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Registered number: 10744311
P K Lynes Heating Services Ltd
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Company Information 1
Director's Report 2
Accountant's Report 3
Income Statement 4
Statement of Financial Position 5
Statement of Changes in Equity 6
Notes to the Financial Statements 7—8
Page 1
Company Information
Director Mr Paul Lynes
Secretary Mrs Julie Lynes
Company Number 10744311
Registered Office 92 The Common
Freethorpe
Norwich
NR13 3LT
Accountants Clarke Accountancy Ltd
Dashwood House
1 Tyrells Road
Great Yarmouth
Norfolk
NR31 0AR
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 March 2024.
Principal Activity
The company's principal activity continues to be that of plumbing and heating installation and maintenance.
Directors
The director who held office during the year were as follows:
Mr Paul Lynes
Statement of Director's Responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mr Paul Lynes
Director
17/08/2024
Page 2
Page 3
Accountant's Report
Report of the Accountant to the director of P K Lynes Heating Services Ltd
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 March 2024.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Statement of Financial Position you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Signed
Mr Edward Clarke, BSc (Hons), MAAT
17/08/2024
Clarke Accountancy Ltd
Dashwood House
1 Tyrells Road
Great Yarmouth
Norfolk
NR31 0AR
Page 3
Page 4
Income Statement
2024 2023
Notes £ £
TURNOVER 33,109 44,095
Cost of sales (6,365 ) (4,956 )
GROSS PROFIT 26,744 39,139
Administrative expenses (13,541 ) (13,821 )
OPERATING PROFIT 13,203 25,318
Other interest receivable and similar income 160 62
PROFIT BEFORE TAXATION 13,363 25,380
Tax on Profit (2,476 ) (4,816 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 10,887 20,564
The notes on pages 7 to 8 form part of these financial statements.
Page 4
Page 5
Statement of Financial Position
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,442 1,359
1,442 1,359
CURRENT ASSETS
Debtors 5 12,921 23,046
Cash at bank and in hand 940 30
13,861 23,076
Creditors: Amounts Falling Due Within One Year 6 (3,121 ) (5,398 )
NET CURRENT ASSETS (LIABILITIES) 10,740 17,678
TOTAL ASSETS LESS CURRENT LIABILITIES 12,182 19,037
NET ASSETS 12,182 19,037
CAPITAL AND RESERVES
Called up share capital 1 1
Income Statement 12,181 19,036
SHAREHOLDERS' FUNDS 12,182 19,037
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Paul Lynes
Director
17/08/2024
The notes on pages 7 to 8 form part of these financial statements.
Page 5
Page 6
Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 April 2022 1 29,150 29,151
Profit for the year and total comprehensive income - 20,564 20,564
Dividends paid - (30,678) (30,678)
As at 31 March 2023 and 1 April 2023 1 19,036 19,037
Profit for the year and total comprehensive income - 10,887 10,887
Dividends paid - (17,742) (17,742)
As at 31 March 2024 1 12,181 12,182
Page 6
Page 7
Notes to the Financial Statements
1. General Information
P K Lynes Heating Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10744311 . The registered office is 92 The Common, Freethorpe, Norwich, NR13 3LT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 18% reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 4,045
Additions 400
As at 31 March 2024 4,445
...CONTINUED
Page 7
Page 8
Depreciation
As at 1 April 2023 2,686
Provided during the period 317
As at 31 March 2024 3,003
Net Book Value
As at 31 March 2024 1,442
As at 1 April 2023 1,359
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,555 2,353
Prepayments and accrued income 274 -
CIS Receivable 6,680 8,351
Director's loan account 4,412 12,342
12,921 23,046
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 645 644
Corporation tax 2,476 4,754
3,121 5,398
Page 8