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COMPANY REGISTRATION NUMBER: 09261193
Lymer's Assist Ltd
Filleted Unaudited Abridged Financial Statements
31 October 2023
Lymer's Assist Ltd
Abridged Financial Statements
Year Ended 31 October 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Lymer's Assist Ltd
Abridged Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
2,466,588
2,441,326
Current Assets
Stocks
90,927
86,882
Debtors
1,260,077
1,263,052
Cash at bank and in hand
291,864
365,902
------------
------------
1,642,868
1,715,836
Creditors: amounts falling due within one year
1,280,078
1,240,865
------------
------------
Net Current Assets
362,790
474,971
------------
------------
Total Assets Less Current Liabilities
2,829,378
2,916,297
Creditors: amounts falling due after more than one year
1,108,718
1,396,233
Provisions
323,270
252,475
------------
------------
Net Assets
1,397,390
1,267,589
------------
------------
Capital and Reserves
Called up share capital
7
1
1
Profit and loss account
1,397,389
1,267,588
------------
------------
Shareholders Funds
1,397,390
1,267,589
------------
------------
These abridged 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Lymer's Assist Ltd
Abridged Statement of Financial Position (continued)
31 October 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
Mr A M Lymer
Director
Company registration number: 09261193
Lymer's Assist Ltd
Notes to the Abridged Financial Statements
Year Ended 31 October 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 Birchwood Way, Alfreton, Derbyshire, DE55 4QQ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of 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. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset.
Leasehold property
-
In accordance with lease agreement
Plant and machinery
-
25% reducing balance
Motor vehicles
-
20% and 15% on reducing balance
Equipment
-
25% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
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 profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2022: 27 ).
5. Tangible assets
£
Cost
At 1 November 2022
3,064,849
Additions
669,332
Disposals
( 275,767)
------------
At 31 October 2023
3,458,414
------------
Depreciation
At 1 November 2022
623,523
Charge for the year
464,966
Disposals
( 96,663)
------------
At 31 October 2023
991,826
------------
Carrying amount
At 31 October 2023
2,466,588
------------
At 31 October 2022
2,441,326
------------
6. Secured creditors
The aggregate amount of secured liabilities, secured on the assets of the company at the year end were HP contracts £1,555,487 (2022: £1,774,530) and bank loans £222,872 (2022 £339,965).
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
56,941
95,903
Later than 1 year and not later than 5 years
6,696
63,637
--------
---------
63,637
159,540
--------
---------
9. Director's advances, credits and guarantees
At the year end Alex Lymer had an overdrawn directors loan account of £13,060 (2022: £9,785). This will be repaid within 9 months.
10. Related party transactions
The company has taken advantage of exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group companies. Lymers' Group Ltd is the beneficial owner of 100% of the ordinary share capital of Lymers Assist Ltd. During the year the company provided a loan to a related party. The balance as at 31 October 2023 was £134,297.39. The loan is unsecured, interest free and repayable on demand.
11. Controlling party
On 1 November 2022 Lymer's Group Ltd became the ultimate parent company, a company incorporated in England and Wales. The registered office address is Birchwood Way, Somercotes, Alfreton, DE55 4QQ.