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Registration number: 07143792

Link Design Development Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Link Design Development Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Link Design Development Ltd

Company Information

Directors

Mr David Jeremy Holmes

Mr Simon Cumberpatch

Registered office

17 Brownfields
Welwyn Garden City
Herts
AL7 1AN

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

Link Design Development Ltd

(Registration number: 07143792)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

12,749

16,999

Current assets

 

Stocks

6

500

500

Debtors

7

31,839

92,637

Cash at bank and in hand

 

12,325

9,715

 

44,664

102,852

Creditors: Amounts falling due within one year

8

(159,374)

(182,233)

Net current liabilities

 

(114,710)

(79,381)

Total assets less current liabilities

 

(101,961)

(62,382)

Creditors: Amounts falling due after more than one year

8

(30,834)

(50,784)

Provisions for liabilities

(3,187)

(3,230)

Net liabilities

 

(135,982)

(116,396)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(136,082)

(116,496)

Shareholders' deficit

 

(135,982)

(116,396)

 

Link Design Development Ltd

(Registration number: 07143792)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

.........................................
Mr David Jeremy Holmes
Director

 

Link Design Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
17 Brownfields
Welwyn Garden City
Herts
AL7 1AN

These financial statements were authorised for issue by the Board on 26 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Link Design Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Fixtures and fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

Computer equipment

25% Reducing balance

Improvements to property

10% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Link Design Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Link Design Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Link Design Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

79,000

79,000

At 31 March 2024

79,000

79,000

Amortisation

At 1 April 2023

79,000

79,000

At 31 March 2024

79,000

79,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Cost or valuation

At 1 April 2023

8,350

21,705

30,695

23,471

At 31 March 2024

8,350

21,705

30,695

23,471

Depreciation

At 1 April 2023

8,350

18,846

17,746

22,280

Charge for the year

-

715

3,237

298

At 31 March 2024

8,350

19,561

20,983

22,578

Carrying amount

At 31 March 2024

-

2,144

9,712

893

At 31 March 2023

-

2,859

12,949

1,191

 

Link Design Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Total
£

Cost or valuation

At 1 April 2023

84,221

At 31 March 2024

84,221

Depreciation

At 1 April 2023

67,222

Charge for the year

4,250

At 31 March 2024

71,472

Carrying amount

At 31 March 2024

12,749

At 31 March 2023

16,999

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

500

500

7

Debtors

2024
£

2023
£

Trade debtors

13,380

73,000

Prepayments

1,200

601

Directors Loan Account

17,259

19,036

31,839

92,637

 

Link Design Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

4,999

7,345

Trade creditors

 

2,823

7,298

Taxation and social security

 

6,097

15,314

Accruals and deferred income

 

49,306

61,309

Other creditors

 

38,488

51,116

Corporation tax

 

22,494

26,716

Hire Purchase under 1 year

 

14,951

5,573

Directors Loan Account

 

20,216

7,562

 

159,374

182,233

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

30,834

35,833

Hire Purchase over 1 year

 

-

14,951

 

30,834

50,784

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Link Design Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

30,834

35,833

Hire purchase contracts

-

14,951

30,834

50,784

2024
£

2023
£

Current loans and borrowings

Bank borrowings

4,999

7,345

Finance lease liabilities

14,951

5,573

19,950

12,918