Company registration number 14042869 (England and Wales)
JAMES LYNNE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
JAMES LYNNE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
JAMES LYNNE LIMITED
COMPANY INFORMATION
Director
Mr C J Kunz
Company number
14042869
Registered office
128 City Road
London
United Kingdom
EC1V 2NX
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
JAMES LYNNE LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JAMES LYNNE LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of James Lynne Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of James Lynne Limited, as a body, in accordance with the terms of our engagement letter dated 3 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of James Lynne Limited and state those matters that we have agreed to state to the board of directors of James Lynne Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than James Lynne Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that James Lynne Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of James Lynne Limited. You consider that James Lynne Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of James Lynne Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Malcolm Piper & Company Limited
2 January 2025
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
JAMES LYNNE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,162
1,203
Current assets
Debtors
4
51,851
12,513
Cash at bank and in hand
2,066
32
53,917
12,545
Creditors: amounts falling due within one year
5
(46,274)
(8,628)
Net current assets
7,643
3,917
Net assets
10,805
5,120
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
10,804
5,119
Total equity
10,805
5,120
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 2 January 2025
Mr C J Kunz
Director
Company registration number 14042869 (England and Wales)
JAMES LYNNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
James Lynne Limited is a private company limited by shares incorporated in England and Wales. The registered office is 128 City Road, London, United Kingdom, EC1V 2NX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% Reducing Balance
Computers
33% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
JAMES LYNNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 May 2023
1,795
1,795
Additions
857
2,070
2,927
At 30 April 2024
857
3,865
4,722
Depreciation and impairment
At 1 May 2023
592
592
Depreciation charged in the year
165
803
968
At 30 April 2024
165
1,395
1,560
Carrying amount
At 30 April 2024
692
2,470
3,162
At 30 April 2023
1,203
1,203
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,160
8,996
Other debtors
31,691
3,517
51,851
12,513
JAMES LYNNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,254
Taxation and social security
28,724
1,388
Other creditors
17,550
4,986
46,274
8,628
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each of £1 each
1
1
1
1
7
Related party transactions
Included in debtors are loans from the company to the director totalling £31,691. The loans are unsecured and repayable on demand.
Dividends amounting to £72,000 (2023:£2,000) were paid to the director in the year.