Company Registration No. 07629219 (England and Wales)
LYNVER DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
LYNVER DEVELOPMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
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 2019
- 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 2019 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
30 July 2019
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
LYNVER DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2019
31 March 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
2
360,000
360,000
Investments
3
50
50
360,050
360,050
Current assets
Trade and other receivables
4
92,712
92,812
Cash at bank and in hand
819
674
93,531
93,486
Current liabilities
5
(194,987)
(197,473)
Net current liabilities
(101,456)
(103,987)
Total assets less current liabilities
258,594
256,063
Non-current liabilities
6
(215,325)
(215,325)
Provisions for liabilities
(2,390)
(2,390)
Net assets
40,879
38,348
Equity
Called up share capital
2
2
Non distributable reserve
7
61,640
61,640
Retained earnings
(20,763)
(23,294)
Total equity
40,879
38,348
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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
.
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 30 July 2019
Mr D J Lynch
Director
Company Registration No. 07629219
LYNVER DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
Share capital
Non distributable reserve
Retained earnings
Total
£
£
£
£
Balance at 1 April 2017
2
51,040
(23,902)
27,140
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
-
11,208
11,208
Fair value adjustments appropriated from retained earnings
-
10,600
(10,600)
-
Balance at 31 March 2018
2
61,640
(23,294)
38,348
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
-
2,531
2,531
Balance at 31 March 2019
2
61,640
(20,763)
40,879
LYNVER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue represents rents receivable by the company, recognised on an accruals basis.
1.3
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
year
end date.
The surplus or deficit on revaluation is recognised in the income statement.
1.4
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.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
.
1.6
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
are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Basic financial liabilities
Basic financial liabilities
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.
LYNVER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
2
Investment property
2019
£
Fair value
At 1 April 2018 and 31 March 2019
360,000
The freehold investment property was valued by the director, Mr D Lynch, at the year end date. The valuation is based on an open market value for similar properties in the local area.
On a historical basis the investment property would have been included at a cost of £295,970.
3
Fixed asset investments
2019
2018
£
£
Investments
50
50
LYNVER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
3
Fixed asset investments
(Continued)
- 6 -
Movements in non-current investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2018 & 31 March 2019
50
Carrying amount
At 31 March 2019
50
At 31 March 2018
50
4
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Trade receivables
-
100
Amounts owed by group undertakings
92,712
92,712
92,712
92,812
5
Current liabilities
2019
2018
£
£
Other payables
194,987
197,473
LYNVER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
6
Non-current liabilities
2019
2018
£
£
Bank loans
215,325
215,325
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
215,325
215,325
The long-term loan is secured by fixed charges over the investment property it relates to.
7
Revaluation reserve
Non-distributable retained earnings represents cumulative revaluation gains and losses in respect of investment properties, net of deferred tax. These are initially recognised in profit or loss and then transferred at the end of each year.
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
At the financial reporting date the company was due £92,712 (2018 - £92,712) from an associated company. No interest is charged on the loan and the balance is considered repayable on demand.
At the financial reporting date the company owed £193,301 (2018 - £191,376) to a connected company. No interest is charged on the loan and the balance is considered repayable on demand.
9
Directors' transactions
At the financial reporting date, the company owed the director £nil (2018 - £3,066).