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COMPANY REGISTRATION NUMBER: 01071514
Lynxcourt Limited
Unaudited financial statements
30 September 2024
Lynxcourt Limited
Statement of financial position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,789
8,027
Current assets
Stocks
1,151,576
654,725
Debtors
6
283,230
83,201
Cash at bank and in hand
300
300
-----------
---------
1,435,106
738,226
Creditors: Amounts falling due within one year
7
( 1,420,534)
( 1,019,249)
-----------
-----------
Net current assets/(liabilities)
14,572
( 281,023)
-------
---------
Total assets less current liabilities
18,361
( 272,996)
Creditors: Amounts falling due after more than one year
8
( 280,000)
( 25,000)
Provisions
Taxation including deferred tax
4,757
4,347
---------
---------
Net liabilities
( 256,882)
( 293,649)
---------
---------
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss account
( 356,882)
( 393,649)
---------
---------
Shareholders deficit
( 256,882)
( 293,649)
---------
---------
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 income statement 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 .
Lynxcourt Limited
Statement of financial position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 23 June 2025 , and are signed on behalf of the board by:
A Kiteley
Director
Company registration number: 01071514
Lynxcourt 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 First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA and the trading address of the company is Unit 9, Victoria Way, Studlands Park Avenue, Newmarket, Suffolk, CB8 7SH.
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.
Going concern
The accounts have been prepared on the on going concern basis and the directors believe that no material uncertainties exist. The directors have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statement. The budgeted income and expenditure is sufficient with the level of reserves for the company to be able to continue as a going concern.
Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
Revenue recognition
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.
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 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
20% straight line
Fixtures, fittings and equipment
-
15% straight line
Motor vehicles
-
25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow moving items. Cost is calculated as follows: Raw materials, consumables and goods for resale: Purchase cost on a first in, first out basis. Work in progress and finished goods: Cost of direct materials, labour and attributable overheads based on normal levels of activity.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
The company operates two defined contribution schemes, one for the employees for the company and one or the directors. The assets of both schemes are held in separately administered funds. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
4. Employee numbers
The average number of employees during the year was 8 (2023: 8 ).
5. Tangible assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
39,680
8,440
57,838
105,958
-------
------
-------
---------
Depreciation
At 1 October 2023
39,169
4,043
54,719
97,931
Charge for the year
207
913
3,118
4,238
-------
------
-------
---------
At 30 September 2024
39,376
4,956
57,837
102,169
-------
------
-------
---------
Carrying amount
At 30 September 2024
304
3,484
1
3,789
-------
------
-------
---------
At 30 September 2023
511
4,397
3,119
8,027
-------
------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
234,147
42,728
Other debtors
49,083
40,473
---------
-------
283,230
83,201
---------
-------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
23,770
64,578
Trade creditors
332,601
128,917
Social security and other taxes
111,237
36,123
Other creditors
952,926
789,631
-----------
-----------
1,420,534
1,019,249
-----------
-----------
Hire purchase contracts are secured against the assets to which they relate and amount to £Nil (2023: £2,717).
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
280,000
25,000
---------
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
19,500
12,000
Later than 1 year and not later than 5 years
39,000
-------
-------
58,500
12,000
-------
-------
10. Directors' advances, credits and guarantees
Included within debtors at the year end is an interest bearing directors loan account of £30,520 (2023: £23,226). Interest of £389 (2023: £610) was charged at the official rate. The maximise overdrawn balance during the year was £40,284.
11. Related party transactions
As at the year end date the company owed Lynxcourt Pension Fund £814,247 (2023: £778,907). The loan is shown within other loans falling due within one year due to its informal nature although there is no demand for short term repayment. The loan is interest free.