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Company registration number: 10806854
Lynch Living Limited
Unaudited filleted financial statements
31 January 2025
Lynch Living Limited
Contents
Statement of financial position
Notes to the financial statements
Lynch Living Limited
Statement of financial position
31 January 2025
2025 2024
Note £ £ £ £
Fixed assets
Investments 5 468,330 452,142
_______ _______
468,330 452,142
Current assets
Debtors 6 11,994 151,027
Cash at bank and in hand 2,823 54,949
_______ _______
14,817 205,976
Creditors: amounts falling due
within one year 7 ( 67,158) ( 118,759)
_______ _______
Net current (liabilities)/assets ( 52,341) 87,217
_______ _______
Total assets less current liabilities 415,989 539,359
Creditors: amounts falling due
after more than one year 8 ( 265,545) ( 387,231)
Provisions for liabilities ( 34,906) ( 32,400)
_______ _______
Net assets 115,538 119,728
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 115,438 119,628
_______ _______
Shareholders funds 115,538 119,728
_______ _______
For the year ending 31 January 2025 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 April 2025 , and are signed on behalf of the board by:
Mr Ian Lynch
Director
Company registration number: 10806854
Lynch Living Limited
Notes to the financial statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 6 Marsh Parade, Newcastle under Lyme, Staffordshire, ST5 1DU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to Nil (2024: Nil).
The aggregate payroll costs incurred during the year were:
2025 2024
£ £
Other pension costs 12,900 -
_______ _______
5. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 February 2024 452,142 452,142
Additions 3,004 3,004
Revaluations 13,184 13,184
_______ _______
At 31 January 2025 468,330 468,330
_______ _______
Impairment
At 1 February 2024 and 31 January 2025 - -
_______ _______
Carrying amount
At 31 January 2025 468,330 468,330
_______ _______
At 31 January 2024 452,142 452,142
_______ _______
6. Debtors
2025 2024
£ £
Other debtors 11,994 151,027
_______ _______
7. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 63,452 77,139
Amounts owed to connected company - 40,000
Corporation tax 1,312 -
Other creditors 2,394 1,620
_______ _______
67,158 118,759
_______ _______
8. Creditors: amounts falling due after more than one year
2025 2024
£ £
Bank loans and overdrafts 265,545 249,457
Amounts owed to connected company - 137,774
_______ _______
265,545 387,231
_______ _______
9. Undistributable Reserves
Shareholders' funds includes £151,311 of undistributable reserves as a result of the revaluation of investment properties.