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Registered Number: 10165471
England and Wales

 

 

 

32 LINKSWAY LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 2,300,000    2,300,000 
2,300,000    2,300,000 
Current assets      
Debtors 4 907,954    916,176 
Creditors: amount falling due within one year 5 (3,524,974)   (3,438,401)
Net current assets (2,617,020)   (2,522,225)
 
Total assets less current liabilities (317,020)   (222,225)
Provisions for liabilities 6 (281)   (281)
Net assets (317,301)   (222,506)
 

Capital and reserves
     
Called up share capital 7 1    1 
Reserves 8 133,014    133,014 
Profit and loss account (450,316)   (355,521)
Shareholders' funds (317,301)   (222,506)
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 02 December 2024 and were signed by:


-------------------------------
Sunil Pankhania
Director
1
Company Information
32 Linksway Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom
1.

Accounting policies

Accounting convention
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, on the basis the company will continue to receive financial support from companies under common control. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred Taxation
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Investment Properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Revaluation Reserve
The Revaluation Reserve comprises the fair value adjustment on the company's investment property. Any movement in the fair value of the investment property during the year is transferred from the profit and loss account into this reserve as a reserve movement in the Statement of Changes in Equity. The reserve is non-distributable.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2.

Average number of employees


Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 June 2022 2,300,000    2,300,000 
Additions  
Disposals  
At 31 May 2023 2,300,000    2,300,000 
Depreciation
At 01 June 2022  
Charge for year  
On disposals  
At 31 May 2023  
Net book values
Closing balance as at 31 May 2023 2,300,000    2,300,000 
Opening balance as at 01 June 2022 2,300,000    2,300,000 

Investment property
The fair value of the investment property has been arrived on the basis of valuation carried out by the director at 31 May 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If the revalued investment property was stated on a historical cost basis rather than a fair value basis, the amount would have been £2,166,705 (2022: £2,166,705).

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Amount Owed by Group Undertakings 896,842    914,736 
Prepayments & Accrued Income 1,546    1,440 
Other Debtors 9,566   
907,954    916,176 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors   1,123 
Bank Loans & Overdrafts 441,249    456,639 
Amounts Owed to Group Undertakings 528,906    477,929 
Corporation Tax 6,685    6,685 
Other Creditors 639   
Other borrowings 2,533,149    2,483,479 
Accrued & Deferred income 14,346    12,546 
3,524,974    3,438,401 

6.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 281    281 
281    281 
Deferred tax arising on revaluation gains on investment property is provided at a rate of 25%.

Deferred Tax Assets has not been recognised on trading loss carried forward for the future year as there is no indication that company will have taxable future profit.

7.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1 Ordinary share of £1.00 each  
 

8.

Reserves

2023
£
  2022
£
Revaluation Reserve b/fwd 133,014    133,081 
Revaluation Reserve   (67)
133,014    133,014 

2