Company Registration No. 07629219 (England and Wales)
LYNVER DEVELOPMENTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
LYNVER DEVELOPMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
LYNVER DEVELOPMENTS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LYNVER DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lynver Developments Limited for the year ended 31 March 2016 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Total Recognised Gains and Losses and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Lynver Developments Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lynver Developments Limited and state those matters that we have agreed to state to the Board of Directors of Lynver Developments Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lynver Developments Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Lynver Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lynver Developments Limited. You consider that Lynver Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lynver Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
18 July 2016
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
LYNVER DEVELOPMENTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
350,000
350,000
Investments
2
50
-
350,050
350,000
Current assets
Cash at bank and in hand
371
378
Creditors: amounts falling due within one year
(105,941)
(95,020)
Net current liabilities
(105,570)
(94,642)
Total assets less current liabilities
244,480
255,358
Creditors: amounts falling due after more than one year
3
(215,075)
(215,424)
29,405
39,934
Capital and reserves
Called up share capital
4
2
2
Revaluation reserve
54,030
54,030
Profit and loss account
(24,627)
(14,098)
Shareholders' funds
29,405
39,934
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 14 July 2016
Mr D J Lynch
Director
Company Registration No. 07629219
LYNVER DEVELOPMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The financial statements have been prepared on a going concern basis, notwithstanding the net current liabilities position at the balance sheet date. The directors consider that the going concern basis is appropriate on the basis of up to date information and forecasts that provide comfort that the company can make repayment of all debts as they fall due for a period of at least one year following approval of the financial statements.
1.2
Tangible fixed assets and depreciation
Investment properties are included on the balance sheet at their open market value and are not subject to an annual depreciation charge. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2015) in relation to accounting for investment properties, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2015) in relation to accounting for investment properties, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.3
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 April 2015
350,000
-
350,000
Additions
-
50
50
At 31 March 2016
350,000
50
350,050
At 31 March 2015
350,000
-
350,000
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Jevington Quarry Limited
England and Wales
Ordinary
50.00
LYNVER DEVELOPMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
2
Fixed assets
(Continued)
- 4 -
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Jevington Quarry Limited
Property development
-
-
Jevington Quarry Limited was incorporated on 1 June 2015 and has not yet filed financial statements.
3
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
215,075
215,424
The aggregate amount of creditors for which security has been given amounted to £215,075 (2015 - £215,424).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 ordinary shares of £1 each
2
2