36,546 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 3,715    2,592 
3,715    2,592 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
2 Ordinary shares of £1.00 each  
 

9.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Dr P Tosswell(1,189)(2,127)

The loan is interest free with no fixed date of repayment.
3