Lymtech Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 01693605 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

LYMTECH LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTORS:

Mr E Read

Mrs L Read

SECRETARY:

Mrs L Read

REGISTERED OFFICE:

Unit 9

Gordleton Industrial Estate

Hannah Way, Sway

Lymington

Hampshire

SO41 8JD

REGISTERED NUMBER:

01693605 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

FIXED ASSETS

Tangible assets

4

140,103

143,885

Investments

5

18,769

17,059

158,872

160,944

CURRENT ASSETS

Debtors

6

63,390

64,346

Cash at bank and in hand

84,082

86,794

147,472

151,140

CREDITORS

Amounts falling due within one year

7

13,743

20,612

NET CURRENT ASSETS

133,729

130,528

TOTAL ASSETS LESS CURRENT LIABILITIES

292,601

291,472

CAPITAL AND RESERVES

Called up share capital

75

75

Retained earnings

292,526

291,397

SHAREHOLDERS' FUNDS

292,601

291,472

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 22 December 2017 and were signed on its behalf by:

Mr E Read - Director

1.	STATUTORY INFORMATION

Lymtech Ltd 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.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

Inherent in the application of many of the accounting policies used in preparing the financial statements is the

need for directors to make judgements, estimates and assumptions that affect the reported amount of assets

and liabilities at the date of the financial statement and the reporting amounts of revenues and expenses during

the year. Actual outcomes could differ from those estimates and assumptions used. The accounting judgements

and estimates that could have significant impact on the results of the company are set out below and should be

read in conjunction with the information provided in the Notes to the financial statements:

Critical Judgements

>

Management determine whether financial instruments are basic or advanced and when to deal with recognising, derecognising, measuring and disclosing financial instruments. These decisions depend on an assessment made of the accounting standards.

>

The management determine the point of recognition of revenue. Factors taken into consideration in reaching such a decision include an assessment of whether the risks and rewards of ownership have been transferred to the customer.

Significant Estimates

>

Where there are indications of impairment to trade debtors, management perform an impairment test. The amount of the loss is determined by looking at the carrying value of the trade debtor and comparing it with the present value of the estimated cash flows discounted at the effective interest rate.

>

To determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

REVENUE RECOGNITION

Turnover is the amount derived from radar and software systems and stated after trade discounts, other sales

taxes and net of VAT. Turnover is recognised upon invoicing the customer.

TANGIBLE FIXED ASSETS

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

Freehold property

-

2% on cost

Plant and machinery

-

33% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the

location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted

if there is an indication of a significant change the last reporting date.

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 balance sheet date.

PENSION COSTS AND OTHER POST-RETIREMENT 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.

TRANSITION

In preparing the accounts, the directors have considered that in applying the accounting policies required by

Section 1A "Small Entities" of Financial Reporting Standard 102 that no subsequent restatement of items has

been required in making the transition. The transition date was 1 April 2015.

SHORT TERM DEBTORS AND CREDITORS

Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price

whether or not a rate of interest is charged on the balance. Any losses arising from impairment are recognised in

the income statement in other operating expenses.

INVESTMENTS

Investment in company shares are remeasured to market value at each balance sheet date. Gains and losses

on remeasurement are recognised in profit or loss for the period

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 April 2016

and 31 March 2017

189,079

2,062

191,141

DEPRECIATION

At 1 April 2016

45,194

2,062

47,256

Charge for year

3,782

-

3,782

At 31 March 2017

48,976

2,062

51,038

NET BOOK VALUE

At 31 March 2017

140,103

-

140,103

At 31 March 2016

143,885

-

143,885

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2016

17,059

Additions

1,710

At 31 March 2017

18,769

NET BOOK VALUE

At 31 March 2017

18,769

At 31 March 2016

17,059

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

62,808

62,808

Other debtors

1

709

Section 455 tax reclaimable

120

120

Prepayments

461

709

63,390

64,346

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

-

267

Amounts owed to group undertakings

8,600

8,600

Tax

718

2,895

VAT

2,225

2,687

Directors' current accounts

-

513

Accrued expenses

2,200

5,650

13,743

20,612

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the beginning of the year the Directors were owed £513 by the company. During the year the Directors

introduced capital of £Nil and after withdrawing the sum of £513, an amount of £Nil was owed by the company at

the balance sheet date.

9.	RELATED PARTY DISCLOSURES

During the year, the company made sales of rent, vehicle hire and computer costs of £54,000 to a company

under common control (2016: £40,955).

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Lymtech Ltd for the year ended 31 March 2017 which comprise the Income Statement, 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lymtech Ltd, as a body, in accordance with the terms of our engagement letter dated 18 March 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Lymtech Ltd and state those matters that we have agreed to state to the Board of Directors of Lymtech Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lymtech Ltd Board of Directors, as a body, for our work or for this report.

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

Rothman Pantall LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

Date: .............................................