I J Lynn & Sons Ltd NI647690 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is that of a groundworks subcontractor in the construction industry. Digita Accounts Production Advanced 6.30.9574.0 true true NI647690 2022-07-01 2023-06-30 NI647690 2023-06-30 NI647690 bus:OrdinaryShareClass1 2023-06-30 NI647690 core:CurrentFinancialInstruments 2023-06-30 NI647690 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 NI647690 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 NI647690 core:FurnitureFittingsToolsEquipment 2023-06-30 NI647690 core:MotorVehicles 2023-06-30 NI647690 core:OtherPropertyPlantEquipment 2023-06-30 NI647690 bus:SmallEntities 2022-07-01 2023-06-30 NI647690 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 NI647690 bus:FullAccounts 2022-07-01 2023-06-30 NI647690 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 NI647690 bus:RegisteredOffice 2022-07-01 2023-06-30 NI647690 bus:Director1 2022-07-01 2023-06-30 NI647690 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 NI647690 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI647690 core:Goodwill 2022-07-01 2023-06-30 NI647690 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 NI647690 core:MotorVehicles 2022-07-01 2023-06-30 NI647690 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 NI647690 core:PlantMachinery 2022-07-01 2023-06-30 NI647690 core:Vehicles 2022-07-01 2023-06-30 NI647690 countries:NorthernIreland 2022-07-01 2023-06-30 NI647690 2022-06-30 NI647690 core:FurnitureFittingsToolsEquipment 2022-06-30 NI647690 core:MotorVehicles 2022-06-30 NI647690 core:OtherPropertyPlantEquipment 2022-06-30 NI647690 2021-07-01 2022-06-30 NI647690 2022-06-30 NI647690 bus:OrdinaryShareClass1 2022-06-30 NI647690 core:CurrentFinancialInstruments 2022-06-30 NI647690 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 NI647690 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 NI647690 core:FurnitureFittingsToolsEquipment 2022-06-30 NI647690 core:MotorVehicles 2022-06-30 NI647690 core:OtherPropertyPlantEquipment 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI647690

I J Lynn & Sons Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

I J Lynn & Sons Ltd

(Registration number: NI647690)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,177,260

869,431

Current assets

 

Stocks

5

124,798

239,730

Debtors

6

507,246

89,286

 

632,044

329,016

Creditors: Amounts falling due within one year

7

(513,062)

(405,214)

Net current assets/(liabilities)

 

118,982

(76,198)

Total assets less current liabilities

 

1,296,242

793,233

Creditors: Amounts falling due after more than one year

7

(570,200)

(379,091)

Provisions for liabilities

(293,678)

(156,164)

Net assets

 

432,364

257,978

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

432,264

257,878

Shareholders' funds

 

432,364

257,978

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

I J Lynn & Sons Ltd

(Registration number: NI647690)
Balance Sheet as at 30 June 2023

Approved and authorised by the director on 21 December 2023
 

.........................................
Mr Ivan Lynn
Director

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 172 Glenshesk Road Armoy, Ballymoney, Co. Antrim,
BT53 8RL.

These financial statements were authorised for issue by the director on 21 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

50% Straight line

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Stocks and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 10).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 July 2022

18,918

189,182

1,346,712

1,554,812

Additions

380

69,770

428,359

498,509

Disposals

-

-

(109,734)

(109,734)

At 30 June 2023

19,298

258,952

1,665,337

1,943,587

Depreciation

At 1 July 2022

4,731

88,955

591,695

685,381

Charge for the year

2,914

24,324

115,594

142,832

Eliminated on disposal

-

-

(61,886)

(61,886)

At 30 June 2023

7,645

113,279

645,403

766,327

Carrying amount

At 30 June 2023

11,653

145,673

1,019,934

1,177,260

At 30 June 2022

14,187

100,227

755,017

869,431

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks and work in progress

2023
£

2022
£

Work in progress

124,798

239,730

6

Debtors

Current

2023
£

2022
£

Trade debtors

106,673

57,880

Other debtors

400,573

31,406

 

507,246

89,286

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

342,753

192,096

Trade creditors

 

80,331

130,419

Taxation and social security

 

81,978

76,499

Other creditors

 

8,000

6,200

 

513,062

405,214

2023
£

2022
£

Due after one year

Bank loan

20,752

30,746

Directors loan account

-

23,240

Finance lease liabilities

549,448

325,105

570,200

379,091

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Related party transactions

The following balance was owed by the director to the company at the year end.

2023
 £

2022
 £

Directors current account

(303,237)

23,240