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Company registration number: 13419599
C J Lyon & Sons Limited
Trading as C J Lyon & Sons Limited
Unaudited filleted financial statements
31 October 2023
C J Lyon & Sons Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
C J Lyon & Sons Limited
Directors and other information
Directors Mr Robert Christopher Lyon
Mr Thomas Oliver Lyon
Mr Nicholas Charles Lyon
Mr Timothy Edward Lyon
Company number 13419599
Registered office Bentley Lodge
Bentley Lane
Bispham
Lancashire
L40 3SN
Business address Bentley Lodge
Bentley Lane
Bispham
Lancashire
L40 3SN
Accountants John Williams & Co
Westerview
Grimshaw Green Lane
Parbold
Lancashire
WN8 7BB
C J Lyon & Sons Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 97,200 129,600
Tangible assets 6 378,457 373,073
_______ _______
475,657 502,673
Current assets
Stocks 5,000 16,000
Debtors 7 486,699 476,261
Cash at bank and in hand 691,688 291,683
_______ _______
1,183,387 783,944
Creditors: amounts falling due
within one year 8 ( 664,005) ( 699,202)
_______ _______
Net current assets 519,382 84,742
_______ _______
Total assets less current liabilities 995,039 587,415
Provisions for liabilities 9 ( 94,614) ( 93,268)
_______ _______
Net assets 900,425 494,147
_______ _______
Capital and reserves
Called up share capital 11 100 100
Profit and loss account 900,325 494,047
_______ _______
Shareholders funds 900,425 494,147
_______ _______
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.
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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Mr Robert Christopher Lyon Mr Thomas Oliver Lyon
Director Director
Company registration number: 13419599
C J Lyon & Sons Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is C J Lyon & Sons Limited, Bentley Lodge, Bentley Lane, Bispham, Lancashire, L40 3SN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 as follows:
Plant and machinery
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 or 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.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 17 (2022: 17 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 411,757 372,376
Social security costs 34,474 32,874
Other pension costs 28,457 6,346
_______ _______
474,688 411,596
_______ _______
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2022 and 31 October 2023 162,000 162,000
_______ _______
Amortisation
At 1 November 2022 32,400 32,400
Charge for the year 32,400 32,400
_______ _______
At 31 October 2023 64,800 64,800
_______ _______
Carrying amount
At 31 October 2023 97,200 97,200
_______ _______
At 31 October 2022 129,600 129,600
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 76,601 1,056 400,825 478,482
Additions 5,937 63,414 69,500 138,851
Disposals - - ( 3,423) ( 3,423)
_______ _______ _______ _______
At 31 October 2023 82,538 64,470 466,902 613,910
_______ _______ _______ _______
Depreciation
At 1 November 2022 18,332 273 86,804 105,409
Charge for the year 16,490 18,723 95,687 130,900
Disposals - - ( 856) ( 856)
_______ _______ _______ _______
At 31 October 2023 34,822 18,996 181,635 235,453
_______ _______ _______ _______
Carrying amount
At 31 October 2023 47,716 45,474 285,267 378,457
_______ _______ _______ _______
At 31 October 2022 58,269 783 314,021 373,073
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 486,699 474,124
Other debtors - 2,137
_______ _______
486,699 476,261
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 8,267 26,701
Social security and other taxes 249,329 169,362
Other creditors 406,409 503,139
_______ _______
664,005 699,202
_______ _______
9. Provisions
Deferred tax (note 10)
£
At 1 November 2022 93,268
Additions 1,346
_______
At 31 October 2023 94,614
_______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 9) 94,614 93,268
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 94,614 93,268
_______ _______
11. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
12. Related party transactions
During the year directors made interest-free loans to the company and at the balance sheet date those loans amounted to £379,728 (2022: £483,846).