Lynx Auto Centre Limited 31/01/2025 iXBRL

Company registration number: 02686537

Lynx Auto Centre Limited

Unaudited filleted financial statements

31 January 2025

Lynx Auto Centre Limited

Contents

Statement of financial position

Notes to the financial statements

Lynx Auto Centre Limited

Statement of financial position

31 January 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	5	6,554		8,329
		_______		_______
			6,554		8,329

Current assets
Stocks		13,600		10,541
Debtors	6	55,835		64,175
Cash at bank and in hand		500		500
		_______		_______
		69,935		75,216
Creditors: amounts falling due
within one year	7	( 95,871)		( 71,664)
		_______		_______
Net current (liabilities)/assets			( 25,936)		3,552
			_______		_______
Total assets less current liabilities			( 19,382)		11,881

			_______		_______
Net (liabilities)/assets			( 19,382)		11,881
			_______		_______

Capital and reserves
Called up share capital			40,100		40,100
Profit and loss account			( 59,482)		( 28,219)
			_______		_______
Shareholders (deficit)/funds			( 19,382)		11,881
			_______		_______

For the year ending 31 January 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.

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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 14 May 2026 , and are signed on behalf of the board by:

Rashpal S Bedi

Director

Company registration number: 02686537

Lynx Auto Centre Limited

Notes to the financial statements

Year ended 31 January 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 Scottish Provident House, 3rd Floor, 76-80 College Road, Harrow, Middlesex, HA1 1BQ. The principal activity of the company is that of selling and fitting tyres, motor vehicle repairs, MOT and selling of accessories.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102,Section 1A,'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the company's financial position, including the renewal of its bank overdraft facility on 19 March 2026 for a further 12 months and a written confirmation of financial support from the shareholders. Trading has stabilised since the year end, and the company continues to manage its creditor balances in the normal course of business. On this basis, the directors consider the going concern basis to be appropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:


Fittings fixtures and equipment	-	20 %	reducing balance
Motor vehicles	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets .

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

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.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2024: 6 ).

This includes directors.

5. Tangible assets

	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£
Cost
At 1 February 2024 and 31 January 2025	80,982	1,360	82,342
	_______	_______	_______
Depreciation
At 1 February 2024	73,469	544	74,013
Charge for the year	1,503	272	1,775
	_______	_______	_______
At 31 January 2025	74,972	816	75,788
	_______	_______	_______
Carrying amount
At 31 January 2025	6,010	544	6,554
	_______	_______	_______
At 31 January 2024	7,513	816	8,329
	_______	_______	_______

6. Debtors

	2025	2024
	£	£
Trade debtors	8,967	15,926
Other debtors	46,868	48,249
	_______	_______
	55,835	64,175
	_______	_______

Included in other debtors are amounts owed : (a) by a connected company of £8,314 (2024 - £8,314), which are unsecured, interest free and repayable on demand. (b) by another connected company of £20,000 (2024 - £20,000) plus accrued interest. These are unsecured and repayable on demand .

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank overdrafts	9,850	5,286
Trade creditors	36,790	26,994
Corporation tax	888	888
Social security and other taxes	24,119	12,918
Other creditors	24,224	25,578
	_______	_______
	95,871	71,664
	_______	_______

Bank overdraft is secured by a debenture over all the company's assets.

8. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	-	19,890
	_______	_______

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	Balance o/standing
		£	£	£
	Rashpal S Bedi	( 8,622)	3,713	( 4,909)
	Ranjit S Bedi	1,474	( 1,474)	-
	Avtar S Bedi	-	-	-
		_______	_______	_______
		( 7,148)	2,239	( 4,909)
		_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Rashpal S Bedi	7,364	( 15,986)	( 8,622)
	Ranjit S Bedi	2,980	( 1,506)	1,474
	Avtar S Bedi	856	( 856)	-
		_______	_______	_______
		11,200	( 18,348)	( 7,148)
		_______	_______	_______

10. Related Party

The company paid rent of £30,000 (2024 - £30,000) to directors and shareholders.

11. Controlling party

Mr Rashpal S Bedi is the controlling party.