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REGISTERED NUMBER: 09580353 (England and Wales)















Lynx (GP) Holdings Limited

Group Strategic Report,

Directors' Report and

Consolidated Financial Statements

for the Year Ended 31 May 2023






Lynx (GP) Holdings Limited (Registered number: 09580353)

Contents of the Consolidated Financial Statements
for the year ended 31 May 2023










Page

Company Information 1

Group Strategic Report 2

Directors' Report 3

Independent Auditors' Report 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Lynx (GP) Holdings Limited

Company Information
for the year ended 31 May 2023







Directors: C D Gasson
W J Pinto
J C Pinto





Registered office: 250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP





Registered number: 09580353 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP

Lynx (GP) Holdings Limited (Registered number: 09580353)

Group Strategic Report
for the year ended 31 May 2023


The directors present their strategic report of the company and the group for the year ended 31 May 2023.

Fair review of business
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the period. The review is consistent with its size and objectives.

The business continues to review is KPI's and is satisfied with its performance over the period. It continues to adjust and flex to the changing marketplace and has put itself in a very strong position to maximise future opportunities. Turnover and margins continue to be in line with expectations. Long term objectives and strategic opportunities remain on track with succession planning on track. We continue to invest in the skills of the key personnel, so we have highest calibre of person to provide excellence in our delivery.

Lynx Construction Group continues with its environmental commitments and maintains its Carbon Neutrality Status already gained.

Principal risks and uncertainties
The group remains in a strong position on all trading fronts, it continues to review risks to the business and plans remain in place for any contingency plans that are required to mitigate these. The Directors remain confident that cost control and cash flow remain strong within the group.

All works remain with 'Blue Chip' clients remain strong and positive, where our service and position remain focused. The Directors are satisfied that the group remains able to meet obligations and operations for the next 12 months, for this reason the directors have adopted the going concern basis in preparing these statements.

On behalf of the board:





J C Pinto - Director


31 October 2023

Lynx (GP) Holdings Limited (Registered number: 09580353)

Directors' Report
for the year ended 31 May 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 May 2023.

Principal activity
The principal activity of the group continues to be that of the construction and refurbishment of petroleum retail forecourts. However, the business has recognised the diminishing nature of the petroleum business and has invested in rebranding itself as the 'Lynx Construction Group'. Using its core expertise in the construction and refurbishment of 'online warehouse, restaurant outlets and EV Hubs', the company will now focus on four core sectors: Petroleum, Retail, Commercial and EV.

Dividends
During the year, no ordinary dividends were paid (2022 - £300,000).

Directors
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report.

C D Gasson
W J Pinto
J C Pinto

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

On behalf of the board:





J C Pinto - Director


31 October 2023

Independent Auditors' Report to the Members of
Lynx (GP) Holdings Limited


Opinion
We have audited the financial statements of Lynx (GP) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Lynx (GP) Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the di rectors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.

Our procedures in relation to fraud, included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates and challenged the assumptions and judgements made by management in its significant accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests included agreeing the financial statement disclosures to underlying supporting
documentation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Independent Auditors' Report to the Members of
Lynx (GP) Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jonathan Moughton (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP

31 October 2023

Lynx (GP) Holdings Limited (Registered number: 09580353)

Consolidated
Income Statement
for the year ended 31 May 2023

2023 2022
Notes £ £

Turnover 4 17,024,218 12,205,469

Cost of sales (14,649,998 ) (9,657,502 )
Gross profit 2,374,220 2,547,967

Administrative expenses (1,124,763 ) (1,074,329 )
Operating profit 1,249,457 1,473,638

Interest receivable and similar income 4,282 347
1,253,739 1,473,985
Gain/loss on revaluation of assets (584,995 ) 464,642
Profit before taxation 7 668,744 1,938,627

Tax on profit 9 (79,112 ) (477,356 )
Profit for the financial year 589,632 1,461,271
Profit attributable to:
Owners of the parent 409,632 1,311,271
Non-controlling interests 180,000 150,000
589,632 1,461,271

Lynx (GP) Holdings Limited (Registered number: 09580353)

Consolidated
Other Comprehensive Income
for the year ended 31 May 2023

2023 2022
Notes £ £

Profit for the year 589,632 1,461,271


Other comprehensive income
Revaluation of investment property (615,125 ) 511,419
Deferred tax on revaluation 153,781 (142,723 )
Transfer from reserves 461,344 (368,696 )
Income tax relating to components of other
comprehensive income

-

-

Other comprehensive income for the year,
net of income tax

-

-
Total comprehensive income for the year 589,632 1,461,271

Total comprehensive income attributable to:
Owners of the parent 589,632 1,461,271

Lynx (GP) Holdings Limited (Registered number: 09580353)

Consolidated Balance Sheet
31 May 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 12 - -
Tangible assets 13 702,279 606,883
Investments 14 1,128,353 1,098,223
Investment property 15 2,997,875 3,613,000
4,828,507 5,318,106

Current assets
Debtors 16 8,844,784 3,154,706
Cash at bank and in hand 2,191,149 2,634,998
11,035,933 5,789,704
Creditors
Amounts falling due within one year 17 8,010,659 3,514,880
Net current assets 3,025,274 2,274,824
Total assets less current liabilities 7,853,781 7,592,930

Provisions for liabilities 18 84,235 233,016
Net assets 7,769,546 7,359,914

Capital and reserves
Called up share capital 19 128 128
Share premium 1,656,653 1,656,653
Fair value reserve 450,047 911,391
Retained earnings 5,662,718 4,791,742
Shareholders' funds 7,769,546 7,359,914

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:





J C Pinto - Director


Lynx (GP) Holdings Limited (Registered number: 09580353)

Company Balance Sheet
31 May 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 12 - -
Tangible assets 13 702,229 601,764
Investments 14 1,133,355 1,103,225
Investment property 15 - -
1,835,584 1,704,989

Current assets
Debtors 16 2,635,947 2,615,071
Cash at bank 1,038,527 235,853
3,674,474 2,850,924
Creditors
Amounts falling due within one year 17 100,933 137,445
Net current assets 3,573,541 2,713,479
Total assets less current liabilities 5,409,125 4,418,468

Capital and reserves
Called up share capital 19 128 128
Share premium 1,656,653 1,656,653
Retained earnings 3,752,344 2,761,687
Shareholders' funds 5,409,125 4,418,468

Company's profit for the financial year 990,657 727,276

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:





J C Pinto - Director


Lynx (GP) Holdings Limited (Registered number: 09580353)

Consolidated Statement of Changes in Equity
for the year ended 31 May 2023

Called up
share Retained Share Fair value Total
capital earnings premium reserve equity
£ £ £ £ £
Balance at 1 June 2021 128 4,149,167 1,656,653 542,695 6,348,643

Changes in equity
Dividends - (300,000 ) - - (300,000 )
Total comprehensive income - 942,575 - 368,696 1,311,271
Balance at 31 May 2022 128 4,791,742 1,656,653 911,391 7,359,914

Changes in equity
Total comprehensive income - 870,976 - (461,344 ) 409,632
Balance at 31 May 2023 128 5,662,718 1,656,653 450,047 7,769,546

Lynx (GP) Holdings Limited (Registered number: 09580353)

Company Statement of Changes in Equity
for the year ended 31 May 2023

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1 June 2021 128 2,334,411 1,656,653 3,991,192

Changes in equity
Dividends - (300,000 ) - (300,000 )
Total comprehensive income - 727,276 - 727,276
Balance at 31 May 2022 128 2,761,687 1,656,653 4,418,468

Changes in equity
Total comprehensive income - 990,657 - 990,657
Balance at 31 May 2023 128 3,752,344 1,656,653 5,409,125

Lynx (GP) Holdings Limited (Registered number: 09580353)

Consolidated Cash Flow Statement
for the year ended 31 May 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 21 (42,054 ) 2,178,267
Tax paid (67,891 ) (194,119 )
Net cash from operating activities (109,945 ) 1,984,148

Cash flows from investing activities
Purchase of tangible fixed assets (168,686 ) (24,701 )
Purchase of fixed asset investments - (500,000 )
Purchase of investment property - (141,581 )
Sale of tangible fixed assets 10,500 -
Interest received 4,282 347
Net cash from investing activities (153,904 ) (665,935 )

Cash flows from financing activities
Payments to non-controlling interests (180,000 ) (150,000 )
Equity dividends paid - (300,000 )
Net cash from financing activities (180,000 ) (450,000 )

(Decrease)/increase in cash and cash equivalents (443,849 ) 868,213
Cash and cash equivalents at beginning
of year

22

2,634,998

1,766,785

Cash and cash equivalents at end of year 22 2,191,149 2,634,998

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements
for the year ended 31 May 2023


1. Statutory information

Lynx (GP) Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. Accounting policies

Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values.
- Section 33 ‘Related Party Disclosures’ - Compensation for key management personnel.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination.

The consolidated financial statements incorporate those of Lynx (GP) Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All financial statements are made up to 31 May 2023. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Going concern
The directors have given due consideration to the business and its available resources. Based on current circumstances and recent performance, the business has a solid demand from its Blue Chip client base and with surplus reserves and good liquidity, the group and company has a strong financial base.

After reviewing the group and company performance, the directors are satisfied that the group is able to meet its obligations and continue in operational existence for the twelve months from the date of the approval of these financial statements. For this reason, the directors have adopted the going concern basis in preparing these financial statements.

Turnover
Turnover represents amounts receivable for construction services net of VAT and trade discounts, and is recognised in the period the service is provided when certified by the customer.

Income relating to rent received is recognised on an accruals basis, net of VAT and trade discounts.

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.


Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


2. Accounting policies - continued
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

Goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings2% Straight line
Leasehold improvements10% Straight line
Plant and machinery33% Straight line
Fixtures and fittings50% Straight line
Motor vehicles25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Fixed asset investments
Interests in subsidiaries and other unlisted investment are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Listed investments are initially measured at cost and subsequently measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss.

Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


2. Accounting policies - continued

Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are measured at transaction price including transaction. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments are measured at cost less impairment.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


2. Accounting policies - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Retirement benefits
The group operates a defined contribution scheme for the benefit of its directors and employees. Contributions payable are charged to the profit and loss account in the year they are payable.

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

3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Amounts recoverable under long term contracts
The directors assess any in progress contract that straddles the year end, with due consideration to the accounting policies applied for turnover and construction contracts, as noted above. This assessment is made on a contract by contract basis to review the stage of completion between the last survey date and the year end. The directors apply their judgement, based on their knowledge of the business and industry to determine the stage of completion and the quantum of turnover and profit, or foreseeable losses, that need to be adjusted for at the year end.

Fixed asset investments
The directors undertake an annual impairment review of the fixed asset investments. Based on their assessment and knowledge at the year end, in light of the current position, a review is undertaken and any necessary adjustment is made through the profit and loss account.

The directors consider the carrying amount of listed investments on an annual basis, taking into account the market values of these investments at the year end. Changes in fair value are recognised in the profit and loss as detailed in note 14.

Valuation of investment properties
On an annual basis, the directors consider the valuation of the investment properties, taking into account current market values. Based on their knowledge and review of the property market, the directors believe that the carrying amount of the investment properties do not reflect the current market value at the year end and have revalued the assets as detailed in note 15.

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


4. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£ £
Contract revenue 16,882,912 12,071,691
Rental income 141,306 133,778
17,024,218 12,205,469

An analysis of turnover by geographical market is given below:

2023 2022
£ £
United Kingdom 17,024,218 12,205,469
17,024,218 12,205,469

5. Employees and directors
2023 2022
£ £
Wages and salaries 1,540,695 1,558,808
Social security costs 192,471 203,668
Other pension costs 64,356 59,544
1,797,522 1,822,020

The average number of employees during the year was as follows:
2023 2022

Accounts 4 3
Health and safety 1 1
Site workers 9 7
Administrative 8 9
22 20

6. Directors' emoluments
2023 2022
£ £
Directors' remuneration 637,204 779,867
Directors' pension contributions to money purchase schemes 39,643 39,643

Information regarding the highest paid director is as follows:
2023 2022
£ £
Emoluments etc 364,704 444,696
Pension contributions to money purchase schemes 21,321 21,321

The number of directors who accrued benefits under defined contribution pension schemes was 2 (2021 - 2).

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


7. Profit before taxation

The profit is stated after charging/(crediting):

2023 2022
£ £
Hire of plant and machinery 1,454 182
Other operating leases 11,310 10,592
Depreciation - owned assets 73,289 72,102
Profit on disposal of fixed assets (10,499 ) (13,440 )

8. Auditors' remuneration

2023 2022
Fees payable to the company's auditor and associates: £ £

For audit services

Audit of the financial statements of the group and company 3,300 2,750
Audit of the financial statements of the company's subsidiaries 19,500 15,200
22,800 17,950

For other services
All other non-audit services 64,819 43,106


9. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 232,893 295,079
Tax adjustment in respect of the previous year - 40,531
Total current tax 232,893 335,610

Deferred tax (153,781 ) 141,746
Tax on profit 79,112 477,356

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


9. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 668,744 1,938,627
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

127,061

368,339

Effects of:
Expenses not deductible for tax purposes 5,046 4,066
Capital allowances in excess of depreciation (5,878 ) -
Depreciation in excess of capital allowances - 13,494
Adjustments to tax charge in respect of previous periods - 40,531
Effect of revaluations of investments 98,827 (88,282 )
Other tax adjustments 7,837 (2,537 )
Movement in deferred tax (153,781 ) 141,745
Total tax charge 79,112 477,356

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£ £ £
Revaluation of investment property (615,125 ) - (615,125 )
Deferred tax on revaluation 153,781 - 153,781
Transfer from reserves 461,344 - 461,344
- - -

2022
Gross Tax Net
£ £ £
Revaluation of investment property 511,419 - 511,419
Deferred tax on revaluation (142,723 ) - (142,723 )
Transfer from reserves (368,696 ) - (368,696 )
- - -

The UK corporation tax rate increased from 19% to 25% from 1 April 2023. The tax charge has been calculated using these rates accordingly.

10. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


11. Dividends
2023 2022
£ £
Ordinary shares of £0.001 each
Final - 300,000

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


12. Intangible fixed assets

Group
Goodwill
£
Cost
At 1 June 2022
and 31 May 2023 86,128
Amortisation
At 1 June 2022
and 31 May 2023 86,128
Net book value
At 31 May 2023 -
At 31 May 2022 -

13. Tangible fixed assets

Group
Freehold Improvements Plant and
property to property machinery
£ £ £
Cost
At 1 June 2022 522,000 3,916 31,525
Additions - 16,180 -
Disposals - - (2,173 )
At 31 May 2023 522,000 20,096 29,352
Depreciation
At 1 June 2022 20,880 3,916 30,571
Charge for year 10,440 1,213 953
Eliminated on disposal - - (2,173 )
At 31 May 2023 31,320 5,129 29,351
Net book value
At 31 May 2023 490,680 14,967 1
At 31 May 2022 501,120 - 954

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


13. Tangible fixed assets - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£ £ £
Cost
At 1 June 2022 3,588 234,658 795,687
Additions 65 152,441 168,686
Disposals (14,184 ) (20,939 ) (37,296 )
At 31 May 2023 (10,531 ) 366,160 927,077
Depreciation
At 1 June 2022 3,588 129,849 188,804
Charge for year 16 60,667 73,289
Eliminated on disposal (14,184 ) (20,938 ) (37,295 )
At 31 May 2023 (10,580 ) 169,578 224,798
Net book value
At 31 May 2023 49 196,582 702,279
At 31 May 2022 - 104,809 606,883

Company
Freehold Improvements Motor
property to property vehicles Totals
£ £ £ £
Cost
At 1 June 2022 522,000 - 214,664 736,664
Additions - 16,180 152,441 168,621
Disposals - - (20,939 ) (20,939 )
At 31 May 2023 522,000 16,180 346,166 884,346
Depreciation
At 1 June 2022 20,880 - 114,020 134,900
Charge for year 10,440 1,213 56,502 68,155
Eliminated on disposal - - (20,938 ) (20,938 )
At 31 May 2023 31,320 1,213 149,584 182,117
Net book value
At 31 May 2023 490,680 14,967 196,582 702,229
At 31 May 2022 501,120 - 100,644 601,764

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


14. Fixed asset investments

Group
Listed Unlisted
investments investments Totals
£ £ £
Cost or valuation
At 1 June 2022 853,223 743,662 1,596,885
Revaluations 5,130 25,000 30,130
At 31 May 2023 858,353 768,662 1,627,015
Provisions
At 1 June 2022
and 31 May 2023 - 498,662 498,662
Net book value
At 31 May 2023 858,353 270,000 1,128,353
At 31 May 2022 853,223 245,000 1,098,223

Cost or valuation at 31 May 2023 is represented by:

Listed Unlisted
investments investments Totals
£ £ £
Valuation in 2023 5,130 25,000 30,130
Cost 853,223 743,662 1,596,885
858,353 768,662 1,627,015
Company
Shares in
group Listed Unlisted
undertakings investments investments Totals
£ £ £ £
Cost or valuation
At 1 June 2022 5,002 853,223 245,000 1,103,225
Revaluations - 5,130 25,000 30,130
At 31 May 2023 5,002 858,353 270,000 1,133,355
Net book value
At 31 May 2023 5,002 858,353 270,000 1,133,355
At 31 May 2022 5,002 853,223 245,000 1,103,225

Cost or valuation at 31 May 2023 is represented by:

Shares in
group Listed Unlisted
undertakings investments investments Totals
£ £ £ £
Valuation in 2023 - 5,130 25,000 30,130
Cost 5,002 853,223 245,000 1,103,225
5,002 858,353 270,000 1,133,355

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


14. Fixed asset investments - continued

Company

The directors have considered the valuation of the listed and unlisted investments. The directors believe that the carrying amount does not reflect the market value of the listed investments and have revalued the assets at the year end to £858,353. The revaluation gain of £5,130 has been taken through the current year profit and loss. The historical cost of these investments held by the company at the year end was £900,000.

The directors believe that the carrying amount does not reflect the market value of the unlisted investments and have revalued the assets at the year end to £270,000. The revaluation gain of £25,000 has been taken through the current year profit and loss. The historical cost of these investments held by the company at the year end was £245,000.

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Name of undertaking Registered Nature of Class of % held
office business shares held Direct Indirect

Lynx Forecourt Limited 250 Fowler Avenue,
Farnborough,
Hampshire, GU14
7JP
Construction and
refurbishment of
petrol forecourts
Ordinary 85.00 -
Lynx Lettings Limited As above Property investment
company
Ordinary 100.00 -
Solaris Finance &
Investments Limited
As above Dormant company Ordinary 100.00 -



15. Investment property

Group
Total
£
Fair value
At 1 June 2022 3,613,000
Revaluations (615,125 )
At 31 May 2023 2,997,875
Net book value
At 31 May 2023 2,997,875
At 31 May 2022 3,613,000

Fair value at 31 May 2023 is represented by:
£
Valuation in 2023 (615,125 )
Cost 3,613,000
2,997,875

The directors have considered the valuation of the investment properties. The directors believe that the carrying amount does not reflect the market value of the investment properties and have revalued the assets at the year end to £2,997,875. The revaluation loss of £615,125 has been taken through the current year profit and loss. The historical cost of the properties held by the company at the year end were £2,523,174.

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


16. Debtors

Group Company
2023 2022 2023 2022
£ £ £ £
Amounts falling due within one year:
Trade debtors 5,177,636 396,928 - -
Amounts recoverable on contract 1,931,457 1,026,295 - -
Other debtors 30,707 26,500 - -
Prepayments 95,001 95,000 530 530
7,234,801 1,544,723 530 530

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 2,635,417 2,614,541
Other debtors 1,533,123 1,533,123 - -
Deferred tax asset 11,535 11,535 - -
Tax 65,325 65,325 - -
1,609,983 1,609,983 2,635,417 2,614,541

Aggregate amounts 8,844,784 3,154,706 2,635,947 2,615,071

17. Creditors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£ £ £ £
Trade creditors 1,665,125 1,202,248 - 27,120
Tax 123,344 112,123 44,665 58,888
Social security and other taxes 36,169 20,654 - -
VAT 965,637 208,130 5,450 8,368
Other creditors 1,178,049 1,126,601 26,500 22,500
Deferred income 24,920 17,502 24,318 17,502
Accrued expenses 4,017,415 827,622 - 3,067
8,010,659 3,514,880 100,933 137,445

18. Provisions for liabilities

Group
2023 2022
£ £
Deferred tax 79,235 233,016
Other provisions
Dilapidation provision 5,000 -

Aggregate amounts 84,235 233,016

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


18. Provisions for liabilities - continued

Group
Deferred Other
tax provisions
£ £
Balance at 1 June 2022 233,016 -
Provided during year - 5,000
Credit to Income Statement during year (153,781 ) -
Balance at 31 May 2023 79,235 5,000

Deferred tax

The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities Liabilities Assets Assets
2023 2022 2023 2022
Group £ £ £ £

Accelerated capital allowances - - 11,535 11,535
Revaluation of investment properties 79,235 233,016 - -
233,016 233,016 11,535 11,535


19. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
127,548 Ordinary £0.001 128 128

20. Non-controlling interests

Lynx Forecourt Limited has 30 Ordinary B shares which are not held by Lynx (GP) Holdings Limited. These shares hold no voting rights but they are entitled to dividends and winding up distributions. In accordance with the Articles of Association, winding up distributions to shareholders of Ordinary B shares are made only when the assets of Lynx Forecourt Limited are greater than £2,500,000. As at 31 May 2023, the assets of Lynx Forecourt Limited are below this threshold, hence the non-controlling interests is limited to the dividends paid by Lynx Forecourt Limited of £180,000 during the year (2022: £150,000).

21. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 589,632 1,461,271
Depreciation charges 73,290 72,103
(Profit)/loss on disposal of fixed assets (10,500 ) 23,565
Loss/(gain) on revaluation of fixed assets 584,995 (464,642 )
Movement in provisions (148,781 ) -
(Decrease)/increase in deferred income - (26,953 )
Finance income (4,282 ) (347 )
Taxation 79,112 477,356
1,163,466 1,542,353
(Increase)/decrease in trade and other debtors (5,690,078 ) 1,353,272
Increase/(decrease) in trade and other creditors 4,484,558 (717,358 )
Cash generated from operations (42,054 ) 2,178,267

Lynx (GP) Holdings Limited (Registered number: 09580353)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2023


22. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2023
31/5/23 1/6/22
£ £
Cash and cash equivalents 2,191,149 2,634,998
Year ended 31 May 2022
31/5/22 1/6/21
£ £
Cash and cash equivalents 2,634,998 1,766,785


23. Analysis of changes in net funds

At 1/6/22 Cash flow At 31/5/23
£ £ £
Net cash
Cash at bank and in hand 2,634,998 (443,849 ) 2,191,149
2,634,998 (443,849 ) 2,191,149
Total 2,634,998 (443,849 ) 2,191,149