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REGISTERED NUMBER: 01541402 (England and Wales)









LYNQ LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






LYNQ LIMITED (REGISTERED NUMBER: 01541402)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LYNQ LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: Mr J M Gregory



SECRETARY: Mr J M Gregory



REGISTERED OFFICE: Lancaster Court
8 Barnes Wallis Road
Fareham
Hampshire
PO15 5TU



REGISTERED NUMBER: 01541402 (England and Wales)



ACCOUNTANTS: Morris Crocker
Chartered Accountants
Station House
Havant
Hampshire
PO9 1QU



BANKERS: HSBC
71 West Street
Fareham
Hampshire
PO16 0AN

LYNQ LIMITED (REGISTERED NUMBER: 01541402)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,917 10,292
Tangible assets 5 71,880 147,431
Investments 6 11,578 11,578
91,375 169,301

CURRENT ASSETS
Debtors 7 604,328 473,645
Cash at bank and in hand 114,119 1,941
718,447 475,586
CREDITORS
Amounts falling due within one year 8 874,668 802,049
NET CURRENT LIABILITIES (156,221 ) (326,463 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(64,846

)

(157,162

)

CREDITORS
Amounts falling due after more than one
year

9

-

(46,432

)

PROVISIONS FOR LIABILITIES (19,949 ) (21,409 )
NET LIABILITIES (84,795 ) (225,003 )

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings (134,795 ) (275,003 )
SHAREHOLDERS' FUNDS (84,795 ) (225,003 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LYNQ LIMITED (REGISTERED NUMBER: 01541402)

BALANCE SHEET - continued
31 DECEMBER 2024


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 director and authorised for issue on 25 July 2025 and were signed by:





Mr J M Gregory - Director


LYNQ LIMITED (REGISTERED NUMBER: 01541402)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Lynq 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.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

During the year the company changed its turnover model. Previously, turnover consisted of perpetual licences which were recognised in full at the date of issue, with an optional annual ongoing maintenance charge. However in January 2024, the business introduced a subscription licensing model in which income will be recognised over the length of the term in the period to which it relates. Any contracts on the old model will gradually be moved over to the new subscription model in the coming years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

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 accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method


LYNQ LIMITED (REGISTERED NUMBER: 01541402)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Group accounts
The company and its subsidary comprise a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 14 ) .

LYNQ LIMITED (REGISTERED NUMBER: 01541402)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024
and 31 December 2024 184,099
AMORTISATION
At 1 January 2024 173,807
Charge for year 2,375
At 31 December 2024 176,182
NET BOOK VALUE
At 31 December 2024 7,917
At 31 December 2023 10,292

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 282,233
Additions 19,543
Disposals (100,000 )
At 31 December 2024 201,776
DEPRECIATION
At 1 January 2024 134,802
Charge for year 20,094
Eliminated on disposal (25,000 )
At 31 December 2024 129,896
NET BOOK VALUE
At 31 December 2024 71,880
At 31 December 2023 147,431

LYNQ LIMITED (REGISTERED NUMBER: 01541402)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2024 100,000
Disposals (100,000 )
At 31 December 2024 -
DEPRECIATION
At 1 January 2024 25,000
Eliminated on disposal (25,000 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 75,000

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2024
and 31 December 2024 11,578
NET BOOK VALUE
At 31 December 2024 11,578
At 31 December 2023 11,578

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 290,691 224,823
Other debtors 112,248 106,250
Lynq Poland 15,940 15,940
Directors' current accounts 123,741 100,000
Corporation tax recoverable 61,708 19,946
VAT - 6,686
604,328 473,645

LYNQ LIMITED (REGISTERED NUMBER: 01541402)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 154,952 246,516
Hire purchase contracts - 4,710
Trade creditors 23,450 2,902
Corporation tax 41,762 -
Social security and other taxes 54,079 19,094
VAT 8,644 -
Other creditors 2,004 3,325
Accruals and deferred income 589,777 525,502
874,668 802,049

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts - 46,432