REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
LYNSOUTH DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
LYNSOUTH DEVELOPMENTS LIMITED |
LYNSOUTH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02023413) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LYNSOUTH DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Ground Floor |
Egerton House |
68 Baker Street |
Weybridge |
Surrey |
KT13 8AL |
LYNSOUTH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02023413) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
LYNSOUTH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02023413) |
BALANCE SHEET - continued |
30 SEPTEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LYNSOUTH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02023413) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Lynsouth Developments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the sale of properties. Turnover is recognised when contracts between the company and the buyer have been exchanged. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
The buildings element of freehold property is not depreciated as the carrying value of the property is not materially different from the market value of the property. This is a departure from the Companies Act 2006 which requires buildings to be depreciated over their useful economic lives. The directors consider that depreciation is not appropriate and the accounting policy adopted is necessary for the accounts to show a true and fair view. |
Stocks |
Stock consists of residential property unsold at the year end. |
Stock is valued at the lower of cost of the property and the estimated sales value of the property. |
Cost includes all direct expenditure relating to the purchase of a property including transaction costs. |
Current and deferred 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 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. |
Pensions |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The company also operates an additional defined contribution scheme, where the assets of the scheme are held separately from those of the company in an independently administered fund. |
LYNSOUTH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02023413) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
Revaluations |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
Revaluations |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Cost or valuation at 30 September 2023 is represented by: |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings |
£ | £ | £ |
Valuation in 2017 | 23,736 | - | - |
Valuation in 2018 | 25,000 | - | - |
Valuation in 2023 | 25,000 | - | - |
Cost | 151,264 | 34,743 | 10,235 |
225,000 | 34,743 | 10,235 |
LYNSOUTH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02023413) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2017 | - | - | 23,736 |
Valuation in 2018 | - | - | 25,000 |
Valuation in 2023 | - | - | 25,000 |
Cost | 59,658 | 2,648 | 258,548 |
59,658 | 2,648 | 332,284 |
Freehold property was valued on an open market basis on 30 September 2023 by the directors. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 October 2022 |
and 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Taxation and social security |
Other creditors |
LYNSOUTH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02023413) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans |
Other creditors | 54,000 | 90,000 |
There are various charges in place over the freehold properties owned by the company. |
9. | PROVISIONS FOR LIABILITIES |
30.9.23 | 30.9.22 |
£ | £ |
Deferred tax | 11,381 | 4,006 |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Provided during year |
Balance at 30 September 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022: |
30.9.23 | 30.9.22 |
£ | £ |
Director |
Balance outstanding at start of year | (133 | ) | (2,612 | ) |
Amounts advanced | 89,694 | 93,557 |
Amounts repaid | (90,969 | ) | (91,078 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (1,408 | ) | (133 | ) |
LYNSOUTH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02023413) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Director |
Balance outstanding at start of year | 2,416 | 1,280 |
Amounts advanced | 87,326 | 87,181 |
Amounts repaid | (86,178 | ) | (86,045 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 3,564 | 2,416 |
The loans are interest free. |