Company Registration No. 04942102 (England and Wales)
MATTHEW LYNN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
MATTHEW LYNN LIMITED
CONTENTS
Page
Statement of financial position
2
Notes to the financial statements
3 - 6
MATTHEW LYNN LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
2023
2022
£
£
Revenue
103,421
81,586
Administrative expenses
(31,753)
(16,266)
Other operating income
1,307
2,083
Operating profit
72,975
67,403
Investment income
25,477
21,762
Finance costs
(13)
Other gains and losses
41,404
(263,547)
Profit/(loss) before taxation
139,856
(174,395)
Tax on profit/(loss)
(20,104)
(13,963)
Profit/(loss) for the financial year
119,752
(188,358)
Retained earnings brought forward
911,059
1,112,417
Dividends
(16,600)
(13,000)
Retained earnings carried forward
1,014,211
911,059
MATTHEW LYNN LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
754
1,119
Current assets
Trade and other receivables
4
109,553
363,696
Investments
5
703,409
542,757
Cash and cash equivalents
229,154
21,386
1,042,116
927,839
Current liabilities
6
(28,656)
(17,896)
Net current assets
1,013,460
909,943
Total assets less current liabilities
1,014,214
911,062
Equity
Called up share capital
7
3
3
Retained earnings
1,014,211
911,059
Total equity
1,014,214
911,062
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered 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 30 July 2024 and are signed on its behalf by:
M Lynn
Director
Company Registration No. 04942102
MATTHEW LYNN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Matthew Lynn Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tattlebury House, Cranbrook Road, Goudhurst, Kent, TN17 1BS.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes
1.3
Property, plant and equipment
Property, plant and equipment 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:
Plant and machinery
33% reducing balance
Fixtures, fittings & equipment
25% Reducing balance
1.4
Impairment of non-current assets
At each reporting period end date, the company 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company 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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
MATTHEW LYNN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
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, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company 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 company.
1.8
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 income statement 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 company’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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
MATTHEW LYNN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Property, plant and equipment
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
7,310
1,759
9,069
Depreciation and impairment
At 1 November 2022
6,272
1,678
7,950
Depreciation charged in the year
345
20
365
At 31 October 2023
6,617
1,698
8,315
Carrying amount
At 31 October 2023
693
61
754
At 31 October 2022
1,038
81
1,119
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
109,553
363,696
5
Current asset investments
2023
2022
£
£
Other investments
703,409
542,757
6
Current liabilities
2023
2022
£
£
Trade payables
308
Corporation tax
20,104
13,963
Other taxation and social security
6,069
1,260
Accruals and deferred income
2,483
2,365
28,656
17,896
MATTHEW LYNN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B share of £1 each
1
1
1
1
Ordinary C share of £1 each
1
1
1
1
Ordinary Share of £1 each
1
1
1
1
3
3
3
3
8
Related party transactions
As on 31 October 2023, the director owed £109,553 (2022: £308,086) to the company which was repaid within 9 months of year end.