21 28 February 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 05005987 2024-01-01 2024-12-31 05005987 2024-12-31 05005987 2023-12-31 05005987 2023-01-01 2023-12-31 05005987 2023-12-31 05005987 2022-12-31 05005987 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 05005987 core:MotorVehicles 2024-01-01 2024-12-31 05005987 bus:Director4 2024-01-01 2024-12-31 05005987 core:AfterOneYear 2024-12-31 05005987 core:AfterOneYear 2023-12-31 05005987 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 05005987 core:FurnitureFittings 2023-12-31 05005987 core:MotorVehicles 2023-12-31 05005987 core:LandBuildings core:LongLeaseholdAssets 2024-12-31 05005987 core:FurnitureFittings 2024-12-31 05005987 core:MotorVehicles 2024-12-31 05005987 core:FurnitureFittings 2024-01-01 2024-12-31 05005987 core:WithinOneYear 2024-12-31 05005987 core:WithinOneYear 2023-12-31 05005987 core:ShareCapital 2024-12-31 05005987 core:ShareCapital 2023-12-31 05005987 core:SharePremium 2024-12-31 05005987 core:SharePremium 2023-12-31 05005987 core:RetainedEarningsAccumulatedLosses 2024-12-31 05005987 core:RetainedEarningsAccumulatedLosses 2023-12-31 05005987 core:BetweenOneFiveYears 2024-12-31 05005987 core:BetweenOneFiveYears 2023-12-31 05005987 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 05005987 core:FurnitureFittings 2023-12-31 05005987 core:MotorVehicles 2023-12-31 05005987 bus:Director1 2024-01-01 2024-12-31 05005987 bus:SmallEntities 2024-01-01 2024-12-31 05005987 bus:Audited 2024-01-01 2024-12-31 05005987 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05005987 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05005987 bus:FullAccounts 2024-01-01 2024-12-31 05005987 core:AfterOneYear 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 05005987
LYNGSOE SYSTEMS LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
LYNGSOE SYSTEMS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
53,974
80,902
Current assets
Stocks
235,942
423,674
Debtors
6
1,740,882
2,071,992
Cash at bank and in hand
318,120
488,114
------------
------------
2,294,944
2,983,780
Creditors: amounts falling due within one year
7
( 1,187,483)
( 1,201,107)
------------
------------
Net current assets
1,107,461
1,782,673
------------
------------
Total assets less current liabilities
1,161,435
1,863,575
Creditors: amounts falling due after more than one year
8
( 92,039)
( 75,267)
Provisions
( 3,394)
------------
------------
Net assets
1,069,396
1,784,914
------------
------------
LYNGSOE SYSTEMS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
31,200
31,200
Share premium account
19,800
19,800
Profit and loss account
1,018,396
1,733,914
------------
------------
Shareholders funds
1,069,396
1,784,914
------------
------------
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 income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 28 February 2025 , and are signed on behalf of the board by:
L C Caspersen
Director
Company registration number: 05005987
LYNGSOE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, Long Bennington Business Park, Main Street, Long Bennington, Lincs, NG23 5HD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. We do not consider there to be any significant judgements or estimations in the financial statements for disclosure.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Revenue from maintenance contracts is recognised over the period to which the contract relates.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 material 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset over the useful economic life of that asset as follows:
Leasehold property improvements
-
20% straight line
Fixtures and fittings
-
Between 10-25% Straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 21 ).
5. Tangible assets
Leasehold property improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
48,528
73,397
41,850
163,775
Additions
7,689
7,689
Disposals
( 15,850)
( 15,850)
--------
--------
--------
---------
At 31 December 2024
48,528
81,086
26,000
155,614
--------
--------
--------
---------
Depreciation
At 1 January 2024
8,256
49,291
25,326
82,873
Charge for the year
9,706
8,387
6,288
24,381
Disposals
( 5,614)
( 5,614)
--------
--------
--------
---------
At 31 December 2024
17,962
57,678
26,000
101,640
--------
--------
--------
---------
Carrying amount
At 31 December 2024
30,566
23,408
53,974
--------
--------
--------
---------
At 31 December 2023
40,272
24,106
16,524
80,902
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
459,695
356,750
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,236,797
1,696,137
Other debtors
44,390
19,105
------------
------------
1,740,882
2,071,992
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,122,980
1,565,450
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
101,457
62,404
Amounts owed to group undertakings and undertakings in which the company has a participating interest
76,886
157,948
Corporation tax
52,746
57,077
Social security and other taxes
144,603
126,985
Other creditors
811,791
796,693
------------
------------
1,187,483
1,201,107
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
92,039
75,267
--------
--------
This balance relates to maintenance contracts for which the service period falls in excess of one year from the balance sheet date.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
86,970
52,225
Later than 1 year and not later than 5 years
148,411
109,270
---------
---------
235,381
161,495
---------
---------
10. Summary audit opinion
The auditor's report dated 28 February 2025 was unqualified .
The senior statutory auditor was Mark Bradshaw , for and on behalf of Streets Audit LLP .
11. Related party transactions
The results of the company are included in the consolidated financial statements of Accent Equity 2017 AB (a company incorporated in Sweden) which is considered to be the ultimate parent company. The company has taken advantage of the exemption in FRS 102 for disclosure of transactions between group companies. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 (section 1A).
12. Controlling party
The company is under the ultimate control of Accent Equity 2017 AB , a company registered in Sweden. There is no individual controlling party.