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Unaudited Financial Statements for the Year Ended 31 January 2022 |
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Lynnmoore Engineering Company Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 January 2022 |
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for |
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Lynnmoore Engineering Company Limited |
Lynnmoore Engineering Company Limited (Registered number: 02890297) |
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Contents of the Financial Statements |
for the Year Ended 31 January 2022 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Lynnmoore Engineering Company Limited (Registered number: 02890297) |
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Balance Sheet |
31 January 2022 |
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31.1.22 | 31.1.21 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 6 | ( |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
7 |
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Net assets |
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Capital and reserves |
Called up share capital |
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Revaluation reserve | 10 |
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Retained earnings |
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The directors acknowledge their 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. |
Lynnmoore Engineering Company Limited (Registered number: 02890297) |
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Balance Sheet - continued |
31 January 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Lynnmoore Engineering Company Limited (Registered number: 02890297) |
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Notes to the Financial Statements |
for the Year Ended 31 January 2022 |
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1. | Statement of compliance |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Lynnmoore Engineering Company Limited (Registered number: 02890297) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2022 |
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2. | Accounting policies - continued |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. |
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Government grants are recognised using the accrual model and the performance model. |
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Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
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Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. |
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Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Lynnmoore Engineering Company Limited (Registered number: 02890297) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2022 |
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2. | Accounting policies - continued |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
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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. |
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Debt instruments are subsequently measured at amortised cost. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
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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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Lynnmoore Engineering Company Limited (Registered number: 02890297) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2022 |
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2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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 future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 February 2021 |
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Additions |
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At 31 January 2022 |
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Depreciation |
At 1 February 2021 |
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Charge for year |
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At 31 January 2022 |
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Net book value |
At 31 January 2022 |
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At 31 January 2021 |
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Lynnmoore Engineering Company Limited (Registered number: 02890297) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2022 |
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4. | Tangible fixed assets - continued |
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On transition to FRS102 the freehold property was revalued by Giles Stovold BSc (Hons) MRICS FNAEA of Russen & Turner, Kings Lynn. |
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In respect of tangible fixed 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: |
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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 are as follows: |
Freehold |
Property |
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At 31st January 2022 |
Aggregate Cost | 198,566 |
Aggregate Depreciation | (129,348 | ) |
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Carrying Value | 69,218 |
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At 31st January 2021 |
Aggregate Cost | 198,566 |
Aggregate Depreciation | (123,650 | ) |
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Carrying Value | 74,916 |
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5. | Debtors: amounts falling due within one year |
31.1.22 | 31.1.21 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | Creditors: amounts falling due within one year |
31.1.22 | 31.1.21 |
£ | £ |
Bank loans and overdrafts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | Creditors: amounts falling due after more than one year |
31.1.22 | 31.1.21 |
£ | £ |
Bank loans (see note 8) |
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Lynnmoore Engineering Company Limited (Registered number: 02890297) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2022 |
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8. | Loans |
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An analysis of the maturity of loans is given below: |
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31.1.22 | 31.1.21 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loans |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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9. | Secured debts |
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The following secured debts are included within creditors: |
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31.1.22 | 31.1.21 |
£ | £ |
Bank overdrafts |
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Bank loans |
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10. | Reserves |
Revaluation |
reserve |
£ |
At 1 February 2021 |
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Reclassification fm revaluatio | (3,502 | ) |
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At 31 January 2022 |
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Profit and loss account - This reserve records distributable retained earnings and accumulated losses. |