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Registered number: 11001732
Linden Holdings (Devon) Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 11001732
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,237,203 928,294
1,237,203 928,294
CURRENT ASSETS
Debtors 5 73,212 36,989
Cash at bank and in hand 196,439 174,144
269,651 211,133
Creditors: Amounts Falling Due Within One Year 6 (274,162 ) (268,371 )
NET CURRENT ASSETS (LIABILITIES) (4,511 ) (57,238 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,232,692 871,056
Creditors: Amounts Falling Due After More Than One Year 7 (440,580 ) (400,175 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (181,522 ) (110,988 )
NET ASSETS 610,590 359,893
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 121,099 59,944
Profit and Loss Account 489,391 299,849
SHAREHOLDERS' FUNDS 610,590 359,893
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Tristan Hamilton
Director
29 July 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Linden Holdings (Devon) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11001732 . The registered office is 138 High Street, Crediton, Devon, EX17 3DX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Buses Revaluation model - see below
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Computer Equipment 25% straight line
Buses are held using the revaluation model. Valuations are made with sufficient regularity so as to ensure the carrying value does not materially differ from the fair value. Valuations are made with reference to market prices.
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Financial Instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at the market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.9. Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
2.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2022: 21)
22 21
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4. Tangible Assets
Land & Property
Buses Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 November 2022 846,900 85,039 43,290 4,222 979,451
Additions 261,500 3,454 25,363 - 290,317
Disposals (18,000 ) - (550 ) - (18,550 )
Revaluation 59,000 - - - 59,000
As at 31 October 2023 1,149,400 88,493 68,103 4,222 1,310,218
Depreciation
As at 1 November 2022 - 25,787 21,286 4,084 51,157
Provided during the period - 12,541 9,403 112 22,056
Disposals - - (198 ) - (198 )
As at 31 October 2023 - 38,328 30,491 4,196 73,015
Net Book Value
As at 31 October 2023 1,149,400 50,165 37,612 26 1,237,203
As at 1 November 2022 846,900 59,252 22,004 138 928,294
The Buses asset class has been revalued in the year ended 31 October 2023. The valuations have been made by the director with reference to industry guidelines and market prices.
Buses have been revalued to £1,149,400 (2022: £846,900). Under historical cost accounting rules the net book value of Buses would be £652,864 (2022: £566,867).
Included above are assets held under hire purchase or finance lease with a net book value as follows:
2023 2022
as restated
£ £
Plant & Machinery 35,480 44,350
Motor Vehicles 36,812 21,652
Buses 1,016,900 729,900
1,089,192 795,902
5. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 45,792 26,723
Prepayments and accrued income 1,549 663
Other debtors 120 1,995
VAT 14,699 7,608
Amounts owed by group undertakings 11,052 -
73,212 36,989
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Net obligations under finance lease and hire purchase contracts 177,850 162,574
Trade creditors 45,212 19,007
Bank loans and overdrafts 15,524 14,954
Other taxes and social security 10,713 7,002
Other creditors 19,507 58,001
Accruals and deferred income 5,356 6,833
274,162 268,371
The hire purchase liabilities are secured on the assets to which they relate. A bank loan is secured by way of personal guarantee by a director.
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Net obligations under finance lease and hire purchase contracts 415,610 359,629
Bank loans 24,970 40,546
440,580 400,175
The hire purchase liabilities are secured on the assets to which they relate. A bank loan is secured by way of personal guarantee by a director.
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
as restated
£ £
The future minimum finance lease payments are as follows:
Not later than one year 177,850 162,574
Later than one year and not later than five years 415,610 359,629
593,460 522,203
593,460 522,203
9. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances and revaluations.
2023 2022
as restated
£ £
Other timing differences 181,522 110,988
10. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 100 100
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11. Reserves
Revaluation Reserve
£
As at 1 November 2022 59,944
Surplus on revaluation 61,155
As at 31 October 2023 121,099
Deferred tax is provided for on the revaluation reserve.
12. Related Party Transactions
At the year end, 31 October 2023, the company owed directors £nil (2022: £nil) in respect of loans held with the company. These amounts are interest free and repayable on demand.
At the year end, 31 October 2023, the company owed shareholders £17,338 (2022: £17,338) in respect of loans held with the company. These amounts are interest free and repayable on demand.
During the year ended 31 October 2023 the company lent funds totalling £nil (2022: £nil) to the parent company. In addition, during the year, the company transacted with the parent company. The transactions were carried out at market rates. The net amount due from the parent company as at 31 October 2023 is £11,052 (2022: £37,155 due to the parent company). This amount is included within debtors due within one year. This amount is interest free and repayable on demand.
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