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Registered number: 03594968
Linkwave Technologies Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Mumby Heppenstall
Chartered Accountants
Wellingore Hall
Wellingore
Lincoln
LN5 0HX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 03594968
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,282 1,966
1,282 1,966
CURRENT ASSETS
Stocks 5 197,255 260,784
Debtors 6 193,237 650,509
Cash at bank and in hand 154,739 50,711
545,231 962,004
Creditors: Amounts Falling Due Within One Year 7 (113,383 ) (357,093 )
NET CURRENT ASSETS (LIABILITIES) 431,848 604,911
TOTAL ASSETS LESS CURRENT LIABILITIES 433,130 606,877
PROVISIONS FOR LIABILITIES
Deferred Taxation - (202 )
NET ASSETS 433,130 606,675
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement 433,030 606,575
SHAREHOLDERS' FUNDS 433,130 606,675
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
The financial statements were approved by the board of directors on 25 September 2024 and were signed on its behalf by:
Mr A Newton
Director
25th September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Linkwave Technologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03594968 . The registered office is Unit 18 Witham Point, Wavell Drive, Lincoln, LN3 4PL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial satements are prepared in sterling, which is the functional currency of the entity.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% straight line
Plant & Machinery 33% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.4. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
2.5. Financial Instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilites are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company makes contributions to employees' personal pension schemes and to a workplace pension under auto-enrolment. The annual contributions paid are charged to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 66,449 9,623 66,284 142,356
As at 31 December 2023 66,449 9,623 66,284 142,356
Depreciation
As at 1 January 2023 66,449 9,448 64,493 140,390
Provided during the period - 87 597 684
As at 31 December 2023 66,449 9,535 65,090 141,074
Net Book Value
As at 31 December 2023 - 88 1,194 1,282
As at 1 January 2023 - 175 1,791 1,966
5. Stocks
2023 2022
£ £
Finished goods 197,255 260,784
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 161,759 630,170
Prepayments and accrued income 19,065 16,901
Other debtors 3,438 3,438
Corporation tax recoverable 6,503 -
Other taxes and social security 1 -
Directors' loan accounts 2,471 -
193,237 650,509
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 87,713 140,721
Corporation tax - 6,503
VAT 14,644 99,190
Other creditors - 7
Credit card 1,012 1,523
Accruals and deferred income 3,217 3,025
Directors' loan accounts 6,797 106,124
113,383 357,093
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 14,375 14,376
Later than one year and not later than five years 34,740 5,990
49,115 20,366
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Matthew Fry 49,327 51,798 - - (2,471 )
The above loan is unsecured and interest free and has been repaid within 9 months of the year end.
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