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REGISTERED NUMBER: 03511367 (England and Wales)






























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

L.IN.C MEDICAL SYSTEMS LIMITED

L.IN.C MEDICAL SYSTEMS LIMITED (REGISTERED NUMBER: 03511367)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


L.IN.C MEDICAL SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr S W Bailey
Dr S Bailey
Ms J Bailey
Mr S T Bailey
Mr D Cadiente
Mrs J Bailey





REGISTERED OFFICE: 7 Kingsley Street
Leicester
Leicestershire
LE2 6DY





REGISTERED NUMBER: 03511367 (England and Wales)

L.IN.C MEDICAL SYSTEMS LIMITED (REGISTERED NUMBER: 03511367)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 319,829 413,159
Investments 5 2 2
319,831 413,161

CURRENT ASSETS
Stocks 2,240,824 1,327,612
Debtors 6 1,338,238 1,112,912
Cash at bank and in hand 141,608 139,764
3,720,670 2,580,288
CREDITORS
Amounts falling due within one year 7 1,501,451 919,004
NET CURRENT ASSETS 2,219,219 1,661,284
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,539,050

2,074,445

CREDITORS
Amounts falling due after more than one year 8 (56,383 ) (138,632 )

PROVISIONS FOR LIABILITIES 9 (74,043 ) (56,429 )
NET ASSETS 2,408,624 1,879,384

L.IN.C MEDICAL SYSTEMS LIMITED (REGISTERED NUMBER: 03511367)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 720,151 720,151
Retained earnings 1,688,473 1,159,233
2,408,624 1,879,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





Mr S W Bailey - Director


L.IN.C MEDICAL SYSTEMS LIMITED (REGISTERED NUMBER: 03511367)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

L.IN.C Medical Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and value added tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - equal instalments over the lease period
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


L.IN.C MEDICAL SYSTEMS LIMITED (REGISTERED NUMBER: 03511367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Creditors
Short term trade 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.

Government grants
During the previous year the company received monies under the Coronavirus Job Retention Scheme. The amounts received are included within the accounts on an accruals basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 22 ) .

L.IN.C MEDICAL SYSTEMS LIMITED (REGISTERED NUMBER: 03511367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2023 109,323 234,723 461,863
Additions - 8,564 24,301
Disposals - - (54,897 )
At 31 March 2024 109,323 243,287 431,267
DEPRECIATION
At 1 April 2023 47,427 154,366 273,757
Charge for year 5,466 12,517 51,212
Eliminated on disposal - - (19,338 )
At 31 March 2024 52,893 166,883 305,631
NET BOOK VALUE
At 31 March 2024 56,430 76,404 125,636
At 31 March 2023 61,896 80,357 188,106

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 100,678 34,172 940,759
Additions - 17,659 50,524
Disposals (41,243 ) (11,530 ) (107,670 )
At 31 March 2024 59,435 40,301 883,613
DEPRECIATION
At 1 April 2023 33,672 18,378 527,600
Charge for year 11,936 8,486 89,617
Eliminated on disposal (22,944 ) (11,151 ) (53,433 )
At 31 March 2024 22,664 15,713 563,784
NET BOOK VALUE
At 31 March 2024 36,771 24,588 319,829
At 31 March 2023 67,006 15,794 413,159

L.IN.C MEDICAL SYSTEMS LIMITED (REGISTERED NUMBER: 03511367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 2
NET BOOK VALUE
At 31 March 2024 2
At 31 March 2023 2

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,257,682 817,210
Other debtors 80,556 295,702
1,338,238 1,112,912

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 5,724 9,124
Trade creditors 251,388 248,431
Amounts owed to group undertakings 10,427 10,427
Taxation and social security 417,492 265,094
Other creditors 816,420 385,928
1,501,451 919,004

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 31,740 37,464
Other creditors 24,643 101,168
56,383 138,632

L.IN.C MEDICAL SYSTEMS LIMITED (REGISTERED NUMBER: 03511367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation 74,043 56,429

Deferred
tax
£   
Balance at 1 April 2023 56,429
Movement 17,614
Balance at 31 March 2024 74,043