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COMPANY REGISTRATION NUMBER: 00917042
Linwood Plant Limited
Filleted Unaudited Financial Statements
31 October 2023
Linwood Plant Limited
Financial Statements
Year ended 31 October 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Linwood Plant Limited
Balance Sheet
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
961,213
961,432
Investments
6
115,575
115,575
------------
------------
1,076,788
1,077,007
Current assets
Debtors
7
64,216
62,478
Cash at bank and in hand
386,081
404,176
---------
---------
450,297
466,654
Creditors: amounts falling due within one year
8
472,903
488,560
---------
---------
Net current liabilities
22,606
21,906
------------
------------
Total assets less current liabilities
1,054,182
1,055,101
Provisions
Taxation including deferred tax
26,000
26,000
------------
------------
Net assets
1,028,182
1,029,101
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,028,082
1,029,001
------------
------------
Shareholders funds
1,028,182
1,029,101
------------
------------
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 profit & loss has not been delivered.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Linwood Plant Limited
Balance Sheet (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 24 July 2024 , and are signed on behalf of the board by:
Mrs L P Beckett
Director
Company registration number: 00917042
Linwood Plant Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The registered office is Nelson Industrial Estate, West Avenue, Talke, Stoke-on-Trent, ST7 1TZ. The company registration number is 00917042 .
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. Accounting policies
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. Monetary amounts in these financial statements are rounded to the nearest £.
Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost and subsequently remeasured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit and loss in the period in which they arise.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of services provided in the normal course of business. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Plant and Machinery
-
15% reducing balance
Fixtures, fittings and equipment
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 1 ).
5. Tangible assets
Investment Properties
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022 and 31 October 2023
960,000
41,299
1,690
16,094
1,019,083
---------
--------
-------
--------
------------
Depreciation
At 1 November 2022
40,726
882
16,043
57,651
Charge for the year
86
121
12
219
---------
--------
-------
--------
------------
At 31 October 2023
40,812
1,003
16,055
57,870
---------
--------
-------
--------
------------
Carrying amount
At 31 October 2023
960,000
487
687
39
961,213
---------
--------
-------
--------
------------
At 31 October 2022
960,000
573
808
51
961,432
---------
--------
-------
--------
------------
The gross assets held for use in operating leases amounted to £960,000 (2022 - £960,000) included in investment properties.
6. Investments
Shares in group undertakings
£
Cost
At 1 November 2022 and 31 October 2023
115,575
---------
Impairment
At 1 November 2022 and 31 October 2023
---------
Carrying amount
At 31 October 2023
115,575
---------
At 31 October 2022
115,575
---------
7. Debtors
2023
2022
£
£
Trade debtors
45,192
44,961
Other debtors
19,024
17,517
--------
--------
64,216
62,478
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,581
2,374
Amounts owed to group undertakings and undertakings in which the company has a participating interest
390,793
383,009
Corporation tax
8,500
5,000
Social security and other taxes
2,444
1,729
Other creditors
66,585
96,448
---------
---------
472,903
488,560
---------
---------
9. Related party transactions
One of the shareholders in the company rents one of the properties. No rent was paid during the current or previous year which is deemed not under normal market conditions.