2023-01-012023-12-312023-12-31false07291844Linstock Castle AD 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Linstock Castle AD Limited

Registered Number
07291844
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Linstock Castle AD Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

WANNOP, Alistair George Milne
WANNOP, Julie Christine

Registered Address

Linstock Castle
Linstock
Carlisle
CA6 4PZ

Registered Number

07291844 (England and Wales)
Linstock Castle AD Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets32,718,4422,196,337
2,718,4422,196,337
Current assets
Stocks4250,000250,000
Debtors2,363,2212,103,300
Cash at bank and on hand14,9631,899
2,628,1842,355,199
Creditors amounts falling due within one year5(976,609)(673,334)
Net current assets (liabilities)1,651,5751,681,865
Total assets less current liabilities4,370,0173,878,202
Creditors amounts falling due after one year6(2,262,127)(2,145,392)
Provisions for liabilities8(609,141)(360,093)
Net assets1,498,7491,372,717
Capital and reserves
Called up share capital22
Profit and loss account1,498,7471,372,715
Shareholders' funds1,498,7491,372,717
The financial statements were approved and authorised for issue by the Board of Directors on 23 October 2024, and are signed on its behalf by:
WANNOP, Alistair George Milne
Director
WANNOP, Julie Christine
Director

Registered Company No. 07291844
Linstock Castle AD Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Assets held under finance leases are depreciated in the same manner as owned assets. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery525
Vehicles15-
Office Equipment15-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 233,318,33811,193-3,2713,332,802
Additions646,800---646,800
At 31 December 233,965,13811,193-3,2713,979,602
Depreciation and impairment
At 01 January 231,130,9804,319-1,1661,136,465
Charge for year99,9491,03123,399316124,695
At 31 December 231,230,9295,35023,3991,4821,261,160
Net book value
At 31 December 232,734,2095,843(23,399)1,7892,718,442
At 31 December 222,187,3586,874-2,1052,196,337
4.Stocks

2023

2022

££
Raw materials and consumables250,000250,000
Total250,000250,000
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables365,513172,355
Bank borrowings and overdrafts340,153342,418
Taxation and social security-11,696
Finance lease and HP contracts226,43412,330
Other creditors41,374131,809
Accrued liabilities and deferred income3,1352,726
Total976,609673,334
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The bank loan and overdraft are secured upon property personally owned by the directors as well as by a floating charge over the company's assets. The net obligations under hire purchase contracts are secured by the company on the assets to which the agreement relate.
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts1,783,0002,111,889
Other creditors479,12733,503
Total2,262,1272,145,392
The bank loan is secured upon property personally owned by the directors as well as by a floating charge over the company's assets. The net obligations under hire purchase contracts are secured by the company on the assets to which the agreements relate.
7.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts479,12733,503
8.Provisions for liabilities
The provision for deferred tax is made up of £620,904 in respect of accelerated capital allowances less £11,763 in respect of losses.

2023

2022

££
Net deferred tax liability (asset)609,141360,093
Total609,141360,093
9.Other commitments
At 31 December 2023 the company had future minimum lease payments under non-cancellable operating leases of £1,560 (2022: £20,286).
10.Operating lease commitments
At 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £1,560 (2022 – £20,286).
11.Related party transactions
The bank loan is secured upon property personally owned by the directors as well as by a floating charge over the company's assets. The company has met the expenses of first-time registration of directors' personal property at the Land Registry. During the year the directors had a joint loan account with the company. At 1 January 2023 the balance owed to the directors was £162,870. During the year the directors made repayments of £349,448 and received advances of £283,625. At 31 December 2023 the balance owing by the directors was £97,047.