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REGISTERED NUMBER: 13123691 (England and Wales)













Financial Statements

for the Year Ended 31 May 2024

for

Lynefield Park Limited

Lynefield Park Limited (Registered number: 13123691)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lynefield Park Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: T A Hickey
N Heads
M Proud





REGISTERED OFFICE: Unit 1 Linton Industrial Estate
Linton
Morpeth
Northumberland
NE61 5SD





REGISTERED NUMBER: 13123691 (England and Wales)





AUDITORS: Robson Laidler Accountants Limited t/a Tindle's
Chartered Accountants and Statutory Auditors
Medway House
Fudan Way
Teesdale Business Park
Stockton on Tees
TS17 6EN

Lynefield Park Limited (Registered number: 13123691)

Balance Sheet
31 May 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,600 -

CURRENT ASSETS
Debtors 5 275,282 197,481
Cash at bank 7,250 42,983
282,532 240,464
CREDITORS
Amounts falling due within one year 6 573,308 565,671
NET CURRENT LIABILITIES (290,776 ) (325,207 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(287,176

)

(325,207

)

PROVISIONS FOR LIABILITIES 900 -
NET LIABILITIES (288,076 ) (325,207 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (288,176 ) (325,307 )
(288,076 ) (325,207 )

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

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 12 June 2025 and were signed on its behalf by:





T A Hickey - Director


Lynefield Park Limited (Registered number: 13123691)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Lynefield Park Limited is a private company, limited by shares , registered in England and Wales. 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.

GOING CONCERN
Lynefield Park Limited exhibited a profit after tax of £37,131 during the year ended 31 May 2024 with net liabilities at that date being £(288,076). It is noted that net current liabilities at the balance sheet date were £(290,776).

Included within these net liability and net current liability figures are £(277,477) of amounts that Lynefield Park Limited owes to its immediate parent company, M.J. Hickey Plant Hire & Contracts Limited and £(138,511) of amounts that Lynefield Park Limited owes to R. Thornton & Co. Ltd, an entity that holds a participating interest in Lynefield Park Limited.

It is noted that Lynefield Park Limited (the Company) is a member of the M.J. Hickey Plant Hire & Contracts Limited group of companies (the Group) and - in the context of the net liability and net current liability positions detailed above - the Company receives financial support from other members of the Group when required. The Directors of the Company hence consider that the going concern position of the Company should be assessed in the context of the going concern position of the wider Group.

Future Developments
The Group is currently in negotiations with a third party regarding the potential sale of part of a property that is held by the parent company, M.J. Hickey Plant Hire & Contracts Limited. The Group has entered into an exclusivity agreement with the third party and is confident that exchange of conditional contracts should occur by the end of August 2025, at which point a non-refundable deposit of £1m becomes receivable by the Group. Completion of the transaction will occur once the relevant conditions have been satisfied, which it is expected will take at least twelve months following exchange of contracts.

The Group has also entered into initial discussions with HM Revenue and Customs [HMRC] regarding arranging a time to pay arrangement in respect of certain liabilities of M.J. Hickey Plant Hire & Contracts Limited, R. Thornton & Co. Ltd and Emmex Freight Services Ltd. The total value of the relevant liabilities is expected to be circa £1.2m. The Group is confident that an agreement will be reached with HMRC such that repayment of substantially all of the relevant liabilities will be linked to successful completion of the Group property transaction discussed above.

The Group has prepared budgets for the year ending 31 May 2026 along with associated cashflow forecasts allowing for expectations regarding the property transaction and HMRC matters discussed above as well as allowing for an uplift in Group performance levels and operational cash generation (as approximated by EBITDA) compared to recent and contemporary financial performance.


Lynefield Park Limited (Registered number: 13123691)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

Following on from the improvement in Group EBITDA performance noted since the balance sheet date the Company and Group are confident that the Group budgets and associated cashflow forecasts should be achievable allowing for expected activity levels and operational plans.

As regards activity levels the Group has recently converted circa £1m of prospective contract work into confirmed jobs with a further £0.5m of non-forecast work also having been obtained.

As regards operational plans these include continuing to review Group operations, at all levels, to further raise business efficiency going forward. This process will include: identifying and implementing additional cost savings where possible; the continued improvement of internal business processes; and a strengthened focus on job costing, margin management and customer service levels.

It is noted that the budgets and cashflow forecasts show that the Group may (if outcomes differ from those in the budgets and cashflow forecasts) require some additional funding during the year ending 31 May 2026 over and above the headroom anticipated on existing finance facilities (which it is expected will continue for the foreseeable future on unchanged terms).

Should additional funding be required the Group is considering a number of options including working capital management along with the possible cash realisation of equity on plant and machinery assets via refinancing transactions where appropriate and is confident that additional funding will be accessible as required.

Overall, noting the fact that the Company receives financial support from other members of the Group when required and noting the position and uncertainties that exist at present in connection with:
- the Group property transaction;
- the discussions with HMRC; and
- the Group budgets and cashflow forecasts through to 31 May 2026 (and associated possible
additional funding requirements)

then the Directors have concluded that these circumstances in aggregate represent a material uncertainty that may cast significant doubt upon the Company's ability to continue as a going concern and that, therefore, the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.

As noted above the Group is confident that exchange of conditional contracts should occur by the end of August 2025 regarding the Group property transaction and furthermore the Group is confident that that an agreement will be reached with HMRC that links repayment of substantially all of the relevant liabilities to successful completion of the Group property transaction.

As also noted above the Company and Group are moreover confident that the Group budgets should be achievable allowing for expected activity levels and operational plans and the Group is also considering a number of options (including working capital management and possible refinancing of plant and machinery assets) to raise additional funding should this be required.

Subject to the uncertainties noted above the Directors hence have a reasonable expectation that the Company has adequate resources - to include financial support from other members of the Group when required - to continue in operational existence for the foreseeable future (this being a period of at least twelve months from the date of approval of these financial statements). As such the Company therefore continues to adopt the going concern basis in preparing these financial statements.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance


Lynefield Park Limited (Registered number: 13123691)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SHARE CAPITAL
Called up share capital is allotted, issued and fully paid.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 4,000
At 31 May 2024 4,000
DEPRECIATION
Charge for year 400
At 31 May 2024 400
NET BOOK VALUE
At 31 May 2024 3,600

Lynefield Park Limited (Registered number: 13123691)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 58,015 68,912
Other debtors 217,267 128,569
275,282 197,481

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 45,838 12,363
Amounts owed to group undertakings 277,477 297,121
Amounts owed to participating interests 138,511 143,132
Other creditors 111,482 113,055
573,308 565,671

Amounts owed to participating interests relate to creditors to entities that hold a participating interest in Lynefield Park Limited.

Lynefield Park Limited (Registered number: 13123691)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Moran (Senior Statutory Auditor)
for and on behalf of Robson Laidler Accountants Limited t/a Tindle's
Chartered Accountants and Statutory Auditors

Material uncertainty related to going concern
We draw attention to note 2 in the financial statements, which - in the Going Concern section - indicates that the company exhibited a profit after tax of £37,131 during the year ended 31 May 2024 with net liabilities at that date being £(288,076). It is noted that net current liabilities at the balance sheet date were £(290,776).

It is also noted in note 2 that Lynefield Park Limited (the Company) is a member of the M.J. Hickey Plant Hire & Contracts Limited group of companies (the Group) and that the Company receives financial support from other members of the Group when required. The directors of the Company hence consider that the going concern position of the Company should be assessed in the context of the going concern position of the wider Group.

It is noted that the Future Developments subsection of the Going Concern narrative refers to a number of matters that the directors consider are relevant regarding the future of the Company including:
-a potential Group property disposal transaction which has now entered exclusivity;
-initial discussions having been entered into between the Group and HM Revenue and Customs regarding a time to pay arrangement for certain liabilities;
-post year end performance, activity levels and operational plans;
-the positions showing in the Group budgets and cashflow forecasts and - if outcomes differ from those in the budgets and cashflow forecasts - the fact that the Group may require some additional funding during the year ending 31 May 2026 over and above the headroom on existing finance facilities (which the directors expect will continue for the foreseeable future on unchanged terms); and
-the fact that the directors are confident that additional funding will be accessible as required from a number of options that are under consideration.

As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

8. CONTINGENCIES

The property agents of the company are currently in the process of finalising the calculation of certain service charge fees that are due from certain customers.

Once this process is complete any surplus over the service charge fees already levied will be repayable to affected customers with any deficit against the service charge fees already levied being covered by additional charges to the affected customers.

The property agents have indicated that the service charge reconciliation process upto the end of 2024 is expected to be finalised before the end of 2025 however, at this stage, it is considered that it is not possible to reliably estimate the value of any deficit or surplus on service charge fees that may eventually crystallise.

Lynefield Park Limited (Registered number: 13123691)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following loans to directors subsisted during the years ended 31 May 2024 and 31 May 2023. No interest was charged and the balances were unsecured with no fixed repayment terms:

20242023
££

Balance outstanding at the start of the period22
Advances in the year--
Repayments in the year--
Balance outstanding at the end of the period22

10. RELATED PARTY DISCLOSURES

During the year the immediate parent company was M.J. Hickey Plant Hire & Contracts Limited. The parent of the smallest group of which Lynefield Park Limited is a member and for which consolidated financial statements are drawn up is M.J. Hickey Plant Hire & Contracts Limited, a company incorporated in England and Wales with a registered office at Linton Industrial Estate, Linton, Morpeth, Northumberland, NE61 5SD.