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REGISTERED NUMBER: 02023413 (England and Wales)










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: M P Pilkington-Miksa
S V McLeod





REGISTERED OFFICE: Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL





REGISTERED NUMBER: 02023413 (England and Wales)





ACCOUNTANTS: RJP LLP
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 4 251,869 235,991

CURRENT ASSETS
Stocks 2,189,058 1,914,254
Debtors 5 424,331 442,035
Cash at bank 27,114 442,007
2,640,503 2,798,296
CREDITORS
Amounts falling due within one year 6 165,258 1,218,751
NET CURRENT ASSETS 2,475,245 1,579,545
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,727,114

1,815,536

CREDITORS
Amounts falling due after more than one
year

7

(1,018,000

)

(55,001

)

PROVISIONS FOR LIABILITIES 9 (11,381 ) (4,006 )
NET ASSETS 1,697,733 1,756,529

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 58,226 39,476
Retained earnings 1,639,407 1,716,953
SHAREHOLDERS' FUNDS 1,697,733 1,756,529

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 8 February 2024 and were signed on its behalf by:





M P Pilkington-Miksa - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the sale of properties. Turnover is recognised when contracts between the company and the buyer have been exchanged.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - No provision for depreciation
Plant and machinery etc - 25% on cost and 25% on reducing balance

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 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST OR VALUATION
At 1 October 2022 200,000 34,743 10,235
Revaluations 25,000 - -
At 30 September 2023 225,000 34,743 10,235
DEPRECIATION
At 1 October 2022 - 34,743 9,966
Charge for year - - 67
At 30 September 2023 - 34,743 10,033
NET BOOK VALUE
At 30 September 2023 225,000 - 202
At 30 September 2022 200,000 - 269

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 October 2022 59,658 2,648 307,284
Revaluations - - 25,000
At 30 September 2023 59,658 2,648 332,284
DEPRECIATION
At 1 October 2022 26,086 498 71,293
Charge for year 8,393 662 9,122
At 30 September 2023 34,479 1,160 80,415
NET BOOK VALUE
At 30 September 2023 25,179 1,488 251,869
At 30 September 2022 33,572 2,150 235,991

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 58,749
DEPRECIATION
At 1 October 2022 25,703
Charge for year 8,261
At 30 September 2023 33,964
NET BOOK VALUE
At 30 September 2023 24,785
At 30 September 2022 33,046

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 351,796 405,509
Other debtors 72,535 36,526
424,331 442,035

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts - 1,000,000
Hire purchase contracts 1,001 10,470
Taxation and social security 27,848 26,632
Other creditors 136,409 181,649
165,258 1,218,751

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 1,000,000 -
Hire purchase contracts - 1,001
Other creditors 18,000 54,000
1,018,000 55,001

8. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Bank loans 1,000,000 1,000,000
Other creditors 54,000 90,000
1,054,000 1,090,000

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 4,006
Provided during year 7,375
Balance at 30 September 2023 11,381

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
100 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.