Lochryn Limited 08933764 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Other business support service activities Digita Accounts Production Advanced 6.30.9574.0 true true 08933764 2023-04-01 2024-03-31 08933764 2024-03-31 08933764 core:CurrentFinancialInstruments 2024-03-31 08933764 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08933764 core:Non-currentFinancialInstruments 2024-03-31 08933764 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 08933764 core:Goodwill 2024-03-31 08933764 bus:SmallEntities 2023-04-01 2024-03-31 08933764 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08933764 bus:FilletedAccounts 2023-04-01 2024-03-31 08933764 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08933764 bus:RegisteredOffice 2023-04-01 2024-03-31 08933764 bus:Director1 2023-04-01 2024-03-31 08933764 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08933764 core:Goodwill 2023-04-01 2024-03-31 08933764 core:LicencesFranchises 2023-04-01 2024-03-31 08933764 countries:EnglandWales 2023-04-01 2024-03-31 08933764 2023-03-31 08933764 core:Goodwill 2023-03-31 08933764 2022-04-01 2023-03-31 08933764 2023-03-31 08933764 core:CurrentFinancialInstruments 2023-03-31 08933764 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08933764 core:Non-currentFinancialInstruments 2023-03-31 08933764 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 08933764

Lochryn Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Lochryn Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Lochryn Limited

(Registration number: 08933764)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

17,852

15,139

Cash at bank and in hand

 

232,534

191,856

 

250,386

206,995

Creditors: Amounts falling due within one year

6

(38,033)

(35,759)

Total assets less current liabilities

 

212,353

171,236

Creditors: Amounts falling due after more than one year

6

(5,111)

(10,967)

Net assets

 

207,242

160,269

Capital and reserves

 

Called up share capital

100

100

Retained earnings

207,142

160,169

Shareholders' funds

 

207,242

160,269

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
Mr P D Winterbottom
Director

   
     
 

Lochryn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 Grange Avenue
Flixton
Manchester
Lancashire
M41 6QE
United Kingdom

These financial statements were authorised for issue by the Board on 1 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Lochryn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise fee

20% per annum straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

 

Lochryn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

35,000

35,000

At 31 March 2024

35,000

35,000

Amortisation

At 1 April 2023

35,000

35,000

At 31 March 2024

35,000

35,000

Carrying amount

At 31 March 2024

-

-

5

Debtors

2024
£

2023
£

Trade debtors

17,852

15,139

17,852

15,139

 

Lochryn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,594

1,834

Taxation and social security

35,389

32,925

Accruals and deferred income

1,050

1,000

38,033

35,759

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

5,111

10,967

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

5,111

10,967