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

LYNART SHEPHERD LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC387397

Lynart Shepherd Ltd

Filleted Unaudited Abridged Financial Statements

31 March 2023

Lynart Shepherd Ltd

Abridged Financial Statements

Year ended 31 March 2023

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Lynart Shepherd Ltd

Abridged Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Intangible assets	5	9,580	9,580
Tangible assets	6	327,890	328,384
Investments	7	1	1
		---------	---------
		337,471	337,965

Current assets

Debtors	16,361	1,215
Cash at bank and in hand	79,006	44,408
	--------	--------
	95,367	45,623

Creditors: amounts falling due within one year	324,494		286,328
	---------		---------
Net current liabilities		229,127	240,705
		---------	---------
Total assets less current liabilities		108,344	97,260
		---------	--------
Net assets		108,344	97,260
		---------	--------

Capital and reserves

Called up share capital	8	100	100
Profit and loss account		108,244	97,160
		---------	--------
Shareholders funds		108,344	97,260
		---------	--------

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 Section 1A of 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 2023 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 2023 in accordance with Section 444(2A) of the Companies Act 2006.

Lynart Shepherd Ltd

Abridged Statement of Financial Position (continued)

31 March 2023

These abridged financial statements were approved by the board of directors and authorised for issue on 29 August 2023 , and are signed on behalf of the board by:

David E Shepherd

Director

Company registration number: SC387397

Lynart Shepherd Ltd

Notes to the Abridged Financial Statements

Year ended 31 March 2023

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 these reasons, it continues to adopt the going concern basis in preparing these Financial Statements .

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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 only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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. Dividends

	2023	2022
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	9,225	9,100
	-------	-------

5. Intangible assets

	£
Cost
At 1 April 2022 and 31 March 2023	9,580
	-------
Amortisation
At 1 April 2022 and 31 March 2023	–
	-------
Carrying amount
At 31 March 2023	9,580
	-------
At 31 March 2022	9,580
	-------

6. Tangible assets

	£
Cost
At 1 April 2022 and 31 March 2023	330,712
	---------
Depreciation
At 1 April 2022	2,328
Charge for the year	494
	---------
At 31 March 2023	2,822
	---------
Carrying amount
At 31 March 2023	327,890
	---------
At 31 March 2022	328,384
	---------

The directors consider that the cost of the investment properties reflects their market value at the year end. Investment property is revalued periodically with the fair value adjustments made to the profit and loss account where necessary .

7. Investments

	£
Cost
At 1 April 2022 and 31 March 2023	1
	----
Impairment
At 1 April 2022 and 31 March 2023	–
	----
Carrying amount
At 31 March 2023	1
	----
At 31 March 2022	1
	----

8. Called up share capital

Issued, called up and fully paid

	2023		2022
	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 company provided loan funds totalling £15,498 (2022 - £nil) to The-Junction (Forfar) Ltd, a company which is owned 100% by Lynart Shepherd Ltd . The loan amounts are interest free, unsecured and do not have fixed repayment dates. At the year-end, the company has made a partial provision of 50% against the loan balance outstanding. Following this, the net amount outstanding at the year-end is £7,749 (2022 - £nil) which is disclosed within Debtors. During the year, the company paid dividends totalling £9,225 (2022 - £9,100) to its directors. At the year-end, there are loan balances due to the directors which total £271,132 (2022 - £284,406). These loans from the directors are interest free, unsecured and do not have fixed repayment dates. During the year, the company received a short term advance from an associated company, Taylor Shepherd Homes Limited, amounting to £50,000. At the year-end, the balance due to Taylor Shepherd Homes Limited was £50,000 was (2022 - £nil). This is disclosed within Creditors:amounts falling due within one year and was repaid in full after the year end.