Company registration number 05423107 (England and Wales)
LINT (REDINGTON ROAD) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
LINT (REDINGTON ROAD) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LINT (REDINGTON ROAD) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
3
6,750,000
-
0
Current assets
Stocks
-
6,750,000
Debtors
4
60,538
96,533
Cash at bank and in hand
122,065
120,237
182,603
6,966,770
Creditors: amounts falling due within one year
5
(5,757,342)
(5,807,486)
Net current (liabilities)/assets
(5,574,739)
1,159,284
Total assets less current liabilities
1,175,261
1,159,284
Creditors: amounts falling due after more than one year
6
(4,848,000)
(4,848,000)
Net liabilities
(3,672,739)
(3,688,716)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(3,672,740)
(3,688,717)
Total equity
(3,672,739)
(3,688,716)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 6 October 2023 and are signed on its behalf by:
Mr T Chand
Director
Company registration number 05423107 (England and Wales)
LINT (REDINGTON ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 2 -
1
Accounting policies
Company information

Lint (Redington Road) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gabrielle House, 332-336 Perth Road, Ilford, Essex, United Kingdom, IG2 6FF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

The financial statements of the company are consolidated in the financial statements of Lint Group Limited. These consolidated financial statements are available from its registered office, Gabrielle House, 332-336 Perth Road, Ilford, United Kingdom, IG2 6FF.

1.2
Going concern

On 30 September 202true2, the company generated profit of £15,977. The net current liabilities were £5,574,739 and net liabilities were £3,672,739 (2021: £3,688,716). The financial statements have been prepared on a going concern basis, the validity of which depends upon the financial support from the directors and a fellow subsidiary company. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rents receivable from tenants. Turnover is recognised in the profit and loss account in the period it relates to.

 

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

The turnover was previously recorded as other income.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

LINT (REDINGTON ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Leases
1.9

Other Operating Income

Other operating income represents rent receivable.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
2
2
LINT (REDINGTON ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 4 -
3
Investment property
2022
£
Fair value
At 1 October 2021
-
0
Transfers
6,750,000
At 30 September 2022
6,750,000

Investment property comprises of residential units. The valuation was made by directors on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

During the year stock was transferred to fixed asset investment property at market value.

4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
90
29,610
Other debtors
60,448
66,923
60,538
96,533
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
817
15,302
Amounts owed to group undertakings
5,747,743
5,753,755
Corporation tax
3,824
76
Other creditors
4,958
38,353
5,757,342
5,807,486
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
4,848,000
4,848,000

Banks loans are secured by fixed and floating charge over the assets of the company. In addition, the directors have provided additional personal guarantees.

LINT (REDINGTON ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ghulam Alahi
Statutory Auditor:
Vision Consulting Accountants Limited
2022-09-302021-10-01false06 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr T ChandMr R Patel OBEMr T Chand054231072021-10-012022-09-30054231072022-09-30054231072021-09-3005423107core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3005423107core:CurrentFinancialInstrumentscore:WithinOneYear2021-09-3005423107core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3005423107core:Non-currentFinancialInstrumentscore:AfterOneYear2021-09-3005423107core:CurrentFinancialInstruments2022-09-3005423107core:CurrentFinancialInstruments2021-09-3005423107core:ShareCapital2022-09-3005423107core:ShareCapital2021-09-3005423107core:RetainedEarningsAccumulatedLosses2022-09-3005423107core:RetainedEarningsAccumulatedLosses2021-09-3005423107bus:CompanySecretaryDirector12021-10-012022-09-30054231072020-10-012021-09-30054231072021-09-3005423107core:WithinOneYear2022-09-3005423107core:WithinOneYear2021-09-3005423107core:Non-currentFinancialInstruments2022-09-3005423107core:Non-currentFinancialInstruments2021-09-3005423107bus:PrivateLimitedCompanyLtd2021-10-012022-09-3005423107bus:SmallCompaniesRegimeForAccounts2021-10-012022-09-3005423107bus:FRS1022021-10-012022-09-3005423107bus:Audited2021-10-012022-09-3005423107bus:Director12021-10-012022-09-3005423107bus:Director22021-10-012022-09-3005423107bus:CompanySecretary12021-10-012022-09-3005423107bus:FullAccounts2021-10-012022-09-30xbrli:purexbrli:sharesiso4217:GBP