Registration number:
Lynch Healthcare Limited
for the Period from 1 April 2020 to 31 December 2020
Lynch Healthcare Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Lynch Healthcare Limited
Company Information
Directors |
S D Bebbington J A MacDonald |
Registered office |
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Accountants |
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Lynch Healthcare Limited
(Registration number: 06863318)
Balance Sheet as at 31 December 2020
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31 December |
31 March |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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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 |
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Provisions for liabilities |
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- |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' (deficit)/funds |
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For the financial period ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Lynch Healthcare Limited
(Registration number: 06863318)
Balance Sheet as at 31 December 2020
Approved and authorised by the
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J A MacDonald
Director
Lynch Healthcare Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2020 to 31 December 2020
General information |
The company registered number is: 06863318
The company is a private company limited by share capital, incorporated in the United Kingdom, registered in England & Wales.
The address of its registered office is:
Wales
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.
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.
Basis of preparation
These financial statements were prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Exceptional costs
In the period ended 31 December 2020, included in administrative expenses are £148,420 of exceptional costs, £113,582 of stock adjustments for scrapped and slow moving items and £34,838 of dilapidaiton costs.
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.
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.
Government grants
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Lynch Healthcare Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2020 to 31 December 2020
Tax
The tax expense for the period comprises deferred 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 or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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 |
Plant and machinery |
Reducing balance 20% |
Office equipment |
Reducing balance 25% |
Fixtures and fittings |
Reducing balance 20% |
Motor vehicles |
Straight line 20% |
Research and development costs
Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Lynch Healthcare Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2020 to 31 December 2020
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.
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.
Financial instruments
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Lynch Healthcare Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2020 to 31 December 2020
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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At 31 December 2020 |
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Depreciation |
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At 1 April 2020 |
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- |
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Charge for the period |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 March 2020 |
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Stocks |
31 December |
31 March |
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Finished goods and goods for resale |
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Debtors |
31 December |
31 March |
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Trade debtors |
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Prepayments |
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Other debtors |
- |
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Lynch Healthcare Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2020 to 31 December 2020
Creditors |
Creditors: amounts falling due within one year
Note |
31 December |
31 March |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
- |
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Creditors: amounts falling due after more than one year
Note |
31 December |
31 March |
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Due after one year |
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Loans and borrowings |
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2020 |
2020 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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Loans and borrowings |
31 December |
31 March |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
Other borrowings |
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Lynch Healthcare Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2020 to 31 December 2020
31 December |
31 March |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
31 December |
31 March |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was