Registration number:
Lynedoch 14 Limited
for the Year Ended 31 December 2023
Lynedoch 14 Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Lynedoch 14 Limited
Company Information
Directors |
K J Gammell G E Gammell M K Gammell |
Registered office |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lynedoch 14 Limited
for the Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lynedoch 14 Limited for the year ended 31 December 2023 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.
This report is made solely to the Board of Directors of Lynedoch 14 Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lynedoch 14 Limited and state those matters that we have agreed to state to the Board of Directors of Lynedoch 14 Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lynedoch 14 Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Lynedoch 14 Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Lynedoch 14 Limited. You consider that Lynedoch 14 Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Lynedoch 14 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Bathgate
West Lothian
EH48 2UP
Lynedoch 14 Limited
(Registration number: SC690186)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
|||
Other financial assets |
562,712 |
606,549 |
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Current assets |
|||
Debtors |
- |
|
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
|
|
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Provisions for liabilities |
- |
( |
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Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
1,375,000 |
1,375,000 |
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Other reserves |
- |
5,305 |
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Retained earnings |
(39,386) |
844 |
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Shareholders' funds |
1,335,614 |
1,381,149 |
For the financial 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:
• |
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• |
The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Lynedoch 14 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss.
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Lynedoch 14 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Provisions
Provisions are set up only where it is possible that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
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.
Financial instruments
Classification
Recognition and measurement
Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Investments in equity shares which are publicly traded or where the fair value of the shares can be measured reliably are initially measured at fair value. Transaction costs are charged to profit or loss. The investments are subsequently remeasured in the balance sheet at fair value with changes in fair value recognised through profit and loss.
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Lynedoch 14 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Other financial assets |
Financial assets at fair value through profit and loss |
Total |
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Cost or valuation |
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At 1 January 2023 |
606,549 |
606,549 |
Revaluations |
(51,720) |
(51,720) |
Additions |
7,883 |
7,883 |
At 31 December 2023 |
562,712 |
562,712 |
Carrying amount |
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At 31 December 2023 |
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562,712 |
Debtors |
Current |
2023 |
2022 |
Other debtors |
- |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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