Registered number
05528195
CUSTOM LYNX CABLING LIMITED
Filleted Accounts
31 May 2024
CUSTOM LYNX CABLING LIMITED
Registered number: 05528195
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 26,131 25,055
Current assets
Stocks 110,000 126,500
Debtors 4 119,646 50,538
Cash at bank and in hand 73,332 36,867
302,978 213,905
Creditors: amounts falling due within one year 5 (147,517) (102,287)
Net current assets 155,461 111,618
Total assets less current liabilities 181,592 136,673
Creditors: amounts falling due after more than one year 6 (14,632) (52,590)
Provisions for liabilities (1,780) (890)
Net assets 165,180 83,193
Capital and reserves
Called up share capital 100 100
Profit and loss account 165,080 83,093
Shareholders' funds 165,180 83,193
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.
R W Patman
Director
Approved by the board on 21 February 2025
CUSTOM LYNX CABLING LIMITED
Notes to the Accounts
for the year ended 31 May 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 associated services. Turnover is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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 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 etc. over 5 years
Motor vehicle over 5 years
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.
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. 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. 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. Current and deferred tax assets and liabilities are not discounted.
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 9 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicle Total
£ £ £
Cost
At 1 June 2023 19,490 17,655 37,145
Additions 9,006 - 9,006
At 31 May 2024 28,496 17,655 46,151
Depreciation
At 1 June 2023 7,088 5,002 12,090
Charge for the year 4,399 3,531 7,930
At 31 May 2024 11,487 8,533 20,020
Net book value
At 31 May 2024 17,009 9,122 26,131
At 31 May 2023 12,402 12,653 25,055
4 Debtors 2024 2023
£ £
Trade debtors 113,469 44,906
Other debtors 6,177 5,632
119,646 50,538
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 2,431 4,167
Trade creditors 28,794 18,005
Taxation and social security costs 91,282 54,312
Other creditors 15,010 15,803
147,517 102,287
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,905 20,903
Obligations under finance lease and hire purchase contracts - 2,432
Other creditors 8,727 29,255
14,632 52,590
7 Other information
CUSTOM LYNX CABLING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Baker Street
Coalville
Leicestershire
LE67 4GA
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