Registered number |
Company Information |
Directors |
Auditors |
784 Alum Rock Road |
Ward End |
Birmingham |
B8 2TE |
Registered office |
Arden Lodge |
946 Warwick Road |
Birmingham |
B27 6QB |
Registered number |
Registered number: | |||||||
Directors' Report | |||||||
The directors present their report and financial statements for the year ended |
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Principal activities | |||||||
Directors | |||||||
The following persons served as directors during the year: | |||||||
Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
This report was approved by the board on |
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L J Baillie | |||||||
Director | |||||||
Lindale Homes Limited | |||||||
Statement of Directors' Responsibilities | |||||||
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations. | |||||||
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: | |||||||
● | select suitable accounting policies and then apply them consistently; | ||||||
● | make judgements and estimates that are reasonable and prudent; | ||||||
● | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; | ||||||
● | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | |||||||
Strategic Report | ||
The directors present their strategic report for the year ended 30 April 2024 Review of the business. Directors have reviewed the performance of the business for the year and are satisfied that the company has progressed in line with expectation. There have not been any significant changes in the Company's activities in the year under review.. Principal risk and uncertainties Liquidity risk The company has had a number of bank loans to purchase assets to assist in the expansion of business.Under current economic climates where interest rates are rising, this can create uncertainty in managing the treasury business.However the directors are confident that they have measures in place for cash flow management to deal with this uncertainty Credit risk Principal risk is associated to is amount receivable from local authorities and private housing associations. The directors have ensured that there are processes in place to alleviate this and are satisfied that this risk is mitigated.. Development and performance. During the year the company continued to grow not only in the care sector but also in supported living for vulnerable adults with mental health, homelessness and recovery issues.The company has purchased assets which it now rents as commercial property to other businesses.Additional income has been generated by providing a management service to associated companies. Financial Key Performance indicators 2024 2023 Turnover 4,3 million 4.4 million Profit before tax 552,000 Average occupancy % 85 % Bank loans million 3.7 million Fixed Assets million 7.3 million |
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This report was approved by the board on 27 January 2025 and signed on its behalf. | ||
L J Baillie | ||
Director | ||
Lindale Homes Limited | ||
Independent auditor's report | ||
to the members of Lindale Homes Limited | ||
Opinion |
We have audited the financial statements of Lindale Homes Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | ||
In our opinion the financial statements: | ||
● | give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion | ||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for smaller entities, in the circumstances set out in note 16 to the financial statements. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. | ||
Conclusions relating to going concern | ||
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. | ||
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. | ||
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. | ||
Other information | ||
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. | ||
We have nothing to report in this regard. | ||
Opinions on other matters prescribed by the Companies Act 2006 | ||
In our opinion, based on the work undertaken in the course of the audit: | ||
● | the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and | |
● | the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. | |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. | ||
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: | ||
● | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |
● | the financial statements are not in agreement with the accounting records and returns; or | |
● | certain disclosures of directors’ remuneration specified by law are not made; or | |
● | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors | ||
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. | ||
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. | ||
Auditor’s responsibilities for the audit of the financial statements | ||
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. | ||
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: -Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. -Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. -Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. -Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. -Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view). We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
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Use of our report | ||
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. | ||
(Senior Statutory Auditor) | 784 Alum Rock Road | |
for and on behalf of | Ward End | |
Birmingham | ||
Statutory Auditor | ||
B8 2TE | ||
Income Statement | ||||||||
for the year ended |
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Notes | 2024 | 2023 | ||||||
£ | £ | |||||||
Turnover | 2 | |||||||
Cost of sales | ( |
( |
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Gross profit | ||||||||
Administrative expenses | ( |
( |
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Other operating income | ||||||||
Operating profit | 3 | |||||||
Interest payable | 5 | ( |
( |
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Profit on ordinary activities before taxation | ||||||||
Tax on profit on ordinary activities | 6 | ( |
( |
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Profit for the financial year | ||||||||
Statement of Financial Position | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 7 | ||||||
Current assets | |||||||
Debtors | 8 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 9 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 10 | ( |
( |
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Provisions for liabilities | |||||||
Deferred taxation | 12 | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | 13 | ||||||
Profit and loss account | 14 | ||||||
Total equity | |||||||
L J Baillie | |||||||
Director | |||||||
Approved by the board on |
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Statement of Changes in Equity | ||||||||
for the year ended |
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Share | Profit | Total | ||||||
capital | and loss | |||||||
account | ||||||||
£ | £ | £ | ||||||
At 1 May 2022 | ||||||||
Profit for the financial year | 421,728 | 421,728 | ||||||
Dividends | ( |
( |
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At 30 April 2023 | 100 | 3,542,741 | 3,542,841 | |||||
At 1 May 2023 | ||||||||
Profit for the financial year | ||||||||
Dividends | ( |
( |
||||||
At 30 April 2024 | ||||||||
Statement of Cash Flows | |||||
for the year ended |
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Notes | 2024 | 2023 | |||
£ | £ | ||||
Operating activities | |||||
Profit for the financial year | 798,760 | 421,728 | |||
Adjustments for: | |||||
Interest payable | 169,155 | 220,855 | |||
Tax on profit on ordinary activities | 309,685 | 130,863 | |||
Depreciation | 158,175 | 149,707 | |||
(Increase)/decrease in debtors | (74,294) | 247,330 | |||
Increase/(decrease) in creditors | 128,492 | (17,869) | |||
Interest paid | ( |
( |
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Corporation tax paid | ( |
( |
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Cash generated by operating activities | |||||
Investing activities | |||||
Payments to acquire tangible fixed assets | ( |
( |
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Proceeds from sale of tangible fixed assets | - | ||||
Cash used in investing activities | ( |
( |
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Financing activities | |||||
Equity dividends paid | ( |
( |
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Repayment of loans | ( |
( |
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Cash used in financing activities | ( |
( |
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Net cash (used)/generated | |||||
Cash generated by operating activities | |||||
Cash used in investing activities | ( |
( |
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Cash used in financing activities | ( |
( |
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Net cash (used)/generated | ( |
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Cash and cash equivalents at 1 May | 281,042 | 82,886 | |||
Cash and cash equivalents at 30 April | (93,002) | 281,042 | |||
Cash and cash equivalents comprise: | |||||
Cash at bank | |||||
Bank overdrafts | 9 | ( |
- | ||
(93,002) | 281,042 | ||||
Lindale Homes Limited | ||||||||
Notes to the Accounts | ||||||||
for the year ended 30 April 2024 | ||||||||
1 | Summary of significant accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: | ||||||||
Freehold buildings | 1.5 percent straight line | |||||||
Plant and machinery | 15% reducing balance | |||||||
Motor vehicles | 25% reducing balance |
Taxation | ||||||||
Provisions | ||||||||
2 | Analysis of turnover | 2024 | 2023 | |||||
£ | £ | |||||||
Services rendered | ||||||||
By geographical market: | ||||||||
UK | ||||||||
3 | Operating profit | 2024 | 2023 | |||||
£ | £ | |||||||
This is stated after charging: | ||||||||
Depreciation of owned fixed assets | ||||||||
Auditors' remuneration for audit services | ||||||||
Auditors' remuneration for other services | ||||||||
Carrying amount of stock sold | ||||||||
4 | Staff costs | 2024 | 2023 | |||||
£ | £ | |||||||
Wages and salaries | ||||||||
Social security costs | ||||||||
Other pension costs | ||||||||
Average number of employees during the year | Number | Number | ||||||
Administration | ||||||||
Development | ||||||||
5 | Interest payable | 2024 | 2023 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
6 | Taxation | 2024 | 2023 | |||||
£ | £ | |||||||
Analysis of charge in period | ||||||||
Current tax: | ||||||||
UK corporation tax on profits of the period | ||||||||
Deferred tax: | ||||||||
Origination and reversal of timing differences | ( |
( |
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Tax on profit on ordinary activities | ||||||||
Factors affecting tax charge for period | ||||||||
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Profit on ordinary activities before tax | ||||||||
£ | £ | |||||||
Profit on ordinary activities multiplied by the standard rate of corporation tax | ||||||||
Effects of: | ||||||||
Expenses not deductible for tax purposes | ( |
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Current tax charge for period | ||||||||
Factors that may affect future tax charges | ||||||||
7 | Tangible fixed assets | |||||||
Land and buildings | Plant and machinery | Motor vehicles | Total | |||||
At cost | At cost | At cost | ||||||
£ | £ | £ | £ | |||||
Cost or valuation | ||||||||
At 1 May 2023 | ||||||||
Additions | - | |||||||
Disposals | - | - | ( |
( |
||||
At 30 April 2024 | ||||||||
Depreciation | ||||||||
At 1 May 2023 | ||||||||
Charge for the year | ||||||||
On disposals | - | - | ( |
( |
||||
At 30 April 2024 | ||||||||
Carrying amount | ||||||||
At 30 April 2024 | ||||||||
At 30 April 2023 | ||||||||
8 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Amount due from Associated company | - | |||||||
Other debtors | ||||||||
9 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Bank overdrafts | - | |||||||
Bank loans | ||||||||
Trade creditors | ||||||||
Corporation tax | ||||||||
Other taxes and social security costs | ||||||||
Other creditors | ||||||||
Directors, loan account | ||||||||
10 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
£ | £ | |||||||
Bank loans | ||||||||
11 | Loans | 2024 | 2023 | |||||
£ | £ | |||||||
Loans not wholly repayable within five years: | ||||||||
2,528,656 | 2,720,518 | |||||||
Analysis of maturity of debt: | ||||||||
Within one year or on demand | ||||||||
Between one and two years | ||||||||
Between two and five years | ||||||||
After five years | ||||||||
12 | Deferred taxation | 2024 | 2023 | |||||
£ | £ | |||||||
Accelerated capital allowances | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
At 1 May | ||||||||
Credited to the profit and loss account | ( |
( |
||||||
At 30 April | ||||||||
13 | Share capital | Nominal | 2024 | 2024 | 2023 | |||
value | Number | £ | £ | |||||
Allotted, called up and fully paid: | ||||||||
£ |
- | |||||||
14 | Profit and loss account | 2024 | 2023 | |||||
£ | £ | |||||||
At 1 May | ||||||||
Profit for the financial year | ||||||||
Dividends | ( |
( |
||||||
At 30 April | ||||||||
15 | Dividends | 2024 | 2023 | |||||
£ | £ | |||||||
Dividends on ordinary shares (note 14) | ||||||||
16 | Non Audit work | |||||||
17 | Related Party Transactions | |||||||
There were related party transactions between the company and 3 other companies in where a director has got material interests in these companies. A review was carried out of indicators for impairment of recoverable and repayable at reporting date. . Amount due from related parties in which the director has got material interest there were transactions for services provided but were on normal commercial terms. | ||||||||
17 | Going Concern | |||||||
18 | The company meets its day-to-day working capital requirements through its overdraft and loans facility and through credit terms with suppliers. At this stage no matters have been drawn to its attention to suggest that renewal may not be forthcoming on acceptable terms. The company has been profitable in the current and prior year and continues to be so. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities. The directors have considered cash flow forecasts and funding requirements of the business for the foreseeable future in assessing the going concern assertion. The directors consider that preparing the financial statements on the going' concern basis is appropriate based on their enquiries. Having taken account of the ongoing funding requirements of the business and the facilities available to the company, the directors consider that the company has the ability to fulfil its commitments for at least 12 months from the date the financial statements are signed. Therefore the directors consider that the company has reasonable expectation that it can meet all of its liabilities as they fall due for the foreseeable future from the date of approval of the financial statements |
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19 | Controlling party | |||||||
Mrs L G Baille and Mr L J Baillie control the company by virtue of their 100% direct holding in company's issued ordinary share capital |
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20 | Presentation currency | |||||||
20 | ||||||||
21 | Legal form of entity and country of incorporation | |||||||
Lindale Homes Limited is a private company limited by shares and incorporated in England. | ||||||||
22 | Principal place of business | |||||||
The address of the company's principal place of business and registered office is: | ||||||||
Arden Lodge | ||||||||
946 Warwickl Road | ||||||||
Birmingham | ||||||||
B27 6QB |