Lynx Dry Cleaning Supplies Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06702006

Lynx Dry Cleaning Supplies Limited

Filleted Unaudited Financial Statements

30 September 2024

Lynx Dry Cleaning Supplies Limited

Statement of Financial Position

30 September 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	5	102,467	123,767
Tangible assets	6	181,847	141,992
Investments	7	2	2
		---------	---------
		284,316	265,761

Current assets

Stocks		1,251,922	1,150,613
Debtors	8	1,337,819	1,471,819
Cash at bank and in hand		2,608,632	1,753,514
		------------	------------
		5,198,373	4,375,946

Creditors: amounts falling due within one year	9	( 1,352,160)		( 1,302,318)
		------------		------------
Net current assets			3,846,213	3,073,628
			------------	------------
Total assets less current liabilities			4,130,529	3,339,389

Provisions

Taxation including deferred tax	( 44,766)	( 33,510)
	------------	------------
Net assets	4,085,763	3,305,879
	------------	------------

Capital and reserves

Called up share capital	10	600	600
Profit and loss account		4,085,163	3,305,279
		------------	------------
Shareholders funds		4,085,763	3,305,879
		------------	------------

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.

For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Lynx Dry Cleaning Supplies Limited

Statement of Financial Position (continued)

30 September 2024

These financial statements were approved by the board of directors and authorised for issue on 17 June 2025 , and are signed on behalf of the board by:

Mr M B Ahmet	Mr M Iqbal
Director	Director

Company registration number: 06702006

Lynx Dry Cleaning Supplies Limited

Notes to the Financial Statements

Year ended 30 September 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 1, 2 & 9, Roebuck Road, Hainault Business Park, Ilford, Essex, IG6 3UE.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. The company exercises judgement to determine useful lives of tangible and intangible fixed assets. All tangible and intangible fixed assets are depreciated and amortised respectively over their estimated useful lives. Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 is recognised on the sale of goods when the significant risks and rewards of ownership of the goods have passed to the buyer and the amount of revenue 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 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 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.

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.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	over a period of 10 years
Other intangible assets	-	`over a period of 10 years`

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	over the life of lease
Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	`25% reducing balance`

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

Defined contribution plans

The company contributes to a defined contribution plan for the benefit of its employees. Contributions are recognised in the profit and loss as they become payable.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 31 (2023: 28 ).

5. Intangible assets

	Goodwill	Other intangible assets	Total
	£	£	£
Cost
At 1 October 2023 and 30 September 2024	210,000	3,000	213,000
	---------	-------	---------
Amortisation
At 1 October 2023	88,333	900	89,233
Charge for the year	21,000	300	21,300
	---------	-------	---------
At 30 September 2024	109,333	1,200	110,533
	---------	-------	---------
Carrying amount
At 30 September 2024	100,667	1,800	102,467
	---------	-------	---------
At 30 September 2023	121,667	2,100	123,767
	---------	-------	---------

6. Tangible assets

	Leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Oct 2023	14,355	47,625	34,032	233,022	29,129	358,163
Additions	–	117	11,208	91,650	4,638	107,613
Disposals	–	–	–	( 93,512)	–	( 93,512)
	--------	--------	--------	---------	--------	---------
At 30 Sep 2024	14,355	47,742	45,240	231,160	33,767	372,264
	--------	--------	--------	---------	--------	---------
Depreciation
At 1 Oct 2023	10,137	19,029	16,393	145,586	25,026	216,171
Charge for the year	1,436	5,743	5,769	42,153	2,185	57,286
Disposals	–	–	–	( 83,040)	–	( 83,040)
	--------	--------	--------	---------	--------	---------
At 30 Sep 2024	11,573	24,772	22,162	104,699	27,211	190,417
	--------	--------	--------	---------	--------	---------
Carrying amount
At 30 Sep 2024	2,782	22,970	23,078	126,461	6,556	181,847
	--------	--------	--------	---------	--------	---------
At 30 Sep 2023	4,218	28,596	17,639	87,436	4,103	141,992
	--------	--------	--------	---------	--------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 October 2023 and 30 September 2024	2
	----
Impairment
At 1 October 2023 and 30 September 2024	–
	----

Carrying amount
At 30 September 2024	2
	----
At 30 September 2023	2
	----

In February 2023, the company acquired 100% of the share capital of Westvale Limited, a company incorporated in England and Wales, which was dormant throughout this accounting period.

8. Debtors

	2024	2023
	£	£
Trade debtors	1,146,565	1,310,015
Prepayments and accrued income	162,782	129,312
Other debtors	28,472	32,492
	------------	------------
	1,337,819	1,471,819
	------------	------------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	550,115	668,136
Accruals and deferred income	115,275	32,602
Corporation tax	365,609	334,591
Social security and other taxes	302,971	249,046
Other creditors	18,190	17,943
	------------	------------
	1,352,160	1,302,318
	------------	------------

10. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	600	600	600	600
	----	----	----	----

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	360,000	285,190
Later than 1 year and not later than 5 years	490,208	607,641
	---------	---------
	850,208	892,831
	---------	---------