G. Lyon Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03188912 (England and Wales)

G. LYON LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D Feltham

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

BL9 0DN

REGISTERED NUMBER:

03188912 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Investment property

4

663,000

663,000

CURRENT ASSETS

Debtors

5

117,525

113,949

Cash at bank

22

4

117,547

113,953

CREDITORS

Amounts falling due within one year

6

(225,583

)

(237,918

)

NET CURRENT LIABILITIES

(108,036

)

(123,965

)

TOTAL ASSETS LESS CURRENT LIABILITIES

554,964

539,035

PROVISIONS FOR LIABILITIES

(75,681

)

(75,681

)

NET ASSETS

479,283

463,354

CAPITAL AND RESERVES

Called up share capital

1

1

Other reserves

432,865

432,865

Retained earnings

46,417

30,488

SHAREHOLDERS' FUNDS

479,283

463,354

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 March 2023 and were signed by:

D Feltham - Director

1.	STATUTORY INFORMATION

G. Lyon Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03188912 and its registered office address is The Exchange, 5 Bank Street, Bury, England, BL9 0DN.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The director has considered the impact of the global Covid-19 pandemic on the company and recognises that the future cannot be predicted with any certainty. Procedures have been introduced to ensure that operations are conducted in accordance with official government advice as the company continues to trade. The director will endeavour to monitor and control costs as necessary.

The director has considered the business risks and believe that the company is well placed to manage these risks successfully, thus the going concern basis of accounting has been adopted in preparing these financial statements.

Critical accounting estimates and judgements

In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying

amount of assets and liabilities are outlined below.

Determining the fair value of investment property is considered to be a key judgement.

Revenue

Revenue comprises the aggregate of the fair value of the rental services provided. Revenue is recognised as those services are provided to the occupants of the properties.

Investment property

Investment properties are recognised at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2021

and 30 June 2022

663,000

NET BOOK VALUE

At 30 June 2022

663,000

At 30 June 2021

663,000

Fair value at 30 June 2022 is represented by:

£

Valuation in 2017

508,548

Cost

154,452

663,000

Investment properties were valued by Bilfinger GVA, property consultants, in September 2016.

The director valued the properties as at 30 June 2022 at the same carrying value.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

117,525

113,949

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

3,770

3,590

Taxation and social security

(18

)

2,559

Other creditors

221,831

231,769

225,583

237,918

7.	SECURED DEBTS

There is a legal charge over the properties of the company in respect of borrowings due by a related company.

8.	RELATED PARTY DISCLOSURES

Included within other debtors are amounts totalling £117,430 (2021: £113,854) due from related companies.

Included within trade creditors at the year end are amounts due to related companies totalling £3,770 (2021 £3,590).

Included within other creditors are amounts totalling £221,831 (2021: £231,769) due to related companies.