REGISTERED NUMBER: 00392482 (England and Wales) |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
LINTON FAMILY (HOLDINGS) LTD |
PREVIOUSLY KNOWN AS |
NORMAN LINTON (HOLDINGS) LIMITED |
REGISTERED NUMBER: 00392482 (England and Wales) |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
LINTON FAMILY (HOLDINGS) LTD |
PREVIOUSLY KNOWN AS |
NORMAN LINTON (HOLDINGS) LIMITED |
LINTON FAMILY (HOLDINGS) LTD (REGISTERED NUMBER: 00392482) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LINTON FAMILY (HOLDINGS) LTD |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
LINTON FAMILY (HOLDINGS) LTD (REGISTERED NUMBER: 00392482) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
LINTON FAMILY (HOLDINGS) LTD (REGISTERED NUMBER: 00392482) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LINTON FAMILY (HOLDINGS) LTD (REGISTERED NUMBER: 00392482) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Linton Family (Holdings) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Linton Family (Holdings) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. |
The following judgements have had the most significant effect on amounts recognised in the financial statements. |
Valuation of investment properties |
Investment properties are valued annually at fair value. Fair value is ascertained through review of a number |
of factors and information flows, including market knowledge, recent market movements, historical |
experience, rent levels and flows of cash for the respective investment property. There is an inevitable degree of judgment involved and value can be only reliably be tested ultimately in the market itself. |
Investments |
Investments held as non current assets are stated at cost less any provision for impairment. The directors |
assess the recoverability of investments made and economic benefit of the investments based on market |
conditions and cash flow estimates. |
Turnover |
Revenue represents rental income receivable, net of value added tax which is derived from investment properties held by the company . Rentals receivables under operating leases are credited to income on a straight line basis over the lease term. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised initially at cost less any impairment. |
Investment property |
Investment properties, which are properties held to earn rentals and/or for capital appreciation are initially recognised at cost , which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement. |
No depreciation is provided on investment properties. |
LINTON FAMILY (HOLDINGS) LTD (REGISTERED NUMBER: 00392482) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
LINTON FAMILY (HOLDINGS) LTD (REGISTERED NUMBER: 00392482) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: The Maple Building, 39-51 Highgate Road, London NW5 1RT |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
LINTON FAMILY (HOLDINGS) LTD (REGISTERED NUMBER: 00392482) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
Registered office: The Maple Building, 39-51 Highgate Road, London NW5 1RT |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: The Maple Building, 39-51 Highgate Road, London NW5 1RT |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
Registered office: The Maple Building, 39-51 Highgate Road, London NW5 1RT |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 |
£ |
Aggregate capital and reserves |
Profit for the year |
Associated company |
Registered office: The Maple Building, 39-51 Highgate Road, London NW5 1RT |
Nature of business: |
% |
Class of shares: | holding |
LINTON FAMILY (HOLDINGS) LTD (REGISTERED NUMBER: 00392482) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Disposals | ( |
) |
Revaluations | (100,000 | ) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2021 | 5,784,488 |
Valuation in 2023 | (100,000 | ) |
Cost | 1,765,512 |
7,450,000 |
The investment properties were valued by the directors at their fair value at the year end of £7,400,000. The historical cost is £1,756,512 (2022: £1,756,512)) |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 1,448,392 | 1,904,136 |
LINTON FAMILY (HOLDINGS) LTD (REGISTERED NUMBER: 00392482) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Income Statement during year | ( |
) |
Demerger properties | (250,972 | ) |
Balance at 31 March 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £0.5 | 750 | 750 |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Included in debtors amounts falling due within one year is an amount of £87,157 (2022: £5,954,346) owed by related companies. Included in creditors amounts falling due within one year is an amount of £291,013 (2022: £2,474,540) owed by related companies. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is Linton Holdings Limited. |
During the year the company was involved in a scheme of reconstruction of group of private companies. As part of the scheme the company is presently a wholly -owned subsidiary of Linton Holdings Limited. |
12. | DEMERGER |
The Company was under the control of two families. During the year it undertook a restructure to enable it to operate independently of the other family. In the process the assets and liabilities of the company were split between the two families, loans of £6,713,195 were waived and a dividend in specie of £5,614,913 was made to effect the demerger. |