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COMPANY REGISTRATION NUMBER: 13019363
SYTE LYNK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
SYTE LYNK LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Statement of income and retained earnings
4
Statement of financial position
5
Statement of cash flows
6
Notes to the financial statements
7
SYTE LYNK LTD
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr J Rubin
Mr D Rubin
Registered office
Lynton House
7-12 Tavistock Square
London
UK
WC1H 9BQ
Accountants
BSG Valentine (UK) LLP
Chartered Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
SYTE LYNK LTD
STRATEGIC REPORT
YEAR ENDED 31 DECEMBER 2023
This report was approved by the board of directors on 4 April 2024 and signed on behalf of the board by:
Mr J Rubin
Director
Registered office:
Lynton House
7-12 Tavistock Square
London
UK
WC1H 9BQ
SYTE LYNK LTD
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr J Rubin
Mr D Rubin
Dividends
Particulars of recommended dividends are detailed in note 5 to the financial statements.
This report was approved by the board of directors on 4 April 2024 and signed on behalf of the board by:
Mr J Rubin
Director
Registered office:
Lynton House
7-12 Tavistock Square
London
UK
WC1H 9BQ
SYTE LYNK LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 DECEMBER 2023
2023
2022
(restated)
Note
£
£
Administrative expenses
( 5,992)
-------
----
OPERATING LOSS
( 5,992)
Income from shares in group undertakings
4
150,000
---------
----
PROFIT BEFORE TAXATION
144,008
Tax on profit
---------
----
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
144,008
---------
----
All the activities of the company are from continuing operations.
SYTE LYNK LTD
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
(restated)
Note
£
£
£
£
FIXED ASSETS
Investments
6
243,879
243,879
CURRENT ASSETS
Cash at bank and in hand
140
CREDITORS: amounts falling due within one year
7
( 234,011)
( 233,879)
---------
---------
NET CURRENT LIABILITIES
( 233,871)
( 233,879)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
10,008
10,000
--------
--------
CAPITAL AND RESERVES
Called up share capital
8
10,000
10,000
Profit and loss account
8
--------
--------
SHAREHOLDERS FUNDS
10,008
10,000
--------
--------
For the year ending 31 December 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 .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
Mr J Rubin
Director
Company registration number: 13019363
SYTE LYNK LTD
STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2023
2023
2022
(restated)
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the financial year
144,008
Adjustments for:
Income from shares in group undertakings
( 150,000)
Changes in:
Trade and other creditors
( 2,163)
2,163
---------
-------
Cash generated from operations
( 8,155)
2,163
-------
-------
Net cash (used in)/from operating activities
( 8,155)
2,163
-------
-------
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of subsidiaries
( 230,029)
Purchases of other investments
(13,850)
Dividends received
150,000
---------
---------
Net cash from/(used in) investing activities
150,000
( 243,879)
---------
---------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
13,850
Proceeds from loans from group undertakings
2,295
217,866
Dividends paid
( 144,000)
---------
---------
Net cash (used in)/from financing activities
( 141,705)
231,716
---------
---------
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
140
( 10,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
10,000
----
--------
CASH AND CASH EQUIVALENTS AT END OF YEAR
140
----
--------
SYTE LYNK LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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. Income from shares in group undertakings
2023
2022
(restated)
£
£
Income from group undertakings
150,000
---------
----
5. Dividends
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 January 2023 as restated and 31 December 2023
230,029
13,850
243,879
---------
--------
---------
Impairment
At 1 January 2023 as restated and 31 December 2023
---------
--------
---------
Carrying amount
At 31 December 2023
230,029
13,850
243,879
---------
--------
---------
At 31 December 2022
230,029
13,850
243,879
---------
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Amounts owed to group undertakings
220,161
217,866
Director loan accounts
13,850
13,850
Other creditors
2,163
---------
---------
234,011
233,879
---------
---------
8. Called up share capital
Issued, called up and fully paid
2023
2022
(restated)
No.
£
No.
£
9. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
140
140
Debt due within one year
(231,716)
(2,295)
(234,011)
---------
-------
---------
( 231,716)
( 2,155)
( 233,871)
---------
-------
---------