Registered number
04072599
ML&S Martin Lynch & Sons Limited
Unaudited Filleted Accounts
30 April 2024
ML&S Martin Lynch & Sons Limited
Registered number: 04072599
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 7,292 14,194
Tangible assets 4 119,793 162,728
127,085 176,922
Current assets
Stocks 1,213,025 1,249,485
Debtors 5 423,921 494,592
Cash at bank and in hand 847,677 698,433
2,484,623 2,442,510
Creditors: amounts falling due within one year 6 (998,405) (792,545)
Net current assets 1,486,218 1,649,965
Total assets less current liabilities 1,613,303 1,826,887
Creditors: amounts falling due after more than one year 7 (276,055) (435,586)
Provisions for liabilities (26,987) (28,668)
Net assets 1,310,261 1,362,633
Capital and reserves
Called up share capital 1 1
Capital redemption reserve 8 278 1
Profit and loss account 1,309,982 1,362,631
Shareholders' funds 1,310,261 1,362,633
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Lynch
Director
Approved by the board on 30 October 2024
ML&S Martin Lynch & Sons Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3,4,5 & 10 years
Motor vehicles over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 18
3 Intangible fixed assets £
Website development
Cost
At 1 May 2023 32,838
Additions 1,357
Disposals (2,000)
At 30 April 2024 32,195
Amortisation
At 1 May 2023 18,644
Provided during the year 8,259
On disposals (2,000)
At 30 April 2024 24,903
Net book value
At 30 April 2024 7,292
At 30 April 2023 14,194
Website development is being written off in equal annual instalments over its estimated economic life of 4 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 11,845 240,417 96,741 349,003
Additions - 16,851 - 16,851
Disposals - (82,762) (10,150) (92,912)
At 30 April 2024 11,845 174,506 86,591 272,942
Depreciation
At 1 May 2023 - 154,993 31,282 186,275
Charge for the year - 30,832 23,035 53,867
On disposals - (76,843) (10,150) (86,993)
At 30 April 2024 - 108,982 44,167 153,149
Net book value
At 30 April 2024 11,845 65,524 42,424 119,793
At 30 April 2023 11,845 85,424 65,459 162,728
5 Debtors 2024 2023
£ £
Trade debtors 27,204 35,632
Other debtors 396,717 458,960
423,921 494,592
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 428,795 471,975
Taxation and social security costs 287,755 192,094
Other creditors 281,855 128,476
998,405 792,545
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 276,055 435,586
8 Capital redemption reserve 2024 2023
£ £
At 1 May 2023 1 1
Shares buyback - -
At 30 April 2024 278 1
9 Related party transactions 2024 2023
£ £
M J Lynch and Sons Limited
A company with common shareholders. Loan due from the related party included within other debtors balance. 364,595 379,937
M L & S Martin Lynch & Sons EPS
Company pension scheme
The pension scheme owns the business premises that the company occupies. The 10 year lease to occupy the premises commenced on 1st November 2014, for an annual rent of £50,000. There is also a loan from the pension scheme that is repayable over five years, with an interest rate of 10%. There is a charge in favour of the pension scheme, in the form of a floating charge over the assets of the company, dated 5th May 2011.
Amount due to the related party included in other creditors 327,021 350,000
Amount paid in rent during the period 47,750 47,743
10 Company's purchase of own shares
On 31 March 2019, the company entered into an unconditional contract for a duration of 6 years, under which succesive tranches of its own shares are due to be purchased back for a total consideration of £849,877, or 19,760 shares at £43.01 per share. The final tranche of 1,625 shares was acquired on 30 April 2024 for £69,876.38, completing the repurchase contract.
11 Other information
ML&S Martin Lynch & Sons Limited is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA
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