Company Registration No. 00535646 (England and Wales)
LYNMOUTH INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
LYNMOUTH INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LYNMOUTH INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,490
1,990
Investment property
4
2,735,000
3,000,000
2,736,490
3,001,990
Current assets
Debtors
5
10,123
13,429
Investments
6
277,467
247,117
Cash at bank and in hand
24,240
42,485
311,830
303,031
Creditors: amounts falling due within one year
7
(19,195)
(30,693)
Net current assets
292,635
272,338
Total assets less current liabilities
3,029,125
3,274,328
Creditors: amounts falling due after more than one year
8
(825,000)
(825,000)
Provisions for liabilities
9
(381,000)
(447,000)
Net assets
1,823,125
2,002,328
Capital and reserves
Called up share capital
500
500
Profit and loss reserves
10
1,822,625
2,001,828
Total equity
1,823,125
2,002,328
LYNMOUTH INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 15 December 2024 and are signed on its behalf by:
Mrs HR Scally
JC Maule
Director
Director
Company registration number 00535646 (England and Wales)
LYNMOUTH INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment property valuation

The change in fair value expense is the recognition of the difference between the market value and cost of investment properties. Judgements are made by the director on the estimated market value of investment properties compared to current market conditions.

2
Accounting policies
Company information

Lynmouth Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, County House, 100 New London Road, Chelmsford, Essex, CM2 0RG.

2.1
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 have been prepared under the historical cost convention modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies are set out below.

2.2
Going concern

The financial statements are prepared on the going concern basis.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approving the financial statements. The directors therefore continue to adopt the going concern basis.

2.3
Turnover
Turnover represents gross rental income receivable from tenants and income receivable from listed investments.

Rental income from properties is recognised when the rents fall due under the lease. Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

2.4
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.

LYNMOUTH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2
Accounting policies
(Continued)
- 4 -

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, fittings & equipment
25% 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.

2.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The profit or loss on revaluation is recognised in the profit and loss account.

2.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

LYNMOUTH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Accounting policies
(Continued)
- 5 -
2.7
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.

2.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred taxation is provided in full, to the extent it is expected to arise, in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

2.9

Current asset investments

Current asset investments are made up of shares and bonds held at fair value at the year end. The portfolio of these is managed by a third party investment manager.

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
11,442
Depreciation and impairment
At 1 July 2023
9,452
Depreciation charged in the year
500
At 30 June 2024
9,952
Carrying amount
At 30 June 2024
1,490
At 30 June 2023
1,990
LYNMOUTH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 July 2023
3,000,000
Revaluations
(265,000)
At 30 June 2024
2,735,000

Investment property comprises four flats. The fair value of the investment property has been arrived at on the basis of a directors' valuation in 2024 after taking professional advice.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
793
Other debtors
10,123
12,636
10,123
13,429
6
Current asset investments
2024
2023
£
£
Other investments
277,467
247,117

The investments consist of shares in listed entities and are held at their fair value. They are held as current assets due to the ability to liquidate them to generate cash and are held in a short term capacity.

7
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
19,195
30,693
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
825,000
825,000

The long-term loan is secured by fixed charges over the investment property. The term of the loan is 60 months after initial drawdown. The loan is an interest only loan at 3.75% plus Bank of England base rate.

LYNMOUTH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
381,000
447,000
10
Profit and loss reserves

The profit and loss reserve contains £1,259,166 (2023: £1,457,916) which are not available for distribution to members and £563,459 (2023: £543,912) which are available.

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