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COMPANY REGISTRATION NUMBER: 04245220
Linmar Limited
Filleted Unaudited Financial Statements
30 November 2023
Linmar Limited
Financial Statements
Period ended 30 November 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Linmar Limited
Officers and Professional Advisers
Director
Mr P Morgan
Company secretary
Miss J Morgan
Registered office
Leckwith Bridge
Leckwith Road
Cardiff
CF11 8AU
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Linmar Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
321,071
291,872
Investments
6
2
2
---------
---------
321,073
291,874
CURRENT ASSETS
Debtors
7
301,351
345,616
Cash at bank and in hand
393
---------
---------
301,744
345,616
CREDITORS: amounts falling due within one year
8
322,342
402,449
---------
---------
NET CURRENT LIABILITIES
20,598
56,833
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
300,475
235,041
CREDITORS: amounts falling due after more than one year
9
101,030
29,167
PROVISIONS
Taxation including deferred tax
62,468
54,386
---------
---------
NET ASSETS
136,977
151,488
---------
---------
CAPITAL AND RESERVES
Called up share capital
10
3
3
Revaluation reserve
32,000
32,000
Capital redemption reserve
2
2
Profit and loss account
104,972
119,483
---------
---------
SHAREHOLDERS FUNDS
136,977
151,488
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Linmar Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Paul Morgan
Paul Morgan
Director
Company registration number: 04245220
Linmar Limited
Notes to the Financial Statements
Period ended 30 November 2023
1. GENERAL INFORMATION
Linmar Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are hire of scaffolding.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 November 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.
Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes.
Going Concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services When the outcome of a transaction can be estimated reliably, turnover from hire of scaffolding is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Dividends receivable Dividend income is recognised as the company's right to receive payment is established.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% reducing balance
Fixtures & Fittings
-
33% straight line
Motor Vehicles
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received using the accrual model
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 1 (2022: 1 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
838,369
2,591
90,185
931,145
Additions
21,067
70,834
91,901
---------
------
---------
------------
At 30 November 2023
859,436
2,591
161,019
1,023,046
---------
------
---------
------------
Depreciation
At 1 December 2022
555,011
2,591
81,671
639,273
Charge for the period
56,672
6,030
62,702
---------
------
---------
------------
At 30 November 2023
611,683
2,591
87,701
701,975
---------
------
---------
------------
Carrying amount
At 30 November 2023
247,753
73,318
321,071
---------
------
---------
------------
At 30 November 2022
283,358
8,514
291,872
---------
------
---------
------------
Plant & Machinery has been valued at deemed cost on FRS102 transition. The Plant & Machinery were revalued by the directors in 2016 year to reflect the open market making the carried forward amounts deemed cost on transition to FRS102. Net book value of Plant & Machinery comprised:
2023 2022
£ £
Plant & Machinery 215,753 251,359
Revaulation to deemed cost 32,000 32,000
--------- ---------
247,753 283,359
--------- ---------
The comparable amounts determined according to the historical cost convention are as follows:
Total
£
Cost 922,424
Accumulated Depreciation (599,955)
---------
NBV @ 30.11.23 322,469
---------
NBV @ 30.11.22 376,753
6. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 December 2022 and 30 November 2023
2
----
Impairment
At 1 December 2022 and 30 November 2023
----
Carrying amount
At 30 November 2023
2
----
At 30 November 2022
2
----
The company owns more than 20% of the issued share capital of the following companies:
Shares
Nature of Country of held/Class
Name Business Registration Percentage
Linmar Scaffolding Provision of 198 £0.01
Limited Scaffolding Wales Ordinary Shares
(99%)
7. DEBTORS
2023
2022
£
£
Other debtors
301,351
345,616
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,007
Amounts owed to group undertakings and undertakings in which the company has a participating interest
225,494
302,338
Corporation tax
7,682
80
Social security and other taxes
5,250
5,250
Other creditors
73,916
84,774
---------
---------
322,342
402,449
---------
---------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,020
29,167
Other creditors
80,010
---------
--------
101,030
29,167
---------
--------
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
Ordinary 'A' shares of £ 1 each
1
1
1
1
----
----
----
----
3
3
3
3
----
----
----
----
11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The amount owed by the directors at the year end is £227,435 (2022 : £260,842). Interest of £5,233 has been incurred in relation to this balance.
12. RELATED PARTY TRANSACTIONS
Entities over which the entity has control, joint control or significant influence.
2023 2022
£ £
Amount due (to) related parties (225,495) (302,339)
Rent received from related parties 105,000 105,000
13. REVALUATION RESERVE
On transition to FRS102, the directors elected to revalue its plant and machinery to deemed cost.
The revaluation effect is shown below:
2023
£
Revaluation plant & machinery at 30.11.16
80,000
Transfer between reserves
(48,000)
--------
As at 30.11.23
32,000
--------