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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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Lynchpin Property Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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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 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Lynchpin Property Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTOR: |
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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 2019 |
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2019 | 2018 |
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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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The director acknowledges his responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
by: |
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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 2019 |
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1. | STATUTORY INFORMATION |
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Lynchpin Property Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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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 Statement of Income and |
Retained Earnings, 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 2019 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Included in fair value of investment property is freehold land of £ 592,384 (2018 - £ 592,384 ) which is not |
depreciated. |
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Fair value at 31 December 2019 is represented by: |
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£ |
Valuation in 2016 | (1,469,275 | ) |
Valuation in 2018 | 109,000 |
Cost | 4,264,275 |
2,904,000 |
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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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2019 | 2018 |
£ | £ |
Cost | 4,264,275 | 4,264,275 |
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The property was valued on an open market basis on 21 May 2019 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 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
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 2019 and |
31 December 2018: |
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2019 | 2018 |
£ | £ |
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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. |
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9. | RELATED PARTY DISCLOSURES |
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During the year Lynchpin Property Limited advanced monies totalling £125,000 (2018: £160,000) 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 £0 (2018: £56,996) in interest in respect of |
these monies. |
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At the balance sheet date Wye Oh Wye Limited owed Lynchpin Property Limited £814,878 (2018: £689,878.) |
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In 2017 Lynchpin Property Limited advanced monies totalling £60,000 to Net An Agent 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 £7,515 (2018: £6,803) in interest in respect of these monies. |
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At the balance sheet date Net An Agent Limited owed Lynchpin Property Limited £79,283 (2018: £71,768). |
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10. | POST BALANCE SHEET EVENTS |
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Following the year end the UK has been subject to travel and working restrictions as a result of COVID-19. This |
has affected the company's performance in the 2020 accounting year, as these conditions arose after the balance |
sheet date this has been treated as a non-adjusting event. Despite the difficult trading conditions the Director is |
still of the opinion that the company remains a going concern. |