| The company has taken advantage of exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group companies.
On 3 April 2021, the Linx LB Employee Ownership Trust ("EOT") purchased 75% of the ordinary share capital, following which the company became an employee owned company. The funding for the transaction (and associated costs) was achieved through an initial contribution by the company and a loan from the previous owner. During the year, the company made contributions of £nil (2022: £2,298,940) to the EOT.
The directors are of the opinion that de-facto control does not exist and therefore excluded the assets and liabilities of the EOT from these financial statements and consolidated accounts have not been prepared.
Linx LB Employee Ownership Trust is the beneficial owner of 75% of the ordinary share capital of Linx Business Communications Ltd. The shares are held by Linx LB Trustees Limited in its capacity as corporate trustee.
During the year the company provided a loan to a related party. The balance at 31 March 2023 was £306,242. The loan is unsecured, interest free and repayable on demand. |