Lynart Investments Ltd Filleted accounts for Companies House (small and micro)

LYNART SHEPHERD LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC387397

Lynart Investments Ltd

Filleted Unaudited Abridged Financial Statements

31 March 2019

Lynart Investments Ltd

Abridged Financial Statements

Year ended 31 March 2019

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Lynart Investments Ltd

Abridged Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	6	9,580	–
Tangible assets	7	241,324	240,150
		---------	---------
		250,904	240,150

Current assets

Debtors	131,060	128,857
Cash at bank and in hand	56,619	30,088
	---------	---------
	187,679	158,945

Creditors: amounts falling due within one year	338,840		327,001
	---------		---------
Net current liabilities		151,161	168,056
		---------	---------
Total assets less current liabilities		99,743	72,094
		--------	--------
Net assets		99,743	72,094
		--------	--------

Capital and reserves

Called up share capital	8	100	100
Profit and loss account		99,643	71,994
		--------	--------
Shareholders funds		99,743	72,094
		--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

Lynart Investments Ltd

Abridged Statement of Financial Position (continued)

31 March 2019

These abridged financial statements were approved by the board of directors and authorised for issue on 28 November 2019 , and are signed on behalf of the board by:

David E Shepherd

Director

Company registration number: SC387397

Lynart Investments Ltd

Notes to the Abridged Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 23 Wyllie Street, Forfar, DD8 3DN.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date .

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2018: 2 ).

5. Dividends

	2019	2018
	£	£
Dividends proposed before the year end and recognised as a liability	10,000	25,000
	--------	--------

6. Intangible assets

	£
Cost
At 1 April 2018	–
Additions	9,580
	-------
At 31 March 2019	9,580
	-------
Amortisation
At 1 April 2018 and 31 March 2019	–
	-------
Carrying amount
At 31 March 2019	9,580
	-------
At 31 March 2018	–
	-------

7. Tangible assets

	£
Cost
At 1 April 2018	240,150
Additions	1,499
	---------
At 31 March 2019	241,649
	---------
Depreciation
At 1 April 2018	–
Charge for the year	325
	---------
At 31 March 2019	325
	---------
Carrying amount
At 31 March 2019	241,324
	---------
At 31 March 2018	240,150
	---------

The directors consider that the cost of the investment properties reflects their market value at the year end.

8. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

9. Related party transactions

The company was under the control of the directors throughout the current and previous year. During the year, the directors received dividends totalling £4,000. At the year-end, the balance due to the directors was £291,757 (2018 - £287,757). These amounts are interest free, unsecured and do not have fixed repayment dates. During the year, the company advanced loan amounts of £Nil (2018 - £25,000) to other related parties with an outstanding balance of £128,857 (2018 - £128,857) at the year end. These loans are interest free and do not have fixed repayment dates.