Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-313The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-04-01false3truetrue 05567057 2021-04-01 2022-03-31 05567057 2020-04-01 2021-03-31 05567057 2022-03-31 05567057 2021-03-31 05567057 c:Director1 2021-04-01 2022-03-31 05567057 d:Buildings 2021-04-01 2022-03-31 05567057 d:Buildings 2022-03-31 05567057 d:Buildings 2021-03-31 05567057 d:CurrentFinancialInstruments 2022-03-31 05567057 d:CurrentFinancialInstruments 2021-03-31 05567057 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05567057 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 05567057 d:UKTax 2021-04-01 2022-03-31 05567057 d:UKTax 2020-04-01 2021-03-31 05567057 d:ShareCapital 2022-03-31 05567057 d:ShareCapital 2021-03-31 05567057 d:SharePremium 2022-03-31 05567057 d:SharePremium 2021-03-31 05567057 d:RetainedEarningsAccumulatedLosses 2022-03-31 05567057 d:RetainedEarningsAccumulatedLosses 2021-03-31 05567057 c:FRS102 2021-04-01 2022-03-31 05567057 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 05567057 c:FullAccounts 2021-04-01 2022-03-31 05567057 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 05567057 6 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure
Registered number: 05567057


LINNECOR & CO LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

 
LINNECOR & CO LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
LINNECOR & CO LIMITED
REGISTERED NUMBER:05567057

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,085,583
812,390

Investments
 6 
2
2

  
1,085,585
812,392

Current assets
  

Stocks
  
11,044
11,044

Debtors
 7 
1,443
1,145

Cash at bank and in hand
  
184,089
65,635

  
196,576
77,824

Creditors: amounts falling due within one year
 8 
(135,127)
(190,038)

Net current assets/(liabilities)
  
 
 
61,449
 
 
(112,214)

Total assets less current liabilities
  
1,147,034
700,178

  

Net assets
  
1,147,034
700,178


Capital and reserves
  

Called up share capital 
  
2,698
2,698

Share premium account
  
506,074
506,074

Profit and loss account
  
638,262
191,406

  
1,147,034
700,178


Page 1

 
LINNECOR & CO LIMITED
REGISTERED NUMBER:05567057
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2022.



Mr G A Linnecor
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
LINNECOR & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Linnecor & Co Limited is a private company limited by shares and incorporated in the England. The address of the registered office is 76 Sherifoot Lane, Four Oaks, Sutton Coldfield, B75 5DU, which is also the address of its principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Investment properties

Investment properties are carried at cost. This is not in accordance with the provisions of FRS102 which states investment properties should be held at fair value.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Stocks

Stocks are valued at the lower of cost and net realisable value.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
LINNECOR & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).

Page 4

 
LINNECOR & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
103,000
10,241

Adjustments in respect of previous periods
342
-


Total current tax
103,342
10,241






5.


Tangible fixed assets





Investment properties

£



Cost 


At 1 April 2021
812,390


Additions
327,527


Disposals
(54,334)



At 31 March 2022

1,085,583






Net book value



At 31 March 2022
1,085,583



At 31 March 2021
812,390

Page 5

 
LINNECOR & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2021
2



At 31 March 2022
2




Subsidiary undertaking:
The following is a UK subsidiary undertaking of the Company:
Name                                           Class of shares   Holding  Principal activity
Rocennil Developments Limited      Ordinary           100%   Property investment and development


7.


Debtors

2022
2021
£
£


Trade debtors
643
345

Other debtors
300
300

Prepayments and accrued income
500
500

1,443
1,145


Page 6

 
LINNECOR & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
-
143,621

Trade creditors
1,268
43

Amounts owed to group undertakings
12,346
17,346

Corporation tax
103,000
10,241

Other taxation and social security
3,080
2,235

Other creditors
819
711

Accruals and deferred income
14,614
15,841

135,127
190,038


Bank loans are secured against the assets of the Company.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,000 (2021: £4,000).

 
Page 7