REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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LYNCHPIN PROPERTY LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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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 2021 |
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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 | 3 |
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LYNCHPIN PROPERTY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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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 2021 |
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2021 | 2020 |
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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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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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: |
(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. |
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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
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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 2021 |
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1. | STATUTORY INFORMATION |
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Lynchpin Property Limited is a
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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 and covid |
During the previous year and in part of this year the UK has been subject to travel and working restrictions as a result of COVID-19. Since the company's main tenants are in the hospitality trade the director made the decision to forgo rent while the country was in lockdown. This has affected the company's performance in the current accounting year. Despite the difficult trading conditions the Director is still of the opinion that the company remains a going concern. Therefore the accounts have been prepared on the going concern basis. It should also be noted that it is not the present intention of the company's main lender to demand repayment of the outstanding loan of £3.8 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 2021 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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Included in fair value of investment property is freehold land of £ 592,384 (2020 - £ 592,384 ) which is not depreciated. |
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Fair value at 31 December 2021 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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2021 | 2020 |
£ | £ |
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 . |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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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 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020: |
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2021 | 2020 |
£ | £ |
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Balance outstanding at start of year |
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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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10. | RELATED PARTY DISCLOSURES |
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At the balance sheet date Wye Oh Wye Limited owed Lynchpin Property Limited £814,878 (2020: £814,878) this had originally been advance under a loan agreement. |
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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 £0 (2020: £4,048) in interest in respect of these monies. |
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At the balance sheet date Net An Agent Limited owed Lynchpin Property Limited £66,330 (2020: £79,330). |