Company registration number 14849039 (England and Wales)
LYNX UK HOLDCO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
LYNX UK HOLDCO LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
LYNX UK HOLDCO LIMITED
BALANCE SHEET
- 1 -
2024
Notes
£
£
Fixed assets
Investments
3
297,333,438
Creditors: amounts falling due within one year
5
(23,249)
Net current liabilities
(23,249)
Net assets
297,310,189
Capital and reserves
Called up share capital
6
10,000,001
Share premium account
287,513,437
Profit and loss reserves
(203,249)
Total equity
297,310,189
The notes on pages 3 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
and are signed on its behalf by:
Neil Mcilroy
Director
Company registration number 14849039 (England and Wales)
LYNX UK HOLDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Incorporation on 5 May 2023
1
1
Period ended 30 June 2024:
Loss and total comprehensive income
-
-
(203,249)
(203,249)
Issue of share capital
6
10,000,000
347,333,427
-
357,333,427
Reduction of shares
6
(59,819,990)
(59,819,990)
Balance at 30 June 2024
10,000,001
287,513,437
(203,249)
297,310,189
The notes on pages 3 to 6 form part of these financial statements.
LYNX UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Lynx UK Holdco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX.
1.1
Reporting period
The Company's financial year starts 1 July and ends 30 June except for this first period. The first financial period is for 14 months which started from the date of incorporation i.e. 5 May 2023 until 30 June 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
LYNX UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Share Capital
Share capital consists of ordinary shares which are classified as equity when there is no obligation to transfer cash or other assets.
Share premium
The consideration received above the nominal value of the Ordinary shares are classified as share premium.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LYNX UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
3
Fixed asset investments
2024
Notes
£
Investments in associates
4
297,333,438
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 5 May 2023
1
Additions
357,333,427
Disposals
(59,999,990)
At 30 June 2024
297,333,438
Carrying amount
At 30 June 2024
297,333,438
LYNX UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 6 -
4
Associates
Details of the company's associates at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Lynx Topco Limited
22 Grenville Street, St. Helier, Jersey, JE4 8PX
Ordinary and preference shares
49.00
5
Creditors: amounts falling due within one year
2024
£
Accruals
23,249
6
Share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
10,000,001
10,000,001
The Company issued 1 Ordinary share of £1 to its parent company on the date of incorporation, 5th May 2023.
On 31st October 2023, the Company issued 10,000,000 ordinary shares at a nominal value of £1 each, for a consideration of £357,333,427, resulting in the Company having £347,333,427 in its share premium account.
On 30th May 2024, the Company reduced its share premium account by £59,819,990 to £287,513,437.
7
Events after the reporting date
Subsequent to the reporting date, the Company issued 2,798 ordinary shares on 4th February 2025, at a nominal value of £1 each for a total consideration of £100,000, resulting in the Company having £97,202 in its share premium account.
8
Controlling party
The immediate parent undertaking of the Company is PAI BAO Luxembourg S.à.r.l, a company established under the laws of Luxembourg. The registered office is at 53 Boulevard Royal, Luxembourg , L-2449, Luxembourg.
The ultimate controlling party is PAI Partners S.à.r.l.