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Registration number: 06257366

Linenfields Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name

Chartered Accountants

 

Linenfields Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Linenfields Limited

Company Information

Directors

Mr R C Goodbody

Mr L C Goodbody

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Linenfields Limitedfor the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Linenfields Limited for the year ended 31 March 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Linenfields Limited, as a body, in accordance with the terms of our engagement letter dated 1 October 2019. Our work has been undertaken solely to prepare for your approval the accounts of Linenfields Limited and state those matters that we have agreed to state to the Board of Directors of Linenfields Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Linenfields Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Linenfields Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Linenfields Limited. You consider that Linenfields Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Linenfields Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

3 January 2025

 

Linenfields Limited

(Registration number: 06257366)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

850

1,061

 

850

1,061

Current assets

 

Debtors

7

13,215

5,665

Cash at bank and in hand

 

559

38

 

13,774

5,703

Creditors: Amounts falling due within one year

8

(56,382)

(69,207)

Net current liabilities

 

(42,608)

(63,504)

Net liabilities

 

(41,758)

(62,443)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(41,858)

(62,543)

Shareholders' deficit

 

(41,758)

(62,443)

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 January 2025 and signed on its behalf by:
 



Mr L C Goodbody
Director

 

Linenfields Limited

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:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
England

The principal place of business is:
Westwood Farm House
Evershot
DORCHESTER
Dorset
DT2 0PG

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.

Going concern

Despite the financial statements show a net liability they have been prepared on a going concern basis as the directors confirm they will continue to support the company to ensure it meets its debts as they fall due for a period of twelve months from the date of signing the balance sheet.

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.

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.

 

Linenfields Limited

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

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

20% reducing balance basis

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

Landmark Linen Ltd goodwill

Full impairment in the year of acquisition

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.

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.

 

Linenfields Limited

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

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.

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.

3

Staff numbers

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

23,933

23,933

At 31 March 2024

23,933

23,933

Amortisation

At 1 April 2023

23,933

23,933

At 31 March 2024

23,933

23,933

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

-

-

 

Linenfields Limited

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

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

7,514

7,514

At 31 March 2024

7,514

7,514

Depreciation

At 1 April 2023

6,453

6,453

Charge for the year

211

211

At 31 March 2024

6,664

6,664

Carrying amount

At 31 March 2024

850

850

At 31 March 2023

1,061

1,061

6

Stocks

2024
£

2023
£

7

Debtors

Current

2024
£

2023
£

Other debtors

13,215

5,665

 

13,215

5,665

 

Linenfields Limited

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

9

11,660

16,044

Trade creditors

 

7,438

13,228

Taxation and social security

 

6,281

1,692

Other creditors

 

31,003

38,243

 

56,382

69,207

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

9,398

16,044

Other borrowings

2,262

-

11,660

16,044

 

Linenfields Limited

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

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr L C Goodbody

Directors loan accounts

270

9,014

(500)

8,784

Mr R C Goodbody

(35,158)

6,944

(345)

(28,559)

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr L C Goodbody

Directors loan accounts

-

270

-

270

Mr G S Goodbody

Directors's Loan Account

3,039

-

(3,039)

-

Mr R C Goodbody

(18,320)

18,357

(35,195)

(35,158)

Summary of transactions with other related parties

RCG Textiles (partnership which all directors are partners in)

 Interest free with no repayment terms
 

Loans to related parties

2024

Other related parties
£

Total
£

Advanced

2,486

2,486

At end of period

2,486

2,486

Loans from related parties

2024

Other related parties
£

At start of period

940

Repaid

(940)

At end of period

-