Company registration number SC629833 (Scotland)
LINTON FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LINTON FINANCE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
LINTON FINANCE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
-
0
6,000,000
Current assets
Debtors
4
10,910,545
18,463,205
Cash at bank and in hand
90,841
68,277
11,001,386
18,531,482
Creditors: amounts falling due within one year
5
(2,946,842)
(5,235,790)
Net current assets
8,054,544
13,295,692
Net assets
8,054,544
19,295,692
Capital and reserves
Called up share capital
6
8,053,532
19,289,829
Profit and loss reserves
1,012
5,863
Total equity
8,054,544
19,295,692

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 2 July 2024 and are signed on its behalf by:
Richard Smith
Director
Company registration number SC629833 (Scotland)
LINTON FINANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
19,289,829
2,348
19,292,177
Year ended 31 December 2022:
Profit and total comprehensive income
-
453,515
453,515
Dividends
-
(450,000)
(450,000)
Balance at 31 December 2022
19,289,829
5,863
19,295,692
Year ended 31 December 2023:
Profit and total comprehensive income
-
655,280
655,280
Issue of share capital
6
952,811
-
952,811
Dividends
-
(660,131)
(660,131)
Reduction of shares
6
(12,189,108)
-
0
(12,189,108)
Balance at 31 December 2023
8,053,532
1,012
8,054,544
LINTON FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Linton Finance Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 Queens Road, Aberdeen, AB15 4ZT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LINTON FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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 statement of financial position 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.6
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.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

LINTON FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
-
0
6,000,000

On 14 December 2023, the company's investment was assigned to another member of the group.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
6,000,000
Disposals
(6,000,000)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
6,000,000
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
164,420
75,860
Amounts owed by group undertakings
55,000
55,000
Other debtors
-
0
3,192,857
219,420
3,323,717
LINTON FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Debtors
(Continued)
- 6 -
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
10,691,125
15,139,488
Total debtors
10,910,545
18,463,205
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,691,842
1,714,928
Other creditors
255,000
3,520,862
2,946,842
5,235,790
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,053,532
19,289,829
8,053,532
19,289,829

On 7 December 2023, 561,519 ordinary shares with a total value of £561,519 were allotted. On 14 December 2023, 12,189,108 ordinary shares with a total value of £12,189,108 were cancelled and extinguished. On 20 December 2023, 391,292 ordinary shares with a total value of £391,292 were allotted.

 

LINTON FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS102 33.1A 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to transactions.

 

At the balance sheet date, the company was owed £3,189,252 (2022: £3,189,252) by NBL Linton Limited. The directors of this company are related to the directors of Linton Finance Limited.

 

During the year, The Linton Collection repaid a £3,137,499 loan. The directors of this company are related to the directors of Linton Finance Limited.

 

During the year, interest of £632 (2023: £3,057) was charged and repayments of £69,266 (2022: £103,900) were received from Linton Farm Partnership, bringing the outstanding balance to nil (2022: £68,634). This entity has the same ultimate controlling party as Linton Finance Limited.

8
Parent company

The company is a wholly owned subsidiary of Linton Investments Limited, a company registered in Scotland with registration number SC607475. The registered office address of the parent company is 6 Queens Road, Aberdeen, AB15 4ZT.

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