Lynbrook Managed Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01348298 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

FOR

LYNBROOK MANAGED SERVICES LIMITED

PREVIOUSLY KNOWN AS

LYNBROOK REPROGRAPHIC LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

I R Morgan

N J Campbell

SECRETARY:

N J Campbell

REGISTERED OFFICE:

10 Prospect Place

Pimbo

Skelmersdale

Lancashire

WN8 9QD

REGISTERED NUMBER:

01348298 (England and Wales)

AUDITORS:

Fairhurst

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

BANKERS:

National Westminster Bank plc

2 Golden Hill Lane

Leyland

Preston

Lancashire

PR25 3LP

SOLICITORS:

Alker & Ball Solicitors

29-33 King Street

Wigan

WN1 1EG

FIXED ASSETS

Tangible assets

4

1,091,598

1,058,549

CURRENT ASSETS

Stocks

5

209,069

231,203

Debtors

6

1,402,795

1,275,121

Cash at bank and in hand

2,457,088

2,063,746

4,068,952

3,570,070

CREDITORS

Amounts falling due within one year

7

856,984

721,601

NET CURRENT ASSETS

3,211,968

2,848,469

TOTAL ASSETS LESS CURRENT LIABILITIES

4,303,566

3,907,018

PROVISIONS FOR LIABILITIES

25,000

60,000

NET ASSETS

4,278,566

3,847,018

CAPITAL AND RESERVES

Called up share capital

4,100

4,100

Retained earnings

4,274,466

3,842,918

SHAREHOLDERS' FUNDS

4,278,566

3,847,018

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 14 February 2019 and were signed on its behalf by:

I R Morgan - Director

1.	STATUTORY INFORMATION

Lynbrook Managed Services Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents the fair value of income received from the supply, maintenance and leasing of office

equipment, principally photocopiers.

The company recognises revenue when the goods have been delivered and the title of goods has passed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Equipment on rental

-

over the period of the lease

Tangible fixed assets are measured at cost less depreciation and any impairment.

Impairment of assets

At each reporting date assets are reviewed to determine whether there is any indication that those assets have

suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If the recoverable amount is lower, the

carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised

immediately in the profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised

estimate of its recoverable amount, but not to exceed the amount that would have been determined had no

impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised

immediately in the profit or loss.

Stocks

Stocks are measured at the lower of cost and selling price less cost to sell. Cost is measured at the most recent

purchase price and other costs incurred in bringing the stocks to their present location and condition.

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 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.

Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease

term. The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the

lease term on a straight line basis.

Short-term employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Short term employee benefits are recognised as an expense in the period in which they are incurred.

Financial instruments

Trade and other debtors and trade creditors are measured at the transaction price and thereafter stated at

amortised cost using effective interest rate method, less impairment losses.

Other financial assets and liabilities shall be measured at amortised cost using the effective interest rate.

Financial assets and liabilities that have no stated interest rate and are payable within one year shall be measured

at the undiscounted amount due. Amounts due to and from related undertakings, including directors, are

repayable on demand and are measured at the undiscounted amount due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2017 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Equipment

machinery

vehicles

on rental

Totals

£

£

£

£

COST

At 1 June 2017

96,320

358,063

2,364,141

2,818,524

Additions

8,575

26,106

510,493

545,174

Disposals

-

(17,912

)

(80,255

)

(98,167

)

At 31 May 2018

104,895

366,257

2,794,379

3,265,531

DEPRECIATION

At 1 June 2017

40,952

159,066

1,559,957

1,759,975

Charge for year

12,771

54,859

412,222

479,852

Eliminated on disposal

-

(12,245

)

(53,649

)

(65,894

)

At 31 May 2018

53,723

201,680

1,918,530

2,173,933

NET BOOK VALUE

At 31 May 2018

51,172

164,577

875,849

1,091,598

At 31 May 2017

55,368

198,997

804,184

1,058,549

5.

STOCKS

2018

2017

£

£

Goods for resale and

consumables

209,069

231,203

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

413,904

383,725

Amounts owed by group undertakings

937,050

821,875

Other debtors

-

19,253

Prepayments and accrued income

51,841

50,268

1,402,795

1,275,121

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

278,395

193,222

Corporation tax

251,017

250,658

Social security and other taxes

189,180

169,586

Other creditors

54,665

38,085

Accruals and deferred income

83,727

70,050

856,984

721,601

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John B S Fairhurst BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of Fairhurst

9.	PENSION COMMITMENTS

The company operates defined contribution pension schemes, for the directors and senior employees, whose

assets are held separately from those of the company in independently administered funds, amounting to £74,156

in the financial year (2017: £83,463). £10,041(2017: £9,979) remains outstanding at the year end.

10.	OTHER FINANCIAL COMMITMENTS

The company has total operating lease commitments amounting to £81,542 (2017 - £63,000).

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

12.	POST BALANCE SHEET EVENTS

Following the year end the trade and net assets of Business Equipment Centre (Systems) Limited were

transferred to the company.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is I R Morgan.

14.	ULTIMATE PARENT COMPANY

The ultimate parent is Evergreen Digital Services Limited, a company registered in England & Wales. The

company's registered office is 10 Prospect Place, Pimbo, Skelmersdale, Lancashire, WN8 9QD.