Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseNo description of principal activity67true 03931199 2022-04-01 2023-03-31 03931199 2021-04-01 2022-03-31 03931199 2023-03-31 03931199 2022-03-31 03931199 2021-04-01 03931199 c:Director1 2022-04-01 2023-03-31 03931199 c:Director2 2022-04-01 2023-03-31 03931199 d:Buildings 2022-04-01 2023-03-31 03931199 d:Buildings 2023-03-31 03931199 d:Buildings 2022-03-31 03931199 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03931199 d:Buildings d:ShortLeaseholdAssets 2022-04-01 2023-03-31 03931199 d:Buildings d:ShortLeaseholdAssets 2023-03-31 03931199 d:Buildings d:ShortLeaseholdAssets 2022-03-31 03931199 d:PlantMachinery 2022-04-01 2023-03-31 03931199 d:PlantMachinery 2023-03-31 03931199 d:PlantMachinery 2022-03-31 03931199 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03931199 d:MotorVehicles 2022-04-01 2023-03-31 03931199 d:MotorVehicles 2023-03-31 03931199 d:MotorVehicles 2022-03-31 03931199 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03931199 d:FurnitureFittings 2022-04-01 2023-03-31 03931199 d:FurnitureFittings 2023-03-31 03931199 d:FurnitureFittings 2022-03-31 03931199 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03931199 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03931199 d:LeaseholdInvestmentProperty 2023-03-31 03931199 d:LeaseholdInvestmentProperty 2022-03-31 03931199 d:CurrentFinancialInstruments 2023-03-31 03931199 d:CurrentFinancialInstruments 2022-03-31 03931199 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03931199 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03931199 d:ShareCapital 2023-03-31 03931199 d:ShareCapital 2022-03-31 03931199 d:RevaluationReserve 2023-03-31 03931199 d:RevaluationReserve 2022-03-31 03931199 d:RetainedEarningsAccumulatedLosses 2023-03-31 03931199 d:RetainedEarningsAccumulatedLosses 2022-03-31 03931199 c:OrdinaryShareClass1 2022-04-01 2023-03-31 03931199 c:OrdinaryShareClass1 2023-03-31 03931199 c:OrdinaryShareClass1 2022-03-31 03931199 c:OrdinaryShareClass2 2022-04-01 2023-03-31 03931199 c:OrdinaryShareClass2 2023-03-31 03931199 c:OrdinaryShareClass2 2022-03-31 03931199 c:OrdinaryShareClass3 2022-04-01 2023-03-31 03931199 c:OrdinaryShareClass3 2023-03-31 03931199 c:OrdinaryShareClass3 2022-03-31 03931199 c:OrdinaryShareClass4 2022-04-01 2023-03-31 03931199 c:OrdinaryShareClass4 2023-03-31 03931199 c:OrdinaryShareClass4 2022-03-31 03931199 c:OrdinaryShareClass5 2022-04-01 2023-03-31 03931199 c:OrdinaryShareClass5 2023-03-31 03931199 c:FRS102 2022-04-01 2023-03-31 03931199 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 03931199 c:FullAccounts 2022-04-01 2023-03-31 03931199 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03931199 2 2022-04-01 2023-03-31 03931199 6 2022-04-01 2023-03-31 03931199 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03931199 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03931199









MICHAEL LINNELL AND CO. LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
MICHAEL LINNELL AND CO. LTD
REGISTERED NUMBER: 03931199

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
950,549
961,481

Investments
 5 
2
2

Investment property
 6 
703,909
703,909

  
1,654,460
1,665,392

Current assets
  

Stocks
 7 
129,271
219,431

Debtors: amounts falling due within one year
 8 
1,577,331
67,337

Cash at bank and in hand
  
689,311
2,078,308

  
2,395,913
2,365,076

Creditors: amounts falling due within one year
 9 
(85,586)
(75,797)

Net current assets
  
 
 
2,310,327
 
 
2,289,279

Total assets less current liabilities
  
3,964,787
3,954,671

Provisions for liabilities
  

Deferred tax
  
(9,754)
(11,404)

Net assets
  
3,955,033
3,943,267


Capital and reserves
  

Called up share capital 
 11 
125
121

Revaluation reserve
  
50,038
50,038

Profit and loss account
  
3,904,870
3,893,108

  
3,955,033
3,943,267


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.

Page 1

 
MICHAEL LINNELL AND CO. LTD
REGISTERED NUMBER: 03931199
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The Company has opted not to file the statement of comprehensive income 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 20 November 2023.




M C Linnell
M C Linnell Jnr.
Director
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MICHAEL LINNELL AND CO. LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Michael Linnell and Co. Ltd ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is Drakes Lane, Boreham, Chelmsford, Essex, CM3 3BE.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
MICHAEL LINNELL AND CO. LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, provided on the following annual bases:

Freehold property
-
Not depreciated
Freehold improvements
-
10% straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in  the Statement of comprehensive income using the effective interest method.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

Page 4

 
MICHAEL LINNELL AND CO. LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

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

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.12

Creditors

Short-term creditors are measured at the transaction price.

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.14

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.

Page 5

 
MICHAEL LINNELL AND CO. LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.16

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 the Statement of comprehensive income 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.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.18

Research and development

Research and development expenditure is written off in the year in which it is incurred.

Page 6

 
MICHAEL LINNELL AND CO. LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 7).


4.


Tangible fixed assets





Freehold property
Freehold improv'nts
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
890,329
69,025
80,323
16,695
32,929
1,089,301


Additions
-
-
2,635
-
-
2,635



At 31 March 2023

890,329
69,025
82,958
16,695
32,929
1,091,936



Depreciation


At 1 April 2022
-
24,532
59,854
16,349
27,085
127,820


Charge for the year on owned assets
-
6,902
5,116
87
1,462
13,567



At 31 March 2023

-
31,434
64,970
16,436
28,547
141,387



Net book value



At 31 March 2023
890,329
37,591
17,988
259
4,382
950,549



At 31 March 2022
890,329
44,493
20,469
346
5,844
961,481


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
2



At 31 March 2023
2




Page 7

 
MICHAEL LINNELL AND CO. LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Investment property


Investment properties

£



Valuation


At 1 April 2022
703,909



At 31 March 2023
703,909

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
653,871
653,871


7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
129,271
219,431



8.


Debtors

2023
2022
£
£


Trade debtors
68,755
54,204

Amounts owed by group undertakings
1,500,000
-

Other debtors
1,319
9,594

Prepayments
7,257
3,539

1,577,331
67,337


Page 8

 
MICHAEL LINNELL AND CO. LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
8,087
30,565

Corporation tax
25,243
33,473

Other taxation and social security
24,300
1,593

Other creditors
19,981
2,230

Accruals and deferred income
7,975
7,936

85,586
75,797



10.


Deferred taxation




2023
2022


£

£






At beginning of year
(11,404)
(9,463)


Credited to the Statement of comprehensive income
1,650
(1,941)



At end of year
(9,754)
(11,404)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
9,754
11,404

Page 9

 
MICHAEL LINNELL AND CO. LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



37 (2022 - 37) Ordinary A shares of £1.00 each
37
37
30 (2022 - 30) Ordinary B shares of £1.00 each
30
30
27 (2022 - 27) Ordinary C shares of £1.00 each
27
27
27 (2022 - 27) Ordinary D shares of £1.00 each
27
27
2 (2022 - Nil) Ordinary E shares of £1.00 each
2
-
2 (2022 - Nil) Ordinary F shares of £1.00 each
2
-

125

121


During the year, the company issued 2 Ordinary E £1 shares, 2 Ordinary F £1 shares each at par value. 


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately 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 £783 (2022 - £776). No contributions were payable to the fund at either balance sheet date.


13.


Transactions with directors

Directors' advances and credits, included within other debtors, during the year were as follows:

2023
2022
£
£
Advances brought forward

-

43,582
 
Total advances in the year

-

19,618
 
Total credits in the year

-

(64,032)
 
Interest charged in the year

-

832
 
Advances carried forward

-

-
 

Interest is charged at the H M Revenue & Customs beneficial loan rate applicable on each transaction during the year.


14.


Related party transactions

At the year end, an amount of £468 was owed to the directors of the Company (2022 - £468).
Within other debtors at the year end were amounts of £1,500,000
 (2022 - £Nil) owed by companies under the control of the directors. 

 
Page 10