11 10 I J Lynn & Sons Ltd NI647690 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of a groundworks subcontractor in the construction industry. Digita Accounts Production Advanced 6.30.9574.0 true true NI647690 2023-07-01 2024-06-30 NI647690 2024-06-30 NI647690 bus:OrdinaryShareClass1 2024-06-30 NI647690 core:CurrentFinancialInstruments 2024-06-30 NI647690 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 NI647690 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 NI647690 core:FurnitureFittingsToolsEquipment 2024-06-30 NI647690 core:MotorVehicles 2024-06-30 NI647690 core:OtherPropertyPlantEquipment 2024-06-30 NI647690 bus:SmallEntities 2023-07-01 2024-06-30 NI647690 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 NI647690 bus:FilletedAccounts 2023-07-01 2024-06-30 NI647690 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI647690 bus:RegisteredOffice 2023-07-01 2024-06-30 NI647690 bus:Director1 2023-07-01 2024-06-30 NI647690 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 NI647690 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI647690 core:Goodwill 2023-07-01 2024-06-30 NI647690 core:FurnitureFittings 2023-07-01 2024-06-30 NI647690 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 NI647690 core:MotorVehicles 2023-07-01 2024-06-30 NI647690 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 NI647690 core:PlantMachinery 2023-07-01 2024-06-30 NI647690 core:Vehicles 2023-07-01 2024-06-30 NI647690 countries:NorthernIreland 2023-07-01 2024-06-30 NI647690 2023-06-30 NI647690 core:FurnitureFittingsToolsEquipment 2023-06-30 NI647690 core:MotorVehicles 2023-06-30 NI647690 core:OtherPropertyPlantEquipment 2023-06-30 NI647690 2022-07-01 2023-06-30 NI647690 2023-06-30 NI647690 bus:OrdinaryShareClass1 2023-06-30 NI647690 core:CurrentFinancialInstruments 2023-06-30 NI647690 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 NI647690 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 NI647690 core:FurnitureFittingsToolsEquipment 2023-06-30 NI647690 core:MotorVehicles 2023-06-30 NI647690 core:OtherPropertyPlantEquipment 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: NI647690

I J Lynn & Sons Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

I J Lynn & Sons Ltd

(Registration number: NI647690)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,143,044

1,177,260

Current assets

 

Stocks

5

56,254

124,798

Debtors

6

828,635

507,246

 

884,889

632,044

Creditors: Amounts falling due within one year

7

(660,130)

(513,062)

Net current assets

 

224,759

118,982

Total assets less current liabilities

 

1,367,803

1,296,242

Creditors: Amounts falling due after more than one year

7

(438,731)

(570,200)

Provisions for liabilities

(285,761)

(293,678)

Net assets

 

643,311

432,364

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

643,211

432,264

Shareholders' funds

 

643,311

432,364

For the financial year ending 30 June 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 his 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 and 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.

 

I J Lynn & Sons Ltd

(Registration number: NI647690)
Balance Sheet as at 30 June 2024

Approved and authorised by the director on 25 March 2025
 

.........................................
Mr Ivan Lynn
Director

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is: 172 Glenshesk Road Armoy, Ballymoney, Co. Antrim,
BT53 8RL.

These financial statements were authorised for issue by the director on 25 March 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

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.

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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

Plant and machinery

15% reducing balance

Motor vehicles

20% reducing balance

Fixtures and fittings

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

50% Straight line

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks and work in progress

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 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 10).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 July 2023

19,298

258,952

1,665,337

1,943,587

Additions

-

29,723

131,450

161,173

Disposals

-

-

(3,500)

(3,500)

At 30 June 2024

19,298

288,675

1,793,287

2,101,260

Depreciation

At 1 July 2023

7,645

113,279

645,403

766,327

Charge for the year

2,331

33,887

157,767

193,985

Eliminated on disposal

-

-

(2,096)

(2,096)

At 30 June 2024

9,976

147,166

801,074

958,216

Carrying amount

At 30 June 2024

9,322

141,509

992,213

1,143,044

At 30 June 2023

11,653

145,673

1,019,934

1,177,260

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Stocks and work in progress

2024
£

2023
£

Work in progress

56,254

124,798

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

116,934

106,673

Amounts owed by related parties

9

641,160

-

Other debtors

9

70,541

400,573

   

828,635

507,246

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10,311

39,739

Hire purchase liabilities

 

247,135

303,014

Trade creditors

 

197,331

80,331

Taxation and social security

 

194,153

81,978

Other creditors

 

11,200

8,000

 

660,130

513,062

2024
£

2023
£

Due after one year

Bank loan

10,506

20,752

Hire purchase liabilities

428,225

549,448

438,731

570,200

 

I J Lynn & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Related party transactions

Included in amounts owed by related parties are the following amounts due by Hillside Commercial Livestock Ltd. Hillside Commercial Livestock Ltd is a company controlled by the shareholders of I J Lynn & Sons Ltd. No interest has been charged on amounts outstanding.

2024
 £

2023
 £

Hillside Commercial Livestock Ltd

641,160

-



 

Included within other debtors the following balance was owed by the director to the company at the year end. No interest has been charged on amounts outstanding.

2024
 £

2023
 £

Directors current account

44,735

303,237