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REGISTERED NUMBER: 00153872 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

LYNE FRANK & WAGSTAFF LIMITED

LYNE FRANK & WAGSTAFF LIMITED (REGISTERED NUMBER: 00153872)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LYNE FRANK & WAGSTAFF LIMITED

COMPANY INFORMATION
for the Year Ended 31 MAY 2024







DIRECTORS: A M Janes
Ms Z A Lyne
J F Lyne





SECRETARY: P C Hobday





REGISTERED OFFICE: 19 Cherry Hill
Barnet
Hertfordshire
EN5 1BB





REGISTERED NUMBER: 00153872 (England and Wales)





ACCOUNTANTS: SRG Newmans Limited
Five Ways
57-59 Hatfield Road
Potters Bar
Hertfordshire
EN6 1HS

LYNE FRANK & WAGSTAFF LIMITED (REGISTERED NUMBER: 00153872)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 100 100
Investment property 5 4,425,000 5,765,903
4,425,100 5,766,003

CURRENT ASSETS
Debtors 6 559,244 251,946
Cash at bank 535,891 856,185
1,095,135 1,108,131
CREDITORS
Amounts falling due within one year 7 207,648 1,420,973
NET CURRENT ASSETS/(LIABILITIES) 887,487 (312,842 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,312,587

5,453,161

CREDITORS
Amounts falling due after more than one
year

8

(2,811

)

(2,811

)

PROVISIONS FOR LIABILITIES (6,756 ) (139,933 )
NET ASSETS 5,303,020 5,310,417

LYNE FRANK & WAGSTAFF LIMITED (REGISTERED NUMBER: 00153872)

BALANCE SHEET - continued
31 MAY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 27,601 27,601
Capital redemption reserve 2,399 2,399
Retained earnings 5,273,020 5,280,417
SHAREHOLDERS' FUNDS 5,303,020 5,310,417

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

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

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 27 September 2024 and were signed on its behalf by:





A M Janes - Director


LYNE FRANK & WAGSTAFF LIMITED (REGISTERED NUMBER: 00153872)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 MAY 2024

1. STATUTORY INFORMATION

Lyne Frank & Wagstaff Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Going concern
The directors believe that the company is experiencing good levels of rental income and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

LYNE FRANK & WAGSTAFF LIMITED (REGISTERED NUMBER: 00153872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MAY 2024

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 100
NET BOOK VALUE
At 31 May 2024 100
At 31 May 2023 100

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 5,765,903
Additions 651
Disposals (867,055 )
Revaluations (474,499 )
At 31 May 2024 4,425,000
NET BOOK VALUE
At 31 May 2024 4,425,000
At 31 May 2023 5,765,903

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2013 211,521
Valuation in 2022 290,000
Valuation in 2024 (474,499 )
Cost 4,397,978
4,425,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 558,665 -
Sundry debtors 579 251,946
559,244 251,946

LYNE FRANK & WAGSTAFF LIMITED (REGISTERED NUMBER: 00153872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MAY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 63,384 120,967
Sundry creditors 144,264 1,300,006
207,648 1,420,973

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Sundry creditors 2,811 2,811

There is a fixed and floating charge that covers all the property or undertaking of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
152,021 Ordinary 5p 7,601 7,601
20,000 Cumulative preference £1 20,000 20,000
27,601 27,601

10. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £558,665 from 163 Tottenham Lane Ltd, a company owned by Lyne, Frank and Wagstaff Ltd.

11. NON-DISTRIBUTABLE RESERVES

Included within reserves are non-distributable reserves amounting to £20,267 (2023: £419,799).