Company registration number 10485463 (England and Wales)
LINC CAPITAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
LINC CAPITAL LIMITED
COMPANY INFORMATION
Directors
Mr A H Luke
Mr D G Luke
Mr J H Luke
Mr R D Luke
Mrs C Luke
Mrs K Langille
Mrs Amanda Luke
Mrs Laura Luke
Company number
10485463
Registered office
Unit 9
Coped Hall Business Park
Royal Wootton Bassett
Swindon
Wiltshire
United Kingdom
SN4 8DP
Auditor
Azets Audit Services
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
LINC CAPITAL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group balance sheet
8
Company balance sheet
9
Group statement of cash flows
10
Notes to the financial statements
11 - 27
LINC CAPITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 November 2023.

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Principal risks and uncertainties

The principal risk to the business remains volatility in the UK housing market. Unfortunately, 2023 will be remembered for the lingering impact of the Truss government being followed by the cost of living crisis which resulted in five bank rate rises, with mortgage rates peaking at 6.44% for a two-year fixed rate and SVR mortgages reaching 8.74%. This resulted in the country teetering on recession and a significant cooling of the property market with weighty price falls in some areas.

 

Roll forward to 2024 and a somewhat improved housing market despite the continuing high mortgage rates. It remains to be seen what specific housing policies the new Labour administration will introduce and how the general economy will fair under their stewardship, as always the company will navigate the market conditions with which we are presented.

Development and performance

Our principal business activity remains the buying and selling of residential property in the UK. We consider our key financial performance indicators to be Turnover, Gross Margin and Inventory volumes.

 

 

2023                 2022

Turnover                                        £21.2m              £20.3m

Gross Margin                                 9.5%               10.5%

Closing Inventory         £12.9m     £9.4m

 

We started the year with the housing market reeling from the impact of government policies, which meant the margin of the opening inventory was compromised. Through the year we saw the cost of living crisis develop which gradually weighed on the housing market and as a result did not achieve the expected growth in turnover and margin.

 

Our year to end November 2023 has delivered a disappointing £31,291 loss before tax, including a £195,986 provision against existing stock.

 

We end the year with a larger inventory and expect to see turnover growth and for the market to stabilise as inflation comes under control and interest rates start to fall. We continue to suffer from delays in the conveyancing process. Although challenging we expect resale demand to remain steady and thus values/margins to become more settled.

On behalf of the board

Mr D G Luke
Director
27 August 2024
LINC CAPITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company and group continued to be that of the buying and selling of residential property in the United Kingdom.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. Refer to the dividends note for the amount of final dividend proposed by the directors after the balance sheet date in respect of year end 30 November 2023.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A H Luke
Mr D G Luke
Mr J H Luke
Mr R D Luke
Mrs C Luke
Mrs K Langille
Mrs Amanda Luke
Mrs Laura Luke
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure in the strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the 'Review of Business' and 'Development and Performance' of the group during the year.

LINC CAPITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr D G Luke
Director
27 August 2024
LINC CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINC CAPITAL LIMITED
- 4 -
Opinion

We have audited the financial statements of Linc Capital Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

LINC CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LINC CAPITAL LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

LINC CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LINC CAPITAL LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Robert Hull (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
28 August 2024
Chartered Accountants
Statutory Auditor
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
LINC CAPITAL LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
21,173,701
20,263,098
Cost of sales
(19,165,008)
(18,143,184)
Gross profit
2,008,693
2,119,914
Administrative expenses
(1,873,737)
(1,961,394)
Operating profit
4
134,956
158,520
Interest receivable and similar income
7
1,151
17,043
Interest payable and similar expenses
9
(170,173)
(74,152)
Amounts written off investments
8
2,775
-
(Loss)/profit before taxation
(31,291)
101,411
Tax on (loss)/profit
10
1,930
(24,907)
(Loss)/profit for the financial year
23
(29,361)
76,504
Retained earnings brought forward
84,024
1,207,520
Dividends
-
0
(1,200,000)
Retained earnings carried forward
54,663
84,024
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The statement of income and retained earnings has been prepared on the basis that all operations are continuing operations.
LINC CAPITAL LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
137,308
142,243
Investments
13
55,902
1,002,430
193,210
1,144,673
Current assets
Stocks
15
12,922,245
9,429,734
Debtors
16
112,214
246,152
Cash at bank and in hand
1,074,256
1,669,718
14,108,715
11,345,604
Creditors: amounts falling due within one year
18
(6,726,030)
(4,885,021)
Net current assets
7,382,685
6,460,583
Total assets less current liabilities
7,575,895
7,605,256
Provisions for liabilities
Deferred tax liability
20
29,000
29,000
(29,000)
(29,000)
Net assets
7,546,895
7,576,256
Capital and reserves
Called up share capital
21
1,100
1,100
Other reserves
7,491,132
7,491,132
Profit and loss reserves
23
54,663
84,024
Total equity
7,546,895
7,576,256
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
27 August 2024
Mr D G Luke
Director
Company registration number 10485463 (England and Wales)
LINC CAPITAL LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
56,002
1,002,530
Current assets
Debtors
16
3,313,456
1,754,915
Cash at bank and in hand
23,541
75,080
3,336,997
1,829,995
Creditors: amounts falling due within one year
18
(648,360)
(20,360)
Net current assets
2,688,637
1,809,635
Net assets
2,744,639
2,812,165
Capital and reserves
Called up share capital
21
1,100
1,100
Profit and loss reserves
23
2,743,539
2,811,065
Total equity
2,744,639
2,812,165

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £67,526 (2022 - £32,983 loss).

The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
27 August 2024
Mr D G Luke
Director
Company registration number 10485463 (England and Wales)
LINC CAPITAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(3,379,247)
(1,845,945)
Interest paid
(170,173)
(74,152)
Income taxes refunded/(paid)
28,673
(58,616)
Net cash outflow from operating activities
(3,520,747)
(1,978,713)
Investing activities
Purchase of tangible fixed assets
(37,410)
(35,767)
Proceeds on disposal of tangible fixed assets
-
11,902
Purchase of investments
-
(999,995)
Proceeds on disposal of investments
949,303
-
Interest received
1,151
17,043
Other income received from investments
-
0
(2,435)
Net cash generated from/(used in) investing activities
913,044
(1,009,252)
Financing activities
Proceeds of new bank loans
2,000,000
3,500,000
Repayment of bank loans
(200,000)
-
Movement in directors' loan account
212,241
1,867
Dividends paid to equity shareholders
-
(1,200,000)
Net cash generated from financing activities
2,012,241
2,301,867
Net decrease in cash and cash equivalents
(595,462)
(686,098)
Cash and cash equivalents at beginning of year
1,669,718
2,355,816
Cash and cash equivalents at end of year
1,074,256
1,669,718
LINC CAPITAL LIMITED
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
1
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors do not consider there to be any key judgements or key sources of estimation uncertainty.

2
Accounting policies
Company information

Linc Capital Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 9, Coped Hall Business Park, Royal Wootton Bassett, Swindon, Wiltshire, United Kingdom, SN4 8DP.

 

The group consists of Linc Capital Limited and all of its subsidiaries.

2.1
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.

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2
Accounting policies
(Continued)
- 12 -
2.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Linc Capital Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 November 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

2.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

2.4
Turnover

Turnover represents income receivable from the sale of land and property, and services arising from other property related activities during the period. Turnover on the sale of property is recognised on exchange of contract.

2.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the period of the lease
Fixtures and fittings
10% - 50% on cost
Motor vehicles
15% on cost

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 recognised in the profit and loss account.

LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
2
Accounting policies
(Continued)
- 13 -
2.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

2.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.8
Stocks

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Stock cost represents the costs incurred in respect of the acquisition of land and property. Cost includes all expenditure in respect of an acquisition, including initial expenditure in assessing the viability of a property transaction, together with costs incurred in bringing the property to its present condition. Property purchase price will have been determined at the outset with reference to independent valuations. Where it is likely that the initial speculative costs will not then result in the final acquisition of the property, these costs are recognised in profit or loss.

2.9
Cash at bank and in hand

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.

LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
2
Accounting policies
(Continued)
- 14 -
2.10
Financial instruments

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
2
Accounting policies
(Continued)
- 15 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

2.11
Equity instruments

Equity instruments issued by the group 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 group.

2.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
2
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.13
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

2.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

2.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 17 -
3
Turnover

Group

The turnover and profit before taxation are attributable to the principal activity of the group.

 

Turnover represents the amounts receivable during the period. All sales are in the United Kingdom.

 

Company

The company did not have any turnover for the current or prior period.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
42,345
34,378
Audit of the financial statements of the company
2,400
1,980
Audit of the financial statements of the company's subsidiaries
17,792
14,083
Operating lease charges
34,424
25,541
5
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
8
8
8
8
Sales and administration
14
14
-
-
Total
22
22
8
8

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
795,753
746,342
70,000
50,000
Social security costs
80,533
70,135
654
416
Pension costs
14,668
18,187
-
0
-
0
890,954
834,664
70,654
50,416
LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 18 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
247,138
222,609

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 5)

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
57,250
56,414
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
1,151
17,043
8
Amounts written off investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
2,775
-
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
170,173
74,152
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
22,000
Adjustments in respect of prior periods
(1,930)
2,907
Total current tax
(1,930)
24,907
LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
10
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(31,291)
101,411
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.00% (2022: 19.00%)
(7,197)
19,268
Tax effect of expenses that are not deductible in determining taxable profit
4,064
3,808
Tax effect of income not taxable in determining taxable profit
(250)
(590)
Change in unrecognised deferred tax assets
3,117
-
0
Adjustments in respect of prior years
(1,930)
2,907
Other adjustments including change in rate
266
(486)
Taxation (credit)/charge
(1,930)
24,907

Factors that may affect future tax charges

A rate of 25% (2022: 25%) has been used for purposes of considering the effects of deferred taxation, in line with the main rate of UK Corporation Tax effective from 1 April 2023.

 

11
Dividends
2023
2022
£
£
Final paid
-
1,200,000
LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 20 -
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
113,013
39,730
42,840
195,583
Additions
-
0
37,410
-
0
37,410
At 30 November 2023
113,013
77,140
42,840
232,993
Depreciation and impairment
At 1 December 2022
18,841
20,040
14,459
53,340
Depreciation charged in the year
21,217
14,702
6,426
42,345
At 30 November 2023
40,058
34,742
20,885
95,685
Carrying amount
At 30 November 2023
72,955
42,398
21,955
137,308
At 30 November 2022
94,172
19,690
28,381
142,243
The company had no tangible fixed assets at 30 November 2023 or 30 November 2022.

Group

Tangible fixed assets are pledged as security for the bank borrowings under a fixed and floating charge.

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
100
100
Other investments
55,902
1,002,430
55,902
1,002,430
55,902
1,002,430
56,002
1,002,530

Group

Fixed asset investments are pledged as security for the bank borrowings under a fixed and floating charge.

LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
13
Fixed asset investments
(Continued)
- 21 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 December 2022
1,002,436
Valuation changes
2,775
Interest received
697
Disposals
(950,000)
At 30 November 2023
55,908
Impairment
At 1 December 2022 and 30 November 2023
6
Carrying amount
At 30 November 2023
55,902
At 30 November 2022
1,002,430
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 December 2022
100
1,002,436
1,002,536
Valuation changes
-
2,775
2,775
Interest received
-
697
697
Disposals
-
(950,000)
(950,000)
At 30 November 2023
100
55,908
56,008
Impairment
At 1 December 2022 and 30 November 2023
-
6
6
Carrying amount
At 30 November 2023
100
55,902
56,002
At 30 November 2022
100
1,002,430
1,002,530
LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 22 -
14
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Quick Move Now Limited
Unit 9 Coped Hall Business Park, Royal Wootton Bassett, Swindon, SN4 8DP
Property acquisitions and re-sale
"A" Ordinary shares and "B" Ordinary shares
100
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Property inventory
12,405,531
8,917,785
-
-
Associated inventory costs
516,714
511,949
-
-
12,922,245
9,429,734
-
-

Group

Stocks are pledged as security for the bank borrowings under a fixed and floating charge.

 

Stocks are stated after provisions of £195,986 (2022: £300,000).

16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Corporation tax recoverable
38,546
65,289
-
0
-
0
Amounts owed by group undertakings
-
-
3,313,456
1,754,915
Other debtors
1,050
1,050
-
0
-
0
Prepayments and accrued income
72,618
179,813
-
0
-
0
112,214
246,152
3,313,456
1,754,915

Group

Debtors are pledged as security for the bank borrowings under a fixed and floating charge.

 

Company

Interest is charged at 2.00% above the base rate per The Bank of England (2022: 5.00%) per annum on amounts owed by group undertakings. Interest on amounts owed by group undertakings was waived in 2023 and 2022. These balances are unsecured, have no fixed repayment date and are repayable on demand.

 

An amount included within other debtors due more than one year represents finance provided to an unlisted limited partnership. The amount is included at its fair value at the year end, which has been deemed to be £Nil (2022: £Nil) as determined by the directors.

LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 23 -
17
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
-
0
-
0
-
0
-
0

This investment is stated at cost less any impairments as there is no market for this type of investment and therefore fair value cannot be measured reliably.

18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
5,800,000
4,000,000
-
0
-
0
Trade creditors
76,877
67,317
-
0
-
0
Other taxation and social security
17,347
21,689
-
4,334
Other creditors
730,560
704,846
645,000
12,666
Accruals and deferred income
101,246
91,169
3,360
3,360
6,726,030
4,885,021
648,360
20,360

Company
Included within other creditors is an amount of £Nil (2022: £2,666) in respect of amounts owed to related undertakings, upon which interest is charged 3.00% above base per annum. These balances are unsecured, have no fixed repayment date and are repayable on demand.

19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
5,800,000
4,000,000
-
0
-
0
Payable within one year
5,800,000
4,000,000
-
0
-
0

Group

Interest is charged at daily compounded SONIA + 2.15% on bank loans.

 

Bank loans and overdrafts are secured by way of a fixed and floating charge in favour of the bank over the group's assets and undertakings.

LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 24 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
29,000
29,000
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
21
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
1,100 Ordinary of £1 each
1,100
1,100

Called-up share capital represents the nominal value of shares that have been issued.

 

Ordinary shares rank pari passu and are each entitled to one vote in any circumstances; pari passu to dividend payments or any distribution; and pari passu to participate in a distribution arising from a winding up of the company

22
Other reserves
2023
2022
Group
£
£
At the beginning and end of the year
7,491,132
7,491,132
2023
2022
Company
£
£
At the beginning and end of the year
-
-

Group

Other reserves were created on acquisition of investments in the period ended 30 November 2017.

LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
23
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
84,024
1,207,520
2,811,065
4,044,048
Profit/(loss) for the year
(29,361)
76,504
(67,526)
(32,983)
Dividends
-
(1,200,000)
-
(1,200,000)
At the end of the year
54,663
84,024
2,743,539
2,811,065

Group

Retained earnings include all current and prior period profits and losses.

 

Company

Retained earnings include all current and prior period profits and losses.

24
Financial commitments, guarantees and contingent liabilities

Group

There were no contingent liabilities at 30 November 2023 (2022: £Nil).

 

There were no capital commitments at 30 November 2023 (2022: £Nil).

 

Company

The company is part of a multilateral guarantee in favour of the bank involving certain group companies. The value of the guarantee at 30 November 2023 was to the maximum of £5,800,000 (2022: £4,000,000)

 

There were no capital commitments at 30 November 2023 (2022: £Nil).

25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
78,066
10,322
-
-
Between two and five years
121,980
6,201
-
-
200,046
16,523
-
-
LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 26 -
26
Related party transactions

Group and company

The company declared dividends to directors of £Nil (2022: £1,200,000) during the year.

 

During the year the company made a loan of £Nil (2022: £252,554) to QMN Trustees Limited, a related

company. Interest is charged at 3.0% above base per annum and amounted to £Nil (2022: £14,608)

during the year. At the balance sheet date an amount of £Nil was due from the company (2022: £2,666

due to the company). This balance is unsecured, has no fixed repayment date and is repayable on demand.

 

Company

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

27
Directors' transactions

Group and company

As at 30 November 2023, included within other creditors due within one year is £645,000 (2022: £10,000) relating to balances due to directors. These balances are unsecured, interest free and repayable on demand.

 

During the year, amounts of £50,000 (2022: £Nil) were advanced to directors, and were fully repaid by the year end. These amounts accrue interest at the HMRC official rate of interest. Interest of £454 (2022: £Nil) was charged during the year.

28
Cash absorbed by group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(29,361)
76,504
Adjustments for:
Taxation (credited)/charged
(1,930)
24,907
Finance costs
170,173
74,152
Investment income
(1,151)
(17,043)
Depreciation and impairment of tangible fixed assets
42,345
34,378
Other gains and losses
(2,775)
-
Movements in working capital:
Increase in stocks
(3,492,511)
(3,483,715)
Decrease in debtors
107,195
1,158,808
(Decrease)/increase in creditors
(171,232)
286,064
Cash absorbed by operations
(3,379,247)
(1,845,945)
LINC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
29
Analysis of changes in net debt - group
1 December 2022
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
1,669,718
(595,462)
1,074,256
Borrowings excluding overdrafts
(4,000,000)
(1,800,000)
(5,800,000)
(2,330,282)
(2,395,462)
(4,725,744)
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