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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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Lynchpin Property Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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for |
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Lynchpin Property Limited |
Lynchpin Property Limited (Registered number: 07324974) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Lynchpin Property Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Invicta Business Centre |
Monument Way |
Orbital Park |
Ashford |
Kent |
TN24 0HB |
Lynchpin Property Limited (Registered number: 07324974) |
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Balance Sheet |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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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
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(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. |
Lynchpin Property Limited (Registered number: 07324974) |
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Balance Sheet - continued |
31 December 2016 |
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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 on
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Lynchpin Property Limited (Registered number: 07324974) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Lynchpin Property Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the 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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Plant and machinery etc | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value |
is recognised in profit or loss. |
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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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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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Going concern |
The accounts have been prepared on the going concern basis as it is not the present intention of the company's main lender |
to demand repayment of the outstanding loan of £3.9 million within a period of 12 months from the date of these accounts. |
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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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Lynchpin Property Limited (Registered number: 07324974) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2016 |
and 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Included in cost or valuation of investment property is freehold land of £ 592,384 (2015 - £ 592,384 ) which is not |
depreciated. |
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Cost or valuation at 31 December 2016 is represented by: |
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Valuation in 2015 | (1,469,275 | ) |
Cost | 4,264,275 |
2,795,000 |
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If the investment property had not been revalued it would have been included at the following historical cost: |
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2016 | 2015 |
£ | £ |
Cost | 4,264,275 | 4,264,275 |
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The property was valued on an open market basis on 15 September 2016 by Smith Wooley, Chartered Surveyors . |
Lynchpin Property Limited (Registered number: 07324974) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2016 and |
31 December 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The balance above was interest free and repayable on demand. It was repaid to the company, in full, on 30 January 2017. |
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9. | RELATED PARTY DISCLOSURES |
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During the year Lynchpin Property Limited advanced monies totalling £305,100 to Wye Oh Wye Limited, a company in |
which Mr J De Haan is a shareholder and director. This was advanced under a loan agreement and during the year |
Lynchpin Property Limited charged £4,868 in interest in respect of these monies. |