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COMPANY REGISTRATION NUMBER: 00198898
Linton Metalware Limited
Filleted Unaudited Financial Statements
30 June 2023
Linton Metalware Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
2,379
3,572
Investments
5
10,000
10,000
---------
---------
12,379
13,572
Current assets
Stocks
24,381
26,745
Debtors
6
57,125
83,932
Cash at bank and in hand
14,246
7,146
---------
-----------
95,752
117,823
Creditors: amounts falling due within one year
7
144,746
176,935
-----------
-----------
Net current liabilities
48,994
59,112
---------
---------
Total assets less current liabilities
( 36,615)
( 45,540)
---------
---------
Net liabilities
( 36,615)
( 45,540)
---------
---------
Capital and reserves
Called up share capital
10,580
10,580
Capital redemption reserve
9,150
9,150
Profit and loss account
( 56,345)
( 65,270)
---------
---------
Shareholders deficit
( 36,615)
( 45,540)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Linton Metalware Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 28 February 2024 , and are signed on behalf of the board by:
Mr Z Thabet
Director
Company registration number: 00198898
Linton Metalware Limited
Accounting Policies
Year ended 30 June 2023
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may crystallise
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
20% straight line
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Linton Metalware Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 11 ).
4. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
9,427
21,495
18,921
49,843
Disposals
( 800)
( 21,495)
( 2,016)
( 24,311)
--------
---------
---------
---------
At 30 June 2023
8,627
16,905
25,532
--------
---------
---------
---------
Depreciation
At 1 July 2022
7,740
21,495
17,036
46,271
Charge for the year
731
462
1,193
Disposals
( 800)
( 21,495)
( 2,016)
( 24,311)
--------
---------
---------
---------
At 30 June 2023
7,671
15,482
23,153
--------
---------
---------
---------
Carrying amount
At 30 June 2023
956
1,423
2,379
--------
---------
---------
---------
At 30 June 2022
1,687
1,885
3,572
--------
---------
---------
---------
5. Investments
Other investments other than loans
£
Cost
At 1 July 2022 and 30 June 2023
10,000
---------
Impairment
At 1 July 2022 and 30 June 2023
---------
Carrying amount
At 30 June 2023
10,000
---------
At 30 June 2022
10,000
---------
6. Debtors
2023
2022
£
£
Trade debtors
51,314
80,026
Other debtors
5,811
3,906
---------
---------
57,125
83,932
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,496
Trade creditors
82,482
105,586
Corporation tax
8,449
Social security and other taxes
11,798
10,655
Other creditors
50,466
35,749
-----------
-----------
144,746
176,935
-----------
-----------
8. Going concern
Liabilities exceed assets as at 30 June 2023 by £36,615 (2022 - £45,540). However, the director has confirmed that he will continue to support the company for the forseeable future to ensure the company meets it's financial and trading obligations. The director is of the opinion that the company continues to be a going concern and the financial statements have been prepared on this basis.
9. Related party transactions
The company's immediate and ultimate parent company is Beca Bins Limited. The registered office is The Old Mill, 9 Soar Lane, Leicester. LE3 5DE. Previous year the company wrote off an entire interest free loan repayable on demand to a related party amounting to £896,719. There was no similar transaction this year.