Lynfield Leasing Limited - Accounts

LYNFIELD LEASING LIMITED - Company Information

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Registered Number: 05699776

England and Wales

Unaudited Financial Statements

for the year ended 31 March 2023

for

LYNFIELD LEASING LIMITED

Lynfield Leasing Limited
Contents Page
For the year ended 31 March 2023

Company information	1
Directors' report	2
Accountants' report	3
Statement of financial position	4
Notes to the financial statements	5

Lynfield Leasing Limited
Company Information
For the year ended 31 March 2023

Directors	G R Fearnley R L Howells
Registered Number	05699776
Registered Office	The Larches Higher Warberry Road Torquay England TQ1 1RR
Accountants	Pink Mango Accountants Ltd Coltsfoot Farm Lane Chichester West Sussex PO18 8SA
Secretary	G R Fearnley

Lynfield Leasing Limited
Directors' Report
For the year ended 31 March 2023

Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 March 2023.

Principal activities

The companys principal activity during the year was the leasing of other machinery and equipment.

Directors
The directors who served the company throughout the year were as follows:

G R Fearnley

R L Howells

Statement of directors' responsibilities

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:

----------------------------------
G R Fearnley
Director

Date approved: 20 October 2023

Lynfield Leasing Limited Accountants' Report For the year ended 31 March 2023
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Lynfield Leasing Limited for the year ended 31 March 2023. In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lynfield Leasing Limited for the year ended 31 March 2023 which comprise the Proft and Loss Account, the Balance Sheet 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance This report is made solely to the Board of Directors of Lynfield Leasing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lynfield Leasing Limited and state those matters that we have agreed to state to the Board of Directors of Lynfield Leasing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lynfield Leasing Limited and its Board of Directors as a body for our work or for this report. It is your duty to ensure that Lynfield Leasing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lynfield Leasing Limited . You consider that Lynfield Leasing 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 accounts of Lynfield Leasing 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 accounts. .................................................... Pink Mango Accountants Ltd Coltsfoot Farm Lane Chichester West Sussex PO18 8SA 20 October 2023 3

Lynfield Leasing Limited
Accountants' Report
For the year ended 31 March 2023

Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Lynfield Leasing Limited for the year ended 31 March 2023.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lynfield Leasing Limited for the year ended 31 March 2023 which comprise the Proft and Loss Account, the Balance Sheet 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of Lynfield Leasing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lynfield Leasing Limited and state those matters that we have agreed to state to the Board of Directors of Lynfield Leasing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lynfield Leasing Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lynfield Leasing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lynfield Leasing Limited . You consider that Lynfield Leasing 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 accounts of Lynfield Leasing 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 accounts.

....................................................
Pink Mango Accountants Ltd
Coltsfoot
Farm Lane
Chichester
West Sussex
PO18 8SA
20 October 2023

Registered Number: 05699776 Lynfield Leasing Limited
Statement of Financial Position
As at 31 March 2023

	Notes	2023 £	2022 £
Fixed assets
Intangible fixed assets	3	50,000	65,000
Tangible fixed assets	4	53,971	67,464
		103,971	132,464
Current assets
Debtors	5	112,362	111,552
Cash at bank and in hand		12,588	14,072
		124,950	125,624
Creditors: amount falling due within one year	6	(2,063)	(2,019)
Net current assets		122,887	123,605

Total assets less current liabilities		226,858	256,069
Creditors: amount falling due after more than one year	7	(788,352)	(835,352)
Net liabilities		(561,494)	(579,283)

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		(561,594)	(579,383)
Shareholder's funds		(561,494)	(579,283)

For the year ended 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 accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These 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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The financial statements were approved by the board of directors on 20 October 2023 and were signed on its behalf by:

-------------------------------
G R Fearnley
Director

Lynfield Leasing Limited
Notes to the Financial Statements
For the year ended 31 March 2023

General Information

Lynfield Leasing Limited is a private company, limited by shares, registered in England and Wales, registration number 05699776, registration address The Larches, Higher Warberry Road, Torquay, England, TQ1 1RR.

The presentation currency is £ sterling.

Accounting policies

Significant accounting policies

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the period 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 balance sheet date.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer Software
Computer software is being amortised over 5 years.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Plant and Machinery

20% Reducing Balance

2.	Average number of employees Average number of employees during the year was 0 (2022 : 0).

Intangible fixed assets

Cost	Computer Software	Total
	£	£
At 01 April 2022	75,000	75,000
Additions	-	-
Disposals	-	-
At 31 March 2023	75,000	75,000
Amortisation
At 01 April 2022	10,000	10,000
Charge for year	15,000	15,000
On disposals	-	-
At 31 March 2023	25,000	25,000
Net book values
At 31 March 2023	50,000	50,000
At 31 March 2022	65,000	65,000

Tangible fixed assets

Cost or valuation	Plant and Machinery	Total
	£	£
At 01 April 2022	113,265	113,265
Additions	-	-
Disposals	-	-
At 31 March 2023	113,265	113,265
Depreciation
At 01 April 2022	45,801	45,801
Charge for year	13,493	13,493
On disposals	-	-
At 31 March 2023	59,294	59,294
Net book values
Closing balance as at 31 March 2023	53,971	53,971
Opening balance as at 01 April 2022	67,464	67,464

Debtors: amounts falling due within one year

	2023 £	2022 £
Trade Debtors	-	(810)
Other Debtors	112,362	112,362
	112,362	111,552

Creditors: amount falling due within one year

	2023 £	2022 £
Accrued Expenses	500	450
VAT	1,563	1,569
	2,063	2,019

Creditors: amount falling due after more than one year

	2023 £		2022 £
Directors' Loan Accounts	788,352		835,352
	788,352		835,352

Share Capital

Allotted, called up and fully paid	2023 £		2022 £
100 Ordinary shares of £1.00 each	100		100
	100		100

9.	Related parties At the balance sheet date, the company owed the directors £788,352 (2022: £835,352).