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Company No: 02726787 (England and Wales)

SAXONLYNCH HOLDINGS LIMITED

Unaudited Financial Statements
For the financial period from 01 December 2022 to 31 March 2024
Pages for filing with the registrar

SAXONLYNCH HOLDINGS LIMITED

Unaudited Financial Statements

For the financial period from 01 December 2022 to 31 March 2024

Contents

SAXONLYNCH HOLDINGS LIMITED

BALANCE SHEET

As at 31 March 2024
SAXONLYNCH HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 30.11.2022
£ £
Fixed assets
Investment property 4 570,000 570,000
Investments 5 1 1
570,001 570,001
Current assets
Debtors 6 20,732 53,040
Cash at bank and in hand 207,608 209,493
228,340 262,533
Creditors: amounts falling due within one year 7 ( 12,953) ( 28,580)
Net current assets 215,387 233,953
Total assets less current liabilities 785,388 803,954
Creditors: amounts falling due after more than one year 8 ( 23,024) ( 42,020)
Accruals and deferred income ( 4,433) 0
Net assets 757,931 761,934
Capital and reserves
Called-up share capital 351 351
Share premium account 192,418 192,418
Fair value reserve 145,000 145,000
Capital redemption reserve 552 552
Profit and loss account 419,610 423,613
Total shareholders' funds 757,931 761,934

For the financial period ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of SaxonLynch Holdings Limited (registered number: 02726787) were approved and authorised for issue by the Director on 28 August 2024. They were signed on its behalf by:

G Matthews
Director
SAXONLYNCH HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 December 2022 to 31 March 2024
SAXONLYNCH HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 December 2022 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SaxonLynch Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Saxon House, Poundbury West Industrial Estate, Dorchester, DT1 2PG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The reporting period has been extended to a sixteen month period ending 31 March 2024.

The director made the decision to change the accounting period end date to fall in line with the HM Revenue and Customs tax year.

The comparatives amounts presented in the financial statements (including related notes) are not entirely comparable as they are for a twelve month period.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover comprises the fair value of the consideration receivable from tenants for rental income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.12.2022 to
31.03.2024
Year ended
30.11.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 1 1

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 December 2022 1,735 1,735
At 31 March 2024 1,735 1,735
Accumulated depreciation
At 01 December 2022 1,735 1,735
At 31 March 2024 1,735 1,735
Net book value
At 31 March 2024 0 0
At 30 November 2022 0 0

4. Investment property

Investment property
£
Valuation
As at 01 December 2022 570,000
As at 31 March 2024 570,000

Valuation

A full market valuation of investment property was completed by 28 April 2022. The fair value of the company’s investment property at 30 November 2021 were arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties.

The director has reconsidered the valuation of the investment properties as at 31 March 2024 and has decided that the investment properties valuation remains unchanged. No valuation has taken place by external valuation agencies.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

31.03.2024 30.11.2022
£ £
Historic cost 425,000 425,000

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 December 2022 1 1
At 31 March 2024 1 1
Carrying value at 31 March 2024 1 1
Carrying value at 30 November 2022 1 1

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Ownership
30.11.2022
BlueCity Limited Saxon House, Poundbury West Industrial Estate, Dorchester, DT1 2PG Development of building projects and repair of electrical equipment. Ordinary 100.00% 100.00%

6. Debtors

31.03.2024 30.11.2022
£ £
Trade debtors 11,529 7,998
Amounts owed by related parties 203 45,042
Other debtors 9,000 0
20,732 53,040

7. Creditors: amounts falling due within one year

31.03.2024 30.11.2022
£ £
Bank loans (secured £ 1,856) 3,678 22,377
Taxation and social security 7,386 4,175
Other creditors 1,889 2,028
12,953 28,580

8. Creditors: amounts falling due after more than one year

31.03.2024 30.11.2022
£ £
Bank loans 2,126 14,178
Other creditors 20,898 27,842
23,024 42,020

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 December 2021, the balance owed by the director was £9,900. During the year, nil was advanced to the director, and £9,900 was repaid by the director. At 30 November 2022, the balance owed by the director was nil.

At 1 December 2022, the balance owed by the director was nil. During the year £9,000 was advanced to the director, and nil was repaid by the director. At 31 March 2024, the balance owed by the director was £9,000.