IRIS Accounts Production v24.2.0.383 02890297 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh028902972023-01-31028902972024-01-31028902972023-02-012024-01-31028902972022-01-31028902972022-02-012023-01-31028902972023-01-3102890297ns15:EnglandWales2023-02-012024-01-3102890297ns14:PoundSterling2023-02-012024-01-3102890297ns10:Director12023-02-012024-01-3102890297ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3102890297ns10:SmallEntities2023-02-012024-01-3102890297ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3102890297ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3102890297ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3102890297ns10:FullAccounts2023-02-012024-01-3102890297ns5:CurrentFinancialInstruments2024-01-3102890297ns5:CurrentFinancialInstruments2023-01-3102890297ns5:Non-currentFinancialInstruments2024-01-3102890297ns5:Non-currentFinancialInstruments2023-01-3102890297ns5:ShareCapital2024-01-3102890297ns5:ShareCapital2023-01-3102890297ns5:RevaluationReserve2024-01-3102890297ns5:RevaluationReserve2023-01-3102890297ns5:RetainedEarningsAccumulatedLosses2024-01-3102890297ns5:RetainedEarningsAccumulatedLosses2023-01-3102890297ns10:RegisteredOffice2023-02-012024-01-310289029712023-02-012024-01-3102890297ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-02-012024-01-3102890297ns5:PlantMachinery2023-02-012024-01-3102890297ns5:FurnitureFittings2023-02-012024-01-3102890297ns5:MotorVehicles2023-02-012024-01-3102890297ns5:LandBuildings2023-01-3102890297ns5:PlantMachinery2023-01-3102890297ns5:FurnitureFittings2023-01-3102890297ns5:MotorVehicles2023-01-3102890297ns5:LandBuildings2023-02-012024-01-3102890297ns5:LandBuildings2024-01-3102890297ns5:PlantMachinery2024-01-3102890297ns5:FurnitureFittings2024-01-3102890297ns5:MotorVehicles2024-01-3102890297ns5:LandBuildings2023-01-3102890297ns5:PlantMachinery2023-01-3102890297ns5:FurnitureFittings2023-01-3102890297ns5:MotorVehicles2023-01-3102890297ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3102890297ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3102890297ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-01-3102890297ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-01-3102890297ns5:Secured2024-01-3102890297ns5:Secured2023-01-3102890297ns5:RevaluationReserve2023-01-31
REGISTERED NUMBER: 02890297 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Lynnmoore Engineering Company Limited

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Lynnmoore Engineering Company Limited (Registered number: 02890297)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £ £
Fixed assets
Tangible assets 5 201,256 192,775

Current assets
Stocks 226,868 716,710
Debtors 6 117,171 151,634
Cash at bank 224,235 364,793
568,274 1,233,137
Creditors
Amounts falling due within one year 7 (347,043 ) (1,043,534 )
Net current assets 221,231 189,603
Total assets less current liabilities 422,487 382,378

Creditors
Amounts falling due after more than one
year

8

(21,333

)

(36,705

)

Provisions for liabilities (11,898 ) -
Net assets 389,256 345,673

Capital and reserves
Called up share capital 120 120
Revaluation reserve 11 89,293 92,880
Retained earnings 299,843 252,673
389,256 345,673

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Balance Sheet - continued
31 January 2024


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 12 September 2024 and were signed on its behalf by:





Mrs J M Anderson - Director


Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements
for the Year Ended 31 January 2024


1. Statutory information

Lynnmoore Engineering Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02890297

Registered office: 10 Oak Street
Fakenham
Norfolk
NR21 9DY

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 25% p.a. reducing balance
Fixtures and fittings - 25% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


3. Accounting policies - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.

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 are 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. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.


Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


3. Accounting policies - continued
Deferred tax
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
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.

4. Employees and directors

The average number of employees during the year was 19 (2023 - 19 ) .

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


5. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 February 2023 230,000 152,346 22,365 69,965 474,676
Additions - 1,187 - 26,175 27,362
Disposals - - - (14,500 ) (14,500 )
At 31 January 2024 230,000 153,533 22,365 81,640 487,538
Depreciation
At 1 February 2023 73,600 147,237 21,956 39,108 281,901
Charge for year 9,200 1,425 102 8,154 18,881
Eliminated on disposal - - - (14,500 ) (14,500 )
At 31 January 2024 82,800 148,662 22,058 32,762 286,282
Net book value
At 31 January 2024 147,200 4,871 307 48,878 201,256
At 31 January 2023 156,400 5,109 409 30,857 192,775

On transition to FRS102 the freehold property was revalued by Giles Stovold BSc (Hons) MRICS FNAEA of Russen & Turner, Kings Lynn.

In respect of tangible fixed assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

In respect of tangible assets held at valuation, the aggregate cost depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost are as follows:
Freehold
Property

At 31st January 2024
Aggregate Cost198,566
Aggregate Depreciation(140,659)

Carrying Value57,907

At 31st January 2023
Aggregate Cost198,566
Aggregate Depreciation(135,046)

Carrying Value63,520

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


6. Debtors: amounts falling due within one year
31.1.24 31.1.23
£ £
Trade debtors 117,171 128,187
Other debtors - 23,447
117,171 151,634

7. Creditors: amounts falling due within one year
31.1.24 31.1.23
£ £
Bank loans and overdrafts (see note 9) 10,162 9,911
Hire purchase contracts 5,211 5,211
Trade creditors 99,996 182,507
Taxation and social security 27,726 55,996
Other creditors 203,948 789,909
347,043 1,043,534

8. Creditors: amounts falling due after more than one year
31.1.24 31.1.23
£ £
Bank loans (see note 9) 13,950 24,111
Hire purchase contracts 7,383 12,594
21,333 36,705

9. Loans

An analysis of the maturity of loans is given below:

31.1.24 31.1.23
£ £
Amounts falling due within one year or on demand:
Bank loans 10,162 9,911

Amounts falling due between two and five years:
Bank loans - 2-5 years 13,950 24,111

Lynnmoore Engineering Company Limited (Registered number: 02890297)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


10. Secured debts

The following secured debts are included within creditors:

31.1.24 31.1.23
£ £
Bank loans 24,112 34,022
Hire purchase contracts 12,594 17,805
36,706 51,827

11. Reserves
Revaluation
reserve
£
At 1 February 2023 92,880
Reclassification fm revaluatio (3,587 )

At 31 January 2024 89,293

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.