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REGISTERED NUMBER: 01972235 (England and Wales)










STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

LINCO PLC

LINCO PLC (REGISTERED NUMBER: 01972235)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


LINCO PLC

COMPANY INFORMATION
for the year ended 31 January 2024







DIRECTORS: Mr R J Shortis
Mr K Bennett
Mr W Griffin



SECRETARY: Mr S P Allman



REGISTERED OFFICE: 186 Salhouse Road
Norwich
Norfolk
NR7 9AH



REGISTERED NUMBER: 01972235 (England and Wales)



AUDITORS: Sexty & Co
Chartered Certified Accountants
& Statutory Auditor
124 Thorpe Road
Norwich
Norfolk
NR1 1RS



SOLICITORS: Howes Percival
Flint Buildings
1 Bedding Lane
Norwich
Norfolk
NR3 1RG

LINCO PLC (REGISTERED NUMBER: 01972235)

STRATEGIC REPORT
for the year ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

CHAIRMAN'S REPORT
Linco Plc, which trades as EU Linco, together with its parent company E U Limited, had a combined turnover of £25.0m, pre-tax profits of £2.0m and net assets of over £12.5m.

The combined companies distribute car parts through 26 branches in a very competitive marketplace.

A comprehensive business review is available in the consolidated group financial statements of K J Shortis Limited.

With a strong increase in turnover over the past year, which was partly due to inflation and the rise in the cost of goods, as well as increased sales volume as a result of the cost-of-living crises, with interest rates hitting percentages not seen for over a decade, resulting in people watching the pennies and keeping their car for longer, opting to have their cars serviced and repaired at independent garages, who are our customers, rather than main dealers.

PRINCIPAL RISKS AND UNCERTAINTIES
Business risks:
With the continuing reshaping of the UK Aftermarket, with mergers and formations of new buying groups our marketplace is in a state of flux. The high interest rates are likely to affect some of our competitors and with these increases in interest payments and refinancing, could present the Group's companies with opportunities to purchase additional businesses. When the right opportunities arise, the Group can take advantage of these opportunities, due to its strong financial position. The Company can afford to hold stocks when suitable deals become available via our good supplier and customer relationships.

Competition:
The UK Aftermarket is a highly competitive marketplace. We have always prided ourselves on being family owned and family run. This allows us to differentiate ourselves from the competition, which we feel our customers value. The Company manages this by continually assessing, reviewing and developing suitable systems and practises to ensure quality of service to maintain good customer relationships and competitive pricing.

Regulatory compliance risk:
The Company is subject to various laws and regulations set by local authorities and the Health and Safety Executive. The directors ensure that they are up to date and comply with all relevant areas of legislation to mitigate the risk of fines or other disciplinary actions.

Financial risk management:
The directors continually monitor the performance of the Company, trade debtors, stock levels and stock movements to minimise the financial risk of the business. In addition, the Company ensures adequate financing facilities are in place to meet the requirements of the business, along with the strong financial strength of the Group's companies.


LINCO PLC (REGISTERED NUMBER: 01972235)

STRATEGIC REPORT
for the year ended 31 January 2024


Financial key performance indicators

The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross margin and return on capital employed.

31 January 2024 31 January 2023
£ £

Turnover 4,852,759 4,396,475
Gross margin 42.6% 42.5%
Return on capital employed 12.3% 11.3%

The directors are very pleased with the results of the past year; however, the current year is very testing. Inflationary costs are increasing the cost of wages, with fuel and heating being highest. As with most industries, being able to recruit staff has been the biggest problem. We are fortunate that we have loyal key staff to drive the group forward, to assist the group in continuing to reinvest and expand the business.

ON BEHALF OF THE BOARD:





Mr R J Shortis - Director


30 July 2024

LINCO PLC (REGISTERED NUMBER: 01972235)

REPORT OF THE DIRECTORS
for the year ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

Mr R J Shortis
Mr K Bennett
Mr W Griffin

FUTURE DEVELOPMENTS
Narrative for future developments is included within the strategic report.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors have regarded the need to foster the Company's business relationships with suppliers, customers and others. We have built and maintained long standing business relationships with our suppliers and customers. We continue to consider the needs our suppliers, customers and others with regards to the principle business decisions made throughout the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

LINCO PLC (REGISTERED NUMBER: 01972235)

REPORT OF THE DIRECTORS
for the year ended 31 January 2024


AUDITORS
The auditors, Sexty & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R J Shortis - Director


30 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCO PLC

Opinion
We have audited the financial statements of Linco plc (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCO PLC


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have made enquiries with management regarding their procedures for complying with laws and regulations along with detecting and prevent fraud. We also review minutes of meetings and any published news articles to identify any instances of non-compliance with and regulations.

Evidence has been obtained where applicable. Written representation has been obtained to confirm there have been no breaches of laws and regulations.

The audit procedures are designed so that with reasonable assurance, material misstatements can be detected, including those relating to fraud. Specifically, areas which involve provisions or estimations have been tested where material.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCO PLC


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




I A Barlow (Senior Statutory Auditor)
for and on behalf of Sexty & Co
Chartered Certified Accountants
& Statutory Auditor
124 Thorpe Road
Norwich
Norfolk
NR1 1RS

30 July 2024

LINCO PLC (REGISTERED NUMBER: 01972235)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER 4,852,759 4,396,475

Cost of sales 2,784,429 2,528,579
GROSS PROFIT 2,068,330 1,867,896

Administrative expenses 1,607,782 1,489,547
460,548 378,349

Other operating income 16,154 18,208
OPERATING PROFIT and
PROFIT BEFORE TAXATION 476,702 396,557

Tax on profit 7 122,280 72,779
PROFIT FOR THE FINANCIAL YEAR 354,422 323,778

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

354,422

323,778

LINCO PLC (REGISTERED NUMBER: 01972235)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 461,634 408,437
Investment property 9 267,059 267,059
728,693 675,496

CURRENT ASSETS
Stocks 10 957,789 942,242
Debtors 11 2,873,089 2,505,832
Cash in hand 7,093 7,821
3,837,971 3,455,895
CREDITORS
Amounts falling due within one year 12 650,579 592,008
NET CURRENT ASSETS 3,187,392 2,863,887
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,916,085

3,539,383

PROVISIONS FOR LIABILITIES 13 55,960 33,680
NET ASSETS 3,860,125 3,505,703

CAPITAL AND RESERVES
Called up share capital 14 50,000 50,000
Revaluation reserve 15 143,550 143,550
Retained earnings 15 3,666,575 3,312,153
SHAREHOLDERS' FUNDS 3,860,125 3,505,703

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





Mr R J Shortis - Director


LINCO PLC (REGISTERED NUMBER: 01972235)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 January 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 50,000 2,988,375 143,550 3,181,925

Changes in equity
Total comprehensive income - 323,778 - 323,778
Balance at 31 January 2023 50,000 3,312,153 143,550 3,505,703

Changes in equity
Total comprehensive income - 354,422 - 354,422
Balance at 31 January 2024 50,000 3,666,575 143,550 3,860,125

LINCO PLC (REGISTERED NUMBER: 01972235)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024

1. STATUTORY INFORMATION

Linco plc is a public company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are presented in pounds sterling and are rounded to the nearest pound.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of K.J. Shortis Limited as at 31 January 2024 and these financial statements may be obtained from Companies House.

Related party transactions

The company has taken the disclosure exemption available as permitted by FRS 102 section 33.1A not to disclose transactions with group member companies which are also wholly owned subsidiaries within the same group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The turnover figure shown in the statement of comprehensive income relates wholly to sale of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line basis
Fixtures, fittings & office equipment
-
33.33% straight line basis, 15% on reducing balance and 15% straight line basis
Motor vehicles - 25% straight line basis

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

LINCO PLC (REGISTERED NUMBER: 01972235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value using the average cost method, after making due allowance for obsolete and slow moving items.

Cost comprises the average cost of all purchases.

To reflect market conditions and in accordance with good accounting practice, all rebates have been taken into account.

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.

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.


LINCO PLC (REGISTERED NUMBER: 01972235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

Pension costs and other post-retirement benefits
The company operates a money purchase scheme. Contributions payable are charged in the profit and loss account.

Leasing commitments
The annual rentals due on operating leases are charged to the profit and loss account on a straight line basis over the term of the lease.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,001,532 918,049
Social security costs 93,485 85,691
Other pension costs 41,843 27,534
1,136,860 1,031,274

The average number of employees during the year was as follows:
2024 2023

39 39

2024 2023
£    £   
Directors' remuneration 178,620 163,882
Directors' pension contributions to money purchase schemes 20,690 7,840

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

LINCO PLC (REGISTERED NUMBER: 01972235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 67,894 50,491
Profit on disposal of fixed assets (17,500 ) (2,386 )
Operating leases - land and buildings 10,000 10,000
Rents received (13,000 ) (13,000 )

The pension contributions for Mr R J Shortis are made by K J Shortis Limited, these are recharged in the management charges.

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors and their associates for the
audit of the company's financial statements

6,699

5,380

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 100,000 70,000
Under / (over) provision in prior year - (16,221 )
Total current tax 100,000 53,779

Deferred tax 22,280 19,000
Tax on profit 122,280 72,779

UK corporation tax has been charged at 24.03% .

LINCO PLC (REGISTERED NUMBER: 01972235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 476,702 396,557
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

119,176

75,346

Effects of:
Capital allowances in excess of depreciation (16,601 ) (6,256 )
Adjustments to tax charge in respect of previous periods - (16,221 )
Profit on disposal of assets (4,375 ) (453 )
Rounding provision 5,610 1,363
Deferred tax timing differences 22,280 19,000
Adjustment relating to blended corporation tax rate (3,810 ) -
Total tax charge 122,280 72,779

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company's financial year straddles this date, a blended corporation tax rate of 24.03% has been applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable whilst also taking into account marginal relief.

8. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Freehold & office Motor
property equipment vehicles Totals
£    £    £    £   
COST
At 1 February 2023 492,531 159,443 289,082 941,056
Additions - 880 126,211 127,091
Disposals - - (54,465 ) (54,465 )
At 31 January 2024 492,531 160,323 360,828 1,013,682
DEPRECIATION
At 1 February 2023 211,645 132,656 188,318 532,619
Charge for year 7,266 9,174 51,454 67,894
Eliminated on disposal - - (48,465 ) (48,465 )
At 31 January 2024 218,911 141,830 191,307 552,048
NET BOOK VALUE
At 31 January 2024 273,620 18,493 169,521 461,634
At 31 January 2023 280,886 26,787 100,764 408,437

Included in cost of freehold property is freehold land of £129,236 (2023 - £129,236) which is not depreciated.

LINCO PLC (REGISTERED NUMBER: 01972235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 267,059
NET BOOK VALUE
At 31 January 2024 267,059
At 31 January 2023 267,059

The investment property was valued by the directors on 31 January 2024. The cost of this property amounts to £108,829 (2023 - £108,829).

10. STOCKS
2024 2023
£    £   
Stocks 957,789 942,242

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 412,462 390,715
Other debtors 4,119 27,021
Amounts owed by group companies 2,438,670 2,071,378
Prepayments and accrued income 17,838 16,718
2,873,089 2,505,832

The amounts owed by group companies relates to accumulated cash in the group deposit account.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 369,441 434,307
Corporation tax 101,684 -
Social security and other taxes 117,230 107,545
Other creditors 40,290 28,955
Accruals and deferred income 21,934 21,201
650,579 592,008

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Other timing differences 55,960 33,680

LINCO PLC (REGISTERED NUMBER: 01972235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

13. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2023 33,680
Provided during year 22,280
Balance at 31 January 2024 55,960

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary £1 50,000 50,000

15. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 February 2023 3,312,153 143,550 3,455,703
Profit for the year 354,422 354,422
At 31 January 2024 3,666,575 143,550 3,810,125

16. PENSION COMMITMENTS

The company operates a defined contribution pension scheme and contributions are charged in the profit and loss account as they accrue. The charge for the year was £25,843 (2023 £27,534).

17. ULTIMATE PARENT COMPANY

The ultimate parent company is K J Shortis Limited. The direct parent company is E U Limited, a wholly owned subsidiary of K J Shortis Limited. Both K J Shortis Limited and E U Limited have the same registered office address of 186 Salhouse Road, Norwich, NR7 9AH.