Company No:
Contents
Note | 31.03.2024 | 30.11.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 4 |
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Investments | 5 |
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570,001 | 570,001 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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228,340 | 262,533 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Accruals and deferred income | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Fair value reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of SaxonLynch Holdings Limited (registered number:
G Matthews
Director |
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.
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 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.
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 comprises the fair value of the consideration receivable from tenants for rental income.
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.
Office equipment |
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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.
The fair value is determined annually by the director, on an open market value for existing use basis.
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.
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.
Period from 01.12.2022 to 31.03.2024 |
Year ended 30.11.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 December 2022 |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 December 2022 |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 30 November 2022 |
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Investment property | |
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Valuation | |
As at 01 December 2022 |
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As at 31 March 2024 |
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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 |
Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 December 2022 |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 30 November 2022 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.03.2024 |
Ownership 30.11.2022 |
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Saxon House, Poundbury West Industrial Estate, Dorchester, DT1 2PG | Development of building projects and repair of electrical equipment. |
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31.03.2024 | 30.11.2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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31.03.2024 | 30.11.2022 | ||
£ | £ | ||
Bank loans (secured £
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Taxation and social security |
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Other creditors |
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31.03.2024 | 30.11.2022 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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Transactions with the entity's director
Advances
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.