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Registered number: 05567057










LINNECOR & CO LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
LINNECOR & CO LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7

 
LINNECOR & CO LIMITED
REGISTERED NUMBER: 05567057

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,078,513
1,085,583

Investments
 6 
2
2

  
1,078,515
1,085,585

Current assets
  

Stocks
  
11,044
11,044

Debtors
 7 
13,134
1,010

Cash at bank and in hand
  
106,525
141,486

  
130,703
153,540

Creditors: amounts falling due within one year
 8 
(28,116)
(33,151)

Net current assets
  
 
 
102,587
 
 
120,389

Total assets less current liabilities
  
1,181,102
1,205,974

  

Net assets
  
1,181,102
1,205,974


Capital and reserves
  

Called up share capital 
  
2,698
2,698

Share premium account
  
506,074
506,074

Profit and loss account
  
672,330
697,202

  
1,181,102
1,205,974

Page 1

 
LINNECOR & CO LIMITED
REGISTERED NUMBER: 05567057
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2024.



Mr G A Linnecor
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
LINNECOR & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Linnecor & Co Limited is a private company limited by shares and incorporated in the England. The address of the registered office is 76 Sherifoot Lane, Four Oaks, Sutton Coldfield, B75 5DU, which is also the address of its principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Investment properties

Investment properties are carried at cost. This is not in accordance with the provisions of FRS102 which states investment properties should be held at fair value.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Stocks

Stocks are valued at the lower of cost and net realisable value.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
LINNECOR & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

2024
2023
£
£

Wages and salaries
93,600
85,491

Social security costs
4,700
3,604

Cost of defined contribution scheme
10,000
4,000

108,300
93,095


The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 4

 
LINNECOR & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
8,172

Adjustments in respect of previous periods
(2,862)
(40,632)


Total current tax
(2,862)
(32,460)






5.


Tangible fixed assets





Investment properties

£



Cost 


At 1 April 2023
1,085,583


Stamp duty refund
(7,070)



At 31 March 2024

1,078,513






Net book value



At 31 March 2024
1,078,513



At 31 March 2023
1,085,583

Page 5

 
LINNECOR & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2023
2



At 31 March 2024
2




Subsidiary undertaking:
The following is a UK subsidiary undertaking of the Company:
Name                                           Class of shares   Holding  Principal activity
Rocennil Developments Limited      Ordinary           100%   Property investment and development


7.


Debtors

2024
2023
£
£


Trade debtors
11,040
210

Other debtors
1,594
300

Prepayments and accrued income
500
500

13,134
1,010


Page 6

 
LINNECOR & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,686
-

Amounts owed to group undertakings
7,346
7,346

Corporation tax
14
8,172

Other taxation and social security
3,018
2,724

Other creditors
438
294

Accruals and deferred income
14,614
14,615

28,116
33,151


Bank loans are secured against the assets of the Company.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,000 (2023: £4,000).

 
Page 7