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Registration number: 01398178

Linsford Business Centre Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2023

 

Linsford Business Centre Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Linsford Business Centre Limited

(Registration number: 01398178)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

851,601

853,111

Investment property

5

3,111,706

3,111,706

 

3,963,307

3,964,817

Current assets

 

Debtors

6

150

-

Cash at bank and in hand

 

271,581

256,018

 

271,731

256,018

Creditors: Amounts falling due within one year

7

(196,045)

(219,465)

Net current assets

 

75,686

36,553

Total assets less current liabilities

 

4,038,993

4,001,370

Provisions for liabilities

(480,464)

(480,476)

Net assets

 

3,558,529

3,520,894

Capital and reserves

 

Called up share capital

77

77

Capital redemption reserve

13,045

13,045

Fair value reserve

2,152,183

2,152,183

Profit and loss account

1,393,224

1,355,589

Shareholders' funds

 

3,558,529

3,520,894

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 31 July 2023 and signed on its behalf by:
 

 

Linsford Business Centre Limited

(Registration number: 01398178)
Statement of Financial Position as at 31 March 2023

.........................................
Mrs S F Stillwell
Director

 

Linsford Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Linsford Farm, Linsford Lane, Mytchett, Camberley, Surrey, GU16 6DJ. United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Linsford Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Plant and machinery

25% Reducing Balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments 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.

 

Linsford Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

820,000

31,814

88,454

37,138

977,406

Additions

-

5,666

5,403

-

11,069

Disposals

-

(5,195)

(3,846)

-

(9,041)

At 31 March 2023

820,000

32,285

90,011

37,138

979,434

Depreciation

At 1 April 2022

-

28,525

63,589

32,181

124,295

Charge for the year

-

2,010

7,292

1,239

10,541

Eliminated on disposal

-

(4,274)

(2,729)

-

(7,003)

At 31 March 2023

-

26,261

68,152

33,420

127,833

Carrying amount

At 31 March 2023

820,000

6,024

21,859

3,718

851,601

At 31 March 2022

820,000

3,289

24,865

4,957

853,111

Included within the net book value of land and buildings above is £820,000 (2022 - £820,000) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 April 2022

3,111,706

At 31 March 2023

3,111,706

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Prepayments

150

-

150

-

 

Linsford Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Amounts owed to group undertakings and undertakings in which the company has a participating interest

100,731

101,308

Taxation and social security

 

26,780

47,850

Accruals and deferred income

 

3,450

2,698

Other creditors

 

65,084

67,609

 

196,045

219,465