Company Registration No. 07629219 (England and Wales)
LYNVER DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
LYNVER DEVELOPMENTS LIMITED
COMPANY INFORMATION
Director
Mr D J Lynch
Secretary
Mr D J Lynch
Company number
07629219
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Accountants
MHA Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Business address
The Haulage Yard
Dial Post
Horsham
West Sussex
RH13 8NY
LYNVER DEVELOPMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
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 2017
- 1 -
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 2017 which comprise, the Statement Of Financial Position, the Statement of Changes in Equity 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/
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 ICAEW Technical Release 07/16 AAF as detailed at icaew.com. 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 profit 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.
MHA Carpenter Box
18 July 2017
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
LYNVER DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2017
31 March 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
2
350,000
350,000
Investments
3
50
50
350,050
350,050
Current assets
Trade and other receivables
5
92,762
1
Cash at bank and in hand
2,236
371
94,998
372
Current liabilities
6
(199,843)
(105,942)
Net current liabilities
(104,845)
(105,570)
Total assets less current liabilities
245,205
244,480
Non-current liabilities
7
(215,075)
(215,075)
Provisions for liabilities
(2,990)
(5,010)
Net assets
27,140
24,395
Equity
Called up share capital
2
2
Non distributable reserve
51,040
49,020
Retained earnings
(23,902)
(24,627)
Total equity
27,140
24,395
The director of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 18 July 2017
LYNVER DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 3 -
Mr D J Lynch
Director
Company Registration No. 07629219
LYNVER DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
Share capital
Non distributable reserve
Retained earnings
Total
£
£
£
£
Balance at 1 April 2015
2
48,010
(14,098)
33,914
Period ended 31 March 2016:
Loss for the period
-
-
(9,519)
(9,519)
Other comprehensive income:
Fair value adjustments appropriated from retained earnings
-
1,010
(1,010)
-
Total comprehensive income for the period
-
1,010
(10,529)
(9,519)
Balance at 31 March 2016
2
49,020
(24,627)
24,395
Year ended 31 March 2017:
Profit for the year
-
-
2,745
725
Other comprehensive income:
Fair value adjustments appropriated from retained earnings
-
2,020
(2,020)
-
Total comprehensive income for the year
-
2,020
725
2,745
Balance at 31 March 2017
2
51,040
(23,902)
27,140
LYNVER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
1
Accounting policies
Company information
Lynver Developments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Lynver Developments Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 11.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the income statement.
1.3
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
LYNVER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
2
Investment property
2017
£
Fair value
At 1 April 2016 and 31 March 2017
350,000
The freehold investment property was valued by Mr D J Lynch, a company director, on an open market basis.
On a historical basis the investment property would have been included at a cost of £295,970.
3
Fixed asset investments
2017
2016
£
£
Investments
50
50
LYNVER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
3
Fixed asset investments
(Continued)
- 7 -
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2016 & 31 March 2017
50
Carrying amount
At 31 March 2017
50
At 31 March 2016
50
4
Associates
Details of the company's associates at 31 March 2017 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Jevington Quarry Limited
England
Property development
Ordinary
50.00
5
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
-
1
Amounts due from group undertakings
92,762
-
92,762
1
6
Current liabilities
2017
2016
£
£
Other payables
199,843
105,942
LYNVER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 8 -
7
Non-current liabilities
2017
2016
£
£
Bank loans and overdrafts
215,075
215,075
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
(215,075)
(215,075)
The long-term loan is secured by fixed charges over the investment property it relates to.
8
Corporation tax losses
At the year end, the company had corporation tax losses of £21,187 (2016 - £21,912), to be allocated against future taxable profits.
9
Related party transactions
Transactions with related parties
At the year end, the company owed Penfold Verrall Limited, a company in which Mr D J Lynch is a director, £191,376 (2016 - £98,665). This is included within other creditors with no interest charged and repayable on demand.
10
Directors' transactions
Loans provided to the company by the director are as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' loan
-
(4,052)
(1,152)
138
(5,066)
(4,052)
(1,152)
138
(5,066)
LYNVER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 9 -
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April
31 March
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
39,934
29,405
Adjustments arising from transition to FRS 102:
Deferred tax on revaluation of investment property
a
(6,020)
(5,010)
Equity reported under FRS 102
33,914
24,395
Reconciliation of loss for the financial period
2016
Notes
£
Loss as reported under previous UK GAAP
(10,529)
Adjustments arising from transition to FRS 102:
Deferred tax on revaluation of investment property
a
1,010
Loss reported under FRS 102
(9,519)
Notes to reconciliations on adoption of FRS 102
Note (a) Deferred tax on investment properties valuation
Under
FRS 102
,
deferred tax
has been
recognised on the fair value changes
of investment properties in the income statement.
The tax is measured at the rates and allowances that would apply to the sale of the investment property
.
Under previous UK GAAP, deferred tax was not recognised in the income statement and was shown by way of disclosure note only in the financial statements.
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