Lymath & Moys Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Holmans Park
Sheepwash
BEAWORTHY
Devon
EX21 5NF

These financial statements were authorised for issue by the Board on 22 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below and have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102).

Basis of preparation

These financial statements have been prepared under the historical cost convention and on a going concern basis.

Revenue recognition

Turnover represents amounts receivable, net of Value Added Tax, for the sale of goods and services to customers and includes unbilled work where recovery was reasonably certain at the year end.

Works in hand at the year end are estimated by the director based on net realisable value, the valuation being calculated to reflect the proportion of the total contract work carried out at the year end. Stage invoices are deducted in arriving at the valuation of works in hand. Such works are then included in turnover and shown under debtors as amounts recoverable on contracts. Stage invoices rendered in excess of amounts recoverable for the stage work in hand has reached at the year end are included in creditors. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date. It is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Lymath & Moys Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% reducing balance basis
Office equipment	33% reducing balance basis
Motor vehicles	20% reducing balance basis

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and in previous years was amortised on a straight line basis over its original estimated useful economic life. Following an impairment review at the end of the 2015 financial year it was felt that there could be no certainty that the carrying value would be recoverable and the remaining balance was therefore fully amortised in those financial statements.

Stocks

Stocks are estimated by the director and valued at the lower of cost incurred in bringing each
product to its present location and condition and net realisable value, after due regard for obsolete
and slow moving items. Net realisable value is based on selling price less anticipated costs to
completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed
and variable overheads.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like bank deposits, debtors and creditors.

3	Staff numbers

The average number of persons employed by the company (including directors under service contract) during the year, was 2 (2024 - 2).

Lymath & Moys Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2024	52,000	52,000
At 31 March 2025	52,000	52,000
Amortisation
At 1 April 2024	52,000	52,000
At 31 March 2025	52,000	52,000
Carrying amount
At 31 March 2025	-	-

5	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	13,695	4,279	76,128	94,102
Additions	1,403	238	25,000	26,641
At 31 March 2025	15,098	4,517	101,128	120,743
Depreciation
At 1 April 2024	2,732	3,354	54,972	61,058
Charge for the year	1,157	308	4,327	5,792
At 31 March 2025	3,889	3,662	59,299	66,850
Carrying amount
At 31 March 2025	11,209	855	41,829	53,893
At 31 March 2024	10,963	925	21,156	33,044

Lymath & Moys Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Debtors

Current	2025 £	2024 £
Trade debtors	19,902	27,376
Prepayments	5,739	4,258
Other debtors	30,482	40,084
	56,123	71,718

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Director's current account		43,917	35,255
Trade creditors		4,953	14,327
Taxation and social security		11,426	9,579
Accruals and deferred income		3,124	3,324
Other creditors		3,264	1,481
		66,684	63,966

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary A shares of £1 each	850	850	850	850
Ordinary B shares of £1 each	150	150	150	150
	1,000	1,000	1,000	1,000

9	Related party transactions

The company uses premises owned by Mr D Moys for its registered office. The amount of rental charges payable by the company in the year was £1,100 (2024 - £1,068) relating to storage of materials and tools.