Company registration number 10990120 (England and Wales)
LINOM INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
FILLETED ACCOUNTS
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
LINOM INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
LINOM INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investment property
4
1,800,000
1,567,430
Current assets
Debtors
5
3,125
3,000
Creditors: amounts falling due within one year
6
(1,473,560)
(1,501,499)
Net current liabilities
(1,470,435)
(1,498,499)
Total assets less current liabilities
329,565
68,931
Provisions for liabilities
(58,142)
-
0
Net assets
271,423
68,931
Capital and reserves
Called up share capital
7
100
100
Other reserves
174,427
-
0
Profit and loss reserves
96,896
68,831
Total equity
271,423
68,931

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 22 November 2023 and are signed on its behalf by:
J Meeson
Director
Company registration number 10990120 (England and Wales)
LINOM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
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 the revaluation of investment properties at fair value.

1.2
Turnover

Turnover represents rental income receivable and is recognised on a straight-line basis over the term of the lease. Rent is not subject to VAT.

1.3
Investment properties

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 Income

Statement.

1.4
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.

LINOM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
6,583
5,146
Deferred tax
Origination and reversal of timing differences
58,142
-
0
Total tax charge
64,725
5,146

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
267,217
26,485
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
50,771
5,032
Tax effect of expenses that are not deductible in determining taxable profit
(44,188)
114
Deferred tax
58,142
-
0
Taxation charge for the year
64,725
5,146
4
Investment property
2023
£
Fair value
At 1 April 2022
1,567,430
Revaluations
232,570
At 31 March 2023
1,800,000
LINOM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Investment property
(Continued)
- 4 -

The investment properties were valued by the directors on 31 March 2023 at fair value. Any gain or loss arising from a change in fair value is recognised in the income statement. The historic cost of the properties amounted to £1,567,430 (2022: £1,567,430).

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,125
3,000
6
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Corporation tax
6,582
5,145
Deferred income
1,325
1,325
Other creditors
1,463,653
1,493,029
Accruals and deferred income
2,000
2,000
1,473,560
1,501,499
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
50
50
50
50
B Ordinary shares of £1 each
50
50
50
50
100
100
100
100
8
Directors' transactions

Included in other creditors due within one year is £1,460,653 (2022: £1,430,029) due to the director, J Meeson. The loan is non-interest bearing, unsecured and has no fixed repayment date.

9
Change in prior year accounts

The director’s loan account of £1,430,029 as at 31 March 2022 has been reclassified from non-current to current liabilities as there is no formal loan agreement in place.

10
Company information

Linom Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

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