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REGISTERED NUMBER: NI047735 (Northern Ireland)














Unaudited Financial Statements

for the Year Ended

30 September 2024

for

Lygala Limited

Lygala Limited (Registered number: NI047735)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Lygala Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mrs S Flynn
Mr P Flynn





SECRETARY: Mrs S Flynn





REGISTERED OFFICE: 112 Market Street
Downpatrick
Co. Down
BT30 6LZ





REGISTERED NUMBER: NI047735 (Northern Ireland)





ACCOUNTANTS: M.B.McGrady & Co
Chartered Accountants
Rathmore House
52 St Patricks Avenue
Downpatrick
Co. Down
BT30 6DS

Lygala Limited (Registered number: NI047735)

Abridged Balance Sheet
30 September 2024

30/9/24 30/9/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 880,000 615,866

CURRENT ASSETS
Cash at bank 3,954 2,355

CREDITORS
Amounts falling due within one year 96,187 121,328
NET CURRENT LIABILITIES (92,233 ) (118,973 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

787,767

496,893

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 5 264,481 347
Retained earnings 523,284 496,544
SHAREHOLDERS' FUNDS 787,767 496,893

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by:



Mr P Flynn - Director


Lygala Limited (Registered number: NI047735)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. STATUTORY INFORMATION

Lygala Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Investment property
Investment properties are valued at open market value. In accordance with Statement of Standard Accounting Practice 19 no amortisation or depreciation is provided in respect of investment properties. The directors consider that this accounting policy, which represents a departure from the statutory accounting rules, is necessary to provide a true and fair view.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 October 2023 615,866
Revaluations 264,134
At 30 September 2024 880,000
NET BOOK VALUE
At 30 September 2024 880,000
At 30 September 2023 615,866

Cost or valuation at 30 September 2024 is represented by:

Totals
£   
Valuation in 2017 347
Valuation in 2024 264,134
Cost 615,519
880,000

Lygala Limited (Registered number: NI047735)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


4. TANGIBLE FIXED ASSETS - continued

If Investment Properties had not been revalued they would have been included at the following historical cost:

30/9/24 30/9/23
£    £   
Cost 615,519 615,519

Value of land in freehold land and buildings 615,519 615,519

Investment properties were valued on an open market basis on 30 September 2024 by the Director. .

5. RESERVES
Fair
value
reserve
£   
At 1 October 2023 347
Reserve Transfer 264,134

At 30 September 2024 264,481

6. RELATED PARTY TRANSACTIONS

The company was under the control of Mr & Mrs Flynn throughout the current and previous year.

Mr Flynn also controls Karyhill Properties Ltd. During the year Lygala Ltd repaid £26,400 to Karyhill Properties Ltd.

There were amounts due to Karyhill Properties Ltd of £83,388 at the year end (2023: £109,789).