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COMPANY REGISTRATION NUMBER: 02565453
Link Wholesalers Limited
Filleted Unaudited Financial Statements
31 December 2023
Link Wholesalers Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
22,564
505,275
Investments
7
1
1
--------
---------
22,565
505,276
Current assets
Stocks
252,757
207,817
Debtors
8
57,826
18,532
Cash at bank and in hand
145,684
5,481,182
---------
------------
456,267
5,707,531
Creditors: amounts falling due within one year
9
( 168,778)
( 1,612,104)
---------
------------
Net current assets
287,489
4,095,427
---------
------------
Total assets less current liabilities
310,054
4,600,703
Provisions
Taxation including deferred tax
( 3,908)
( 8,931)
---------
------------
Net assets
306,146
4,591,772
---------
------------
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss account
10
286,146
4,571,772
---------
------------
Shareholders funds
306,146
4,591,772
---------
------------
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 income and retained earnings has not been delivered.
For the year ending 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Link Wholesalers Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
Mr K J Dadhania
Director
Company registration number: 02565453
Link Wholesalers Limited
Notes to the Financial Statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 & 2, High Street, Oadby, Leicester, LE2 5DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Valuation of investment property: The valuation of the company's investment property is inherently subjective due to, among other factors, the nature of the property, its location and the expected future rental revenues from that particular property. As a result, the valuation the company places on its investment property is subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenues are recognised when the significant risks and rewards of ownership of the goods are transferred to the customer, the sale price agreed and the receipt of payment can be assumed.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Short leasehold property
-
Over the life of the lease
Plant and machinery
-
20% straight line
Fixtures, fitting and equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution scheme for its employees under Auto Enrolment Scheme. Contributions payable are charged to the profit and loss account in the year they are payable.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1st January 2023 and 31st December 2023
20,000
--------
Amortisation
At 1st January 2023 and 31st December 2023
20,000
--------
Carrying amount
At 31st December 2023
--------
At 31st December 2022
--------
6. Tangible assets
Short leasehold property
Plant and machinery
Fixtures, fittings and equipment
Investment property
Total
£
£
£
£
£
Cost
At 1st January 2023
19,805
7,250
16,708
475,000
518,763
Additions
1,884
1,884
Disposals
( 475,000)
( 475,000)
--------
-------
--------
---------
---------
At 31st December 2023
19,805
7,250
18,592
45,647
--------
-------
--------
---------
---------
Depreciation
At 1st January 2023
6,602
4,280
2,606
13,488
Charge for the year
6,602
594
2,399
9,595
--------
-------
--------
---------
---------
At 31st December 2023
13,204
4,874
5,005
23,083
--------
-------
--------
---------
---------
Carrying amount
At 31st December 2023
6,601
2,376
13,587
22,564
--------
-------
--------
---------
---------
At 31st December 2022
13,203
2,970
14,102
475,000
505,275
--------
-------
--------
---------
---------
7. Investments
Other investments other than loans
£
Cost
At 1st January 2023 and 31st December 2023
1
----
Impairment
At 1st January 2023 and 31st December 2023
----
Carrying amount
At 31st December 2023
1
----
At 31st December 2022
1
----
8. Debtors
2023
2022
£
£
Trade debtors
43,301
Prepayments and accrued income
14,525
18,532
--------
--------
57,826
18,532
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
70,330
15,873
Amounts owed to group undertakings
1,523,256
Accruals and deferred income
550
5,500
Corporation tax
26,913
16
Social security and other taxes
59,317
31,703
Director loan accounts
3,802
3,505
Other creditors
7,866
32,251
---------
------------
168,778
1,612,104
---------
------------
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in profit and loss reserve are distributable profits of £286,146 (2022: £4,302,845) and non-distributable profits of £Nil (2022: £268,927) in respect of revaluation gains arising on the investment property.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
58,791
107,291
--------
---------