Lyncrest Properties Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02292436

LYNCREST PROPERTIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 February 2025

LYNCREST PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	4		430,490	430,652

Current assets

Debtors	5	124,708	119,427
Investments	6	370,000	350,000
Cash at bank and in hand		63,379	100,167
		---------	---------
		558,087	569,594

Creditors: amounts falling due within one year	7	8,519		10,218
		---------		---------
Net current assets			549,568	559,376
			---------	---------
Total assets less current liabilities			980,058	990,028

Provisions

Taxation including deferred tax	13,351	13,424
	---------	---------
Net assets	966,707	976,604
	---------	---------

Capital and reserves

Called up share capital	8	100	100
Revaluation reserve		126,381	126,381
Profit and loss account		840,226	850,123
		---------	---------
Shareholders funds		966,707	976,604
		---------	---------

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 28 February 2025 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 .

LYNCREST PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 1 October 2025 , and are signed on behalf of the board by:

Mr M D A Dawe	Mrs K Dawe
Director	Director

Company registration number: 02292436

LYNCREST PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Edgemont Road, Weston Favell, Northampton, NN3 3DF.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

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.

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:

	Furniture & equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 March 2024 and 28 February 2025	430,000	2,539	432,539
	---------	-------	---------
Depreciation
At 1 March 2024	–	1,887	1,887
Charge for the year	–	162	162
	---------	-------	---------
At 28 February 2025	–	2,049	2,049
	---------	-------	---------
Carrying amount
At 28 February 2025	430,000	490	430,490
	---------	-------	---------
At 29 February 2024	430,000	652	430,652
	---------	-------	---------

Tangible assets held at valuation

Land and buildings are the investments properties. The Directors consider the value of the company's investment properties are that of current market value .

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 28 February 2025
Aggregate cost	303,704
Aggregate depreciation	–
	---------
Carrying value	303,704
	---------

At 29 February 2024
Aggregate cost	303,704
Aggregate depreciation	–
	---------
Carrying value	303,704
	---------

5. Debtors

	2025	2024
	£	£
Other debtors	124,708	119,427
	---------	---------

Included in debtors is a loan of £112,331 (2024: £111,543) which is due after 1 year.

6. Investments

	2025	2024
	£	£
Short-term deposits	370,000	350,000
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Corporation tax	4,069	4,733
Other creditors	4,450	5,485
	-------	--------
	8,519	10,218
	-------	--------

8. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
A Ordinary shares of £ 1 each	50	50	50	50
B Ordinary shares of £ 1 each	50	50	50	50
	----	----	----	----
	100	100	100	100
	----	----	----	----

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M D A Dawe	7,417	31,658	( 27,417)	11,658
	-------	--------	--------	--------

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M D A Dawe	19,678	7,417	( 19,678)	7,417
	--------	-------	--------	-------

10. Related party transactions

Included within other debtors is a loan to the directors son of £112,331.(2024: £111,543) Interest has been charged at 2.5% and totalled £788.(2024: £2,422)