REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
LYONS CORPORATION LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
LYONS CORPORATION LIMITED |
LYONS CORPORATION LIMITED (REGISTERED NUMBER: 09146095) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LYONS CORPORATION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
15 West Street |
Brighton |
East Sussex |
BN1 2RL |
LYONS CORPORATION LIMITED (REGISTERED NUMBER: 09146095) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserve | 8 |
Retained earnings |
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. |
LYONS CORPORATION LIMITED (REGISTERED NUMBER: 09146095) |
BALANCE SHEET - continued |
31 JULY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LYONS CORPORATION LIMITED (REGISTERED NUMBER: 09146095) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for good 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. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The Stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only by the extent of the expenses recognised that it is probable will be recovered. |
Tangible fixed assets |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LYONS CORPORATION LIMITED (REGISTERED NUMBER: 09146095) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2023 |
Revaluations | 765,986 |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Fair value at 31 July 2024 is represented by: |
£ |
Valuation in 2023 | 1,348,621 |
Valuation in 2024 | 765,986 |
Cost | 3,510,393 |
5,625,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Tax |
Prepayments |
LYONS CORPORATION LIMITED (REGISTERED NUMBER: 09146095) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 388,034 | 386,637 |
Tax |
VAT | 3,309 | 11,592 |
Other creditors |
Directors' loan accounts | 455,930 | 526,009 |
Accruals and deferred income |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 2-5 years |
8. | RESERVES |
Non |
distributable |
reserve |
£ |
At 1 August 2023 |
Movement on revaluation | 481,990 |
At 31 July 2024 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year, a director decreased their loan to the company. As at 31 July 2024, the company owed them £455,930. (2023: £516,724).This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
This was by virtue of his 100% holding of the issued share capital. |