The club's AGM in July reported a loss in the past season of £1,670 despite income being increased by £2,486. The club's total debt of £2,602 was taken on by the Supporter's Club. They had cleared the debt by mid-October.
It was Lynn's first season in the Midland League (they replaced Halifax Reserves) whilst Lynn Reserves were playing in the United Counties League for the first time.
Admission for Midland League games was 1 shilling and 6 pence and 1 shilling for UCL games.
New signings included Whelan Ward from Bradford City and Jack Edwards from Notts County. Manager Paul Todd bemoaned the fact that he was restricted in his recruitment of players owing to the lack of accommodation for married men.
The Supporters' Club introduced a scheme for pensioners where admission was 9d - the Supporters' Club would make up the rest.
For the second successive season March Town were to end of Lynn's FA Cup run, winning 3-1 at The Walks.
The defeat on 15 December against Grimsby Town Reserves was the first home league reverse since 20/04/53 (0-2 v Colchester)
For the trip to Scarborough, Lynn travelled overnight so that the players could spend Christmas Eve with their families. They left Lynn at 1 a.m. on Christmas Day for an 11 am kick-off.
In January the Supporters' Club announced their most ambitions scheme to date, the construction of a brick and steel grandstand which was to be 32 feet deep, 200 feet long and 30 feet high at the front. It was to seat between 1,300 and 1,400 and have a front concrete terrace enclosure for a further 2,000 standing bring the total covered accommodation at the ground to 7,000-8,000. The plans included a boiler house to provide central heating for the office and dressing rooms accommodation, a gymnasium and possibly a laundry.
The stand, larger than the existing wooden stand, would take up the space currently occupied by the dressing rooms and official's enclosure at one end and beyond the existing Supporter's Club canteen at the other.
On 19th February Lynn used a snow plough to clear the pitch of two inches of snow to enable the home match against Peterborough to go ahead, only to see the match abandoned because of a blizzard.
On 12th March Lynn entertained Thetford Town in the Norfolk Senior Cup – it was the first time that the seating in the North Stand was used. The stand, funded by the Supporters' Club, provided covered accommodation for 5,000 including 780 seats.
In April 1955 Todd was given a two year contract although his current contract still had over a year to run - this dispelled rumours of him going to Yarmouth.
At the age of 15 years 9 months and 5 days Graham Thomson made his Lynn debut against Bradford Park Avenue Reserves on 3rd May 1955 - a replacement for the injured Morris. He did well - setting up both Lynn's goals and in doing so became Lynn's youngest player – we think! He signed for Tottenham the following week.
Sunderland sent a three figure donation to Lynn following the signing of Graham Reed - a former amateur with Lynn A
The Culey Victory Cup match against Rotherham saw Lynn field a number of guests - only three Lynn players were in the line-up.
Lynn released Jimmy Bloomer at the end of the season despite him scoring 31 goals in 26 appearances including six of the seven goals scored against Sherringham in the Norfolk Senior Cup,- he joined Boston.
Others who were released:
Jack Howe - former England International who was appointed Lynn manager in 1951.
Lynn Reserves won the Norfolk Intermediate Cup, defeating Gorleston 6-0 at Wellesley Road.
Scorers: King 3, Smith 2, Barrowcliffe. They also finished in second place in the Peterborough League Division One.
He was with Lynn for four seasons but made only 17 appearances in this season.
Also departing: Williams, Corbett (GKR), J Smith, King, Ward, Barrowcliffe
Retained: Bannister, Robinson, Heagren, Comerford, Rowe, Bunn, Ryder, Morris, Edwards, D Todd, Hurrell
May saw the demolition of the Lynn's 50 year old main stand – which had been financed by virtue of Lynn's 1905-06 FA Cup match at Aston Villa.