Silverfin false false 31/03/2024 01/04/2023 31/03/2024 W S Jamieson 22/05/2024 02/04/2002 I J Moglia 02/04/2002 I J Moglia 26 July 2024 The principal activity of the company continued to be that of the manufacture and sale of insulated wire and cable assemblies and the sale and distribution of electronic and associated components. SC226913 2024-03-31 SC226913 bus:Director1 2024-03-31 SC226913 bus:Director2 2024-03-31 SC226913 2023-03-31 SC226913 core:CurrentFinancialInstruments 2024-03-31 SC226913 core:CurrentFinancialInstruments 2023-03-31 SC226913 core:ShareCapital 2024-03-31 SC226913 core:ShareCapital 2023-03-31 SC226913 core:CapitalRedemptionReserve 2024-03-31 SC226913 core:CapitalRedemptionReserve 2023-03-31 SC226913 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC226913 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC226913 core:LandBuildings 2023-03-31 SC226913 core:OtherPropertyPlantEquipment 2023-03-31 SC226913 core:LandBuildings 2024-03-31 SC226913 core:OtherPropertyPlantEquipment 2024-03-31 SC226913 core:DeferredTaxation 2024-03-31 SC226913 core:DeferredTaxation 2023-03-31 SC226913 core:OtherProvisionsContingentLiabilities 2024-03-31 SC226913 core:OtherProvisionsContingentLiabilities 2023-03-31 SC226913 bus:OrdinaryShareClass1 2024-03-31 SC226913 core:WithinOneYear 2024-03-31 SC226913 core:WithinOneYear 2023-03-31 SC226913 core:BetweenOneFiveYears 2024-03-31 SC226913 core:BetweenOneFiveYears 2023-03-31 SC226913 2023-04-01 2024-03-31 SC226913 bus:FilletedAccounts 2023-04-01 2024-03-31 SC226913 bus:SmallEntities 2023-04-01 2024-03-31 SC226913 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC226913 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC226913 bus:Director1 2023-04-01 2024-03-31 SC226913 bus:Director2 2023-04-01 2024-03-31 SC226913 bus:CompanySecretary1 2023-04-01 2024-03-31 SC226913 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-04-01 2024-03-31 SC226913 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC226913 2022-04-01 2023-03-31 SC226913 core:LandBuildings 2023-04-01 2024-03-31 SC226913 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC226913 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC226913 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC226913 1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC226913 (Scotland)

LINK CABLE ASSEMBLIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

LINK CABLE ASSEMBLIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

LINK CABLE ASSEMBLIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
LINK CABLE ASSEMBLIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 114,665 45,149
114,665 45,149
Current assets
Stocks 783,672 667,204
Debtors 4 1,266,698 1,385,077
Cash at bank and in hand 287,746 83,666
2,338,116 2,135,947
Creditors: amounts falling due within one year 5 ( 1,165,655) ( 998,718)
Net current assets 1,172,461 1,137,229
Total assets less current liabilities 1,287,126 1,182,378
Provision for liabilities 6 ( 71,985) ( 61,286)
Net assets 1,215,141 1,121,092
Capital and reserves
Called-up share capital 7 56,202 63,227
Capital redemption reserve 133,411 126,386
Profit and loss account 1,025,528 931,479
Total shareholders' funds 1,215,141 1,121,092

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Link Cable Assemblies Limited (registered number: SC226913) were approved and authorised for issue by the Director on 26 July 2024. They were signed on its behalf by:

I J Moglia
Director
LINK CABLE ASSEMBLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
LINK CABLE ASSEMBLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Link Cable Assemblies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 94 Hope Street C/O Macdonald Henderson, Glasgow, G2 6PH, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for goods and services, in respect of cable assemblies and other electronic components, net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stock is valued at the lower of cost and net realisable value and includes internally manufactured parts. The cost of these manufactured parts includes an element of labour and overheads recovered. Cost is calculated using the Average Cost method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 64 64

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 47,535 95,412 142,947
Additions 0 98,925 98,925
Disposals ( 47,535) 0 ( 47,535)
At 31 March 2024 0 194,337 194,337
Accumulated depreciation
At 01 April 2023 47,535 50,263 97,798
Charge for the financial year 0 29,409 29,409
Disposals ( 47,535) 0 ( 47,535)
At 31 March 2024 0 79,672 79,672
Net book value
At 31 March 2024 0 114,665 114,665
At 31 March 2023 0 45,149 45,149

4. Debtors

2024 2023
£ £
Trade debtors 1,231,521 1,349,243
Other debtors 35,177 35,834
1,266,698 1,385,077

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 673,934 677,760
Corporation tax 216,089 97,267
Other taxation and social security 224,188 180,895
Other creditors 51,444 42,796
1,165,655 998,718

6. Provision for liabilities

2024 2023
£ £
Deferred tax 28,665 11,286
Other provisions 43,320 50,000
71,985 61,286

The other provision represents a dilapidation provision.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
56,202 Ordinary shares of £ 1.00 each (2023: 63,227 shares of £ 1.00 each) 56,202 63,227

On 14 December 2023, the company bought back 7,025 shares for £303,293. These shares were subsequently cancelled.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 141,898 110,617
between one and five years 231,027 252,865
372,925 363,482

9. Events after the Balance Sheet date

On 22 May 2024, the entire share capital of the company was acquired by LCA MFG Group Ltd.