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COMPANY REGISTRATION NUMBER: 02292436
LYNCREST PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 February 2024
LYNCREST PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
430,652
430,870
Current assets
Debtors
5
119,427
129,127
Investments
6
350,000
350,000
Cash at bank and in hand
100,167
80,347
---------
---------
569,594
559,474
Creditors: amounts falling due within one year
7
10,218
19,493
---------
---------
Net current assets
559,376
539,981
---------
---------
Total assets less current liabilities
990,028
970,851
Provisions
Taxation including deferred tax
13,424
13,465
---------
---------
Net assets
976,604
957,386
---------
---------
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
126,381
126,381
Profit and loss account
850,123
830,905
---------
---------
Shareholders funds
976,604
957,386
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LYNCREST PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
Mr M D A Dawe
Mrs K Dawe
Director
Director
Company registration number: 02292436
LYNCREST PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Edgemont Road, Weston Favell, Northampton, NN3 3DF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture & equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
430,000
2,539
432,539
---------
-------
---------
Depreciation
At 1 March 2023
1,669
1,669
Charge for the year
218
218
---------
-------
---------
At 29 February 2024
1,887
1,887
---------
-------
---------
Carrying amount
At 29 February 2024
430,000
652
430,652
---------
-------
---------
At 28 February 2023
430,000
870
430,870
---------
-------
---------
Tangible assets held at valuation
Land and buildings are the investments properties. The Directors revalued the investment properties on 28th February 2022, based on an open market value to £555,500. In their opinion the value of the company's investment properties are that of current market value.
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 model are as follows:
Freehold property
£
At 29 February 2024
Aggregate cost
303,704
Aggregate depreciation
---------
Carrying value
303,704
---------
At 28 February 2023
Aggregate cost
303,704
Aggregate depreciation
---------
Carrying value
303,704
---------
5. Debtors
2024
2023
£
£
Other debtors
119,427
129,127
---------
---------
Included in debtors is a loan of £111,543 (2023: £109,120) which is due after 1 year.
6. Investments
2024
2023
£
£
Short-term deposits
350,000
350,000
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
4,733
15,128
Other creditors
5,485
4,365
--------
--------
10,218
19,493
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares of £ 1 each
50
50
50
50
B Ordinary shares of £ 1 each
50
50
50
50
----
----
----
----
100
100
100
100
----
----
----
----
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M D A Dawe
19,678
7,417
( 19,678)
7,417
--------
-------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M D A Dawe
39,954
( 20,276)
19,678
----
--------
--------
--------
10. Related party transactions
Included within other debtors is a loan to the directors son of £111,543.(2023: £109,120) Interest has been charged at 2.5% and totalled £2,422.(2023: £2,134)