Michael Lynes Jeweller Limited


MICHAEL LYNES JEWELLER LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2026



































Company Registration Number: 02139551

MICHAEL LYNES JEWELLER LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026


CONTENTS									PAGES



Company information									1

Balance sheet									2 to 3

Notes to the financial statements									4 to 9

MICHAEL LYNES JEWELLER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2026


DIRECTOR

Michael Lynes


SECRETARY

Angela Browne


REGISTERED OFFICE

Unit 15 The Woolgate Centre
Witney
Oxfordshire
OX28 6AP


COMPANY REGISTRATION NUMBER

02139551 England and Wales

MICHAEL LYNES JEWELLER LIMITED

BALANCE SHEET
AS AT 28 FEBRUARY 2026


	Notes	2026		2025
		£		£

FIXED ASSETS
Intangible assets	5		-		-
Tangible assets	6		73,664		92,340

CURRENT ASSETS
Stock		663,345		628,925
Debtors	7	18,777		15,694
Cash at bank and in hand		345,041		212,974


		1,027,163		857,593

CREDITORS: Amounts falling due within one year	8	192,960		175,635
CREDITORS: Amounts falling due within one year


NET CURRENT ASSETS			834,203		681,958


TOTAL ASSETS LESS CURRENT LIABILITIES			907,867		774,298

Provisions for liabilities and charges			18,159		23,085


NET ASSETS			889,708		751,213


CAPITAL AND RESERVES
Called up share capital			10,000		10,000
Distributable profit and loss account			849,708		711,213
Capital redemption reserve			30,000		30,000


SHAREHOLDER'S FUNDS			889,708		751,213

MICHAEL LYNES JEWELLER LIMITED

BALANCE SHEET
AS AT 28 FEBRUARY 2026


These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

For the financial year ended 28 February 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

Members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.


Signed on behalf of the board




Michael Lynes
Director

Date approved by the board: 26 June 2026

MICHAEL LYNES JEWELLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026


1	GENERAL INFORMATION

	Michael Lynes Jeweller Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:

	Unit 15 The Woolgate Centre
	Witney
	Oxfordshire
	OX28 6AP

	The financial statements are presented in Sterling, which is the functional currency of the company.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Basis of preparation of financial statements

	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable and represents the sale of jewellery, stated net of trade discounts and value added tax.

	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.


	Intangible fixed assets

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life. Goodwill has been fully amortised.

	If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

MICHAEL LYNES JEWELLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.

	Motor vehicles					Reducing balance basis at 25% per annum
	Computer equipment					Straight line basis at 33.33% per annum
	Furniture and fittings					Straight line basis at 20% per annum

	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.

	Financial Instruments

	A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

	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, loans to related parties and investments in non-puttable ordinary shares.

	Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through the profit and loss account.

	Basic financial assets and financial liabilities are initially recognised at transaction price and measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. They are subsequently carried at their amortised cost using the effective interest rate method, less any provision for impairment. If the effect of the time value of money is immaterial, they are measured at cost less impairment.

	Basic financial assets and liabilities which are measured at cost or amortised cost are reviewed for objective impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account immediately.

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


	Financing transactions are measured at the present value of the future receipts discounted at a market rate of interest. They are subsequently measured at amortised costs using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

MICHAEL LYNES JEWELLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

	Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.

	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.


	Stock

	Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.

	The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.


	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	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 subsequently at amortised cost.

MICHAEL LYNES JEWELLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Leases

	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.

	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.

	Taxation

	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.

	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.

	Pensions

	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.

	Employee benefits

	Short term employee benefits are recognised as an expense in the period in which they are incurred.

3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.

MICHAEL LYNES JEWELLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026

4	EMPLOYEES

	The average number of persons employed by the company (including the director) during the year was:

				2026	2025
	Average number of employees			6	5

5	INTANGIBLE FIXED ASSETS
					Net goodwill
					£
	Cost
	At 1 March 2025				54,214


	At 28 February 2026				54,214


	Accumulated amortisation and impairments
	At 1 March 2025				54,214


	At 28 February 2026				54,214


	Net book value
	At 1 March 2025				-


	At 28 February 2026				-


6	TANGIBLE ASSETS
		Motor vehicles	Computer equipment	Furniture and fittings	Total
		£	£	£	£
	Cost
	At 1 March 2025	61,800	11,305	170,756	243,861

	Additions	-	3,241	2,295	5,536


	At 28 February 2026	61,800	14,546	173,051	249,397


	Accumulated depreciation and impairments
	At 1 March 2025	9,012	11,305	131,204	151,521

	Charge for year	13,161	128	10,923	24,212


	At 28 February 2026	22,173	11,433	142,127	175,733


	Net book value
	At 1 March 2025	52,788	-	39,552	92,340


	At 28 February 2026	39,627	3,113	30,924	73,664

MICHAEL LYNES JEWELLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026



7	DEBTORS
		2026	2025
		£	£
	Prepayments and accrued income	18,777	15,694


8	CREDITORS: Amounts falling due within one year
		2026	2025
		£	£
	Trade creditors	31,005	41,978
	Taxation and social security	108,908	59,929
	Accruals and deferred income	35,061	11,762
	Other creditors	17,986	61,966


		192,960	175,635


9	SECURED DEBTS

	The company has granted a debenture in favour of National Westminster Bank PLC, comprising fixed and floating charges over the company's undertaking and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery.

10	CONTINGENCIES AND COMMITMENTS

		Not provided
	Deferred Tax Assets	2026	2025
		£	£
	Losses	7,187	7,187


	Balance carried forward	7,187	7,187

	Other Commitments

	Amounts falling due under operating leases:	2026	2025
		£	£
	In less than one year	40,000	40,000
	In more than one but less than five years	3,333	43,333


		43,333	83,333


11	RELATED PARTY TRANSACTIONS

	During the year, the following transactions with related parties took place:

	Michael Lynes
	Director	2026	2025
		£	£
	Amounts owed to director	17,986	61,966