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Registration number: 01569175

Lymington Technical Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Lymington Technical Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Lymington Technical Services Limited

Company Information

Director

Dr P Tosswell

Registered office

Mountbatten House
Grosvenor Square
Southampton
Hampshire
SO15 2JU

Accountants

Numeric Accounting
Chartered Certified Accountants
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Lymington Technical Services Limited

(Registration number: 01569175)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,175

18,004

Current assets

 

Stocks

5

21,960

17,790

Debtors

6

30,423

7,582

Cash at bank and in hand

 

87,773

71,601

 

140,156

96,973

Creditors: Amounts falling due within one year

7

(30,167)

(20,315)

Net current assets

 

109,989

76,658

Total assets less current liabilities

 

127,164

94,662

Provisions for liabilities

(3,908)

(3,715)

Net assets

 

123,256

90,947

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

123,254

90,945

Shareholders' funds

 

123,256

90,947

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Lymington Technical Services Limited

(Registration number: 01569175)
Balance Sheet as at 31 July 2024 (continued)

Approved and authorised by the director on 2 December 2024
 

.........................................
Dr P Tosswell
Director

 

Lymington Technical Services Limited

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

1

General information

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

The address of its registered office is:
Mountbatten House
Grosvenor Square
Southampton
Hampshire
SO15 2JU

These financial statements were authorised for issue by the director on 2 December 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 and deferred 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.

 

Lymington Technical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Technical equipment

15% on reducing balance

Office equipment

15% on reducing balance

Computer equipment

33% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Lymington Technical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

3

Staff numbers

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

 

Lymington Technical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

8,226

109,094

24,285

141,605

Additions

-

2,072

-

2,072

At 31 July 2024

8,226

111,166

24,285

143,677

Depreciation

At 1 August 2023

8,005

94,075

21,521

123,601

Charge for the year

33

2,412

456

2,901

At 31 July 2024

8,038

96,487

21,977

126,502

Carrying amount

At 31 July 2024

188

14,679

2,308

17,175

At 31 July 2023

221

15,019

2,764

18,004

5

Stocks

2024
£

2023
£

Work in progress

21,960

17,790

6

Debtors

Current

2024
£

2023
£

Trade debtors

26,383

4,920

Prepayments

2,504

2,225

Other debtors

1,536

437

 

30,423

7,582

 

Lymington Technical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

126

-

Taxation and social security

28,128

19,126

Other creditors

1,913

1,189

30,167

20,315

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

9

Dividends

2024

2023

£

£

Interim dividend of £22,000.00 (2023 - £36,000.00) per ordinary share

44,000

72,000