REGISTERED NUMBER: 05615830 (England and Wales)

Lynx Sports Management Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

H Ambrose

REGISTERED OFFICE:

7 Lynwood Court

Priestlands Place

Lymington

Hampshire

SO41 9GA

REGISTERED NUMBER:

05615830 (England and Wales)

Fixed assets

Tangible assets

4

31,098

58,589

Current assets

Debtors

5

10,819

13,646

Cash at bank

2,979

645

13,798

14,291

Creditors

Amounts falling due within one year

6

(21,706

)

(19,296

)

Net current liabilities

(7,908

)

(5,005

)

Total assets less current liabilities

23,190

53,584

Creditors

Amounts falling due after more than one year

7

(124,219

)

(149,552

)

Net liabilities

(101,029

)

(95,968

)

Capital and reserves

Called up share capital

9

2

2

Retained earnings

(101,031

)

(95,970

)

Shareholders' funds

(101,029

)

(95,968

)

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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

H Ambrose - Director

1.	GENERAL INFORMATION

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

The address of its registered office is:

7 Lynwood Court

Priestlands Place

Lymington

Hampshire

SO41 9GA

England

The principal place of business is:

Lymington Seawater Baths

Bath Road

Lymington

Hampshire

SO41 3SE

2.	ACCOUNTING POLICIES

BASIS OF PREPARATION

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is pound sterling.

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' and the Companies Act 2006.

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. These policies have been consistently applied to all the years presented, unless otherwise stated.

GOING CONCERN

The financial statements have been prepared on a going concern basis despite the excess of liabilities over assets at the balance sheet date. The director has indicated his willingness to continue to support the company for the foreseeable future.

TURNOVER AND REVENUE RECOGNITION

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

TANGIBLE ASSETS

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

DEPRECIATION

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Plant and machinery

25% straight line

Lake equipment

25% straight line

Fixtures and fittings

15% straight line

TAXATION

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted orsubstantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

BORROWINGS

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

SHARE CAPITAL

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

TRADE CREDITORS

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Lake

Boats and

Plant and

equipment

trailers

machinery

£

£

£

COST

At 1 January 2024

87,289

181,949

176,518

Disposals

(87,289

)

(176,435

)

(86,888

)

At 31 December 2024

-

5,514

89,630

DEPRECIATION

At 1 January 2024

87,289

176,674

126,248

Charge for year

-

756

22,308

Eliminated on disposal

(87,289

)

(174,182

)

(86,888

)

At 31 December 2024

-

3,248

61,668

NET BOOK VALUE

At 31 December 2024

-

2,266

27,962

At 31 December 2023

-

5,275

50,270

Fixtures

and

Office

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

40,515

13,420

499,691

Disposals

(38,708

)

(10,492

)

(399,812

)

At 31 December 2024

1,807

2,928

99,879

DEPRECIATION

At 1 January 2024

38,203

12,688

441,102

Charge for year

271

732

24,067

Eliminated on disposal

(37,537

)

(10,492

)

(396,388

)

At 31 December 2024

937

2,928

68,781

NET BOOK VALUE

At 31 December 2024

870

-

31,098

At 31 December 2023

2,312

732

58,589

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

10,819

10,000

VAT

-

3,646

10,819

13,646

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 8)

10,000

10,000

Trade creditors

-

2,201

Social security and other taxes

2,830

3,958

VAT

4,372

-

Accruals and deferred income

4,504

3,137

21,706

19,296

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Loans and borrowings (see note 8)

5,000

15,000

Directors' loan accounts

119,219

134,552

124,219

149,552

8.	LOANS AND BORROWINGS

An analysis of the maturity of loans and borrowings is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Loans and borrowings

10,000

10,000

Amounts falling due between one and two years:

Bank borrowings

5,000

10,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

5,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary shares

£1

2

2