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Company registration number: 02171123
Linemode Limited
Unaudited filleted financial statements
30 September 2024
Linemode Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Linemode Limited
Directors and other information
Directors Mrs P A Willmott (Resigned 1 October 2023)
Mr J Willmott
Mr W A Willmott (Appointed 1 October 2023)
Company number 02171123
Registered office First Floor Offices
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Accountants Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Linemode Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Linemode Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Linemode Limited for the year ended 30 September 2024 which comprise the statement of financial position, statement of changes in equity and related notes 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 /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Linemode Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Linemode Limited and state those matters that we have agreed to state to the board of directors of Linemode 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 Linemode Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Linemode Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Linemode Limited. You consider that Linemode 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 financial statements of Linemode 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 financial statements.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
10 February 2025
Linemode Limited
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 592,865 593,145
Investments 6 17 60
_______ _______
592,882 593,205
Current assets
Debtors 7 120,457 78,626
Cash at bank and in hand 86,303 84,425
_______ _______
206,760 163,051
Creditors: amounts falling due
within one year 8 ( 20,443) ( 48,136)
_______ _______
Net current assets 186,317 114,915
_______ _______
Total assets less current liabilities 779,199 708,120
Provisions for liabilities ( 12,719) ( 12,621)
_______ _______
Net assets 766,480 695,499
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 213,553 213,553
Profit and loss account 552,827 481,846
_______ _______
Shareholders funds 766,480 695,499
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 February 2025 , and are signed on behalf of the board by:
Mr J Willmott
Director
Company registration number: 02171123
Linemode Limited
Statement of changes in equity
Year ended 30 September 2024
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 October 2022 100 150,040 518,695 668,835
Profit for the year 38,664 38,664
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 63,513 (63,513) -
_______ _______ _______ _______
Total comprehensive income for the year - 63,513 ( 24,849) 38,664
Dividends paid and payable ( 12,000) ( 12,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 12,000) ( 12,000)
_______ _______ _______ _______
At 30 September 2023 and 1 October 2023 100 213,553 481,846 695,499
Profit for the year 94,981 94,981
_______ _______ _______ _______
Total comprehensive income for the year - - 94,981 94,981
Dividends paid and payable ( 24,000) ( 24,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 24,000) ( 24,000)
_______ _______ _______ _______
At 30 September 2024 100 213,553 552,827 766,480
_______ _______ _______ _______
Linemode Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover represents the rents of properties which are included on an accruals basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold investment properties Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 October 2023 592,210 3,680 595,890
Disposals - ( 2,517) ( 2,517)
_______ _______ _______
At 30 September 2024 592,210 1,163 593,373
_______ _______ _______
Depreciation
At 1 October 2023 - 2,745 2,745
Charge for the year - 218 218
Disposals - ( 2,455) ( 2,455)
_______ _______ _______
At 30 September 2024 - 508 508
_______ _______ _______
Carrying amount
At 30 September 2024 592,210 655 592,865
_______ _______ _______
At 30 September 2023 592,210 935 593,145
_______ _______ _______
The fair value of the freehold investment properties have been arrived at on the basis of valuations carried out by the directors of the company. The valuations were made on an open market value, value evidence basis for existing use on 30th September 2024.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold investment properties Total
£ £
At 30 September 2024
Aggregate cost 366,062 366,062
Aggregate depreciation - -
_______ _______
Carrying amount 366,062 366,062
_______ _______
At 30 September 2023
Aggregate cost 366,062 366,062
Aggregate depreciation - -
_______ _______
Carrying amount 366,062 366,062
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 October 2023 60 60
Disposals ( 43) ( 43)
_______ _______
At 30 September 2024 17 17
_______ _______
Impairment
At 1 October 2023 and 30 September 2024 - -
_______ _______
Carrying amount
At 30 September 2024 17 17
_______ _______
At 30 September 2023 60 60
_______ _______
During the year, all participating interests held in Mark Guthead Properties Inc. were disposed of.
Investments in group undertakings
Registered office Class of share Percentage of shares held
Participating interest
Ecoterms Limited 99 Bancroft, Hitchin. SG5 1NQ Ordinary Shares 17
The results and capital and reserves for the period of the trading companies are as follows:
Capital and Profit/(loss)
reserves for the
period
Participating interest
31 Mar 24 31 Mar 23 31 Mar 24 31 Mar 23
£ £ £ £
Ecoterms Limited 780,216 742,311 37,906 (2,909)
7. Debtors
2024 2023
£ £
Rent and insurance in arrears 3,600 11
Other debtors 116,857 78,615
_______ _______
120,457 78,626
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Rent and insurance in advance 3,496 6,124
Corporation tax 3,083 -
Social security and other taxes 2,823 1,200
Other creditors 11,041 40,812
_______ _______
20,443 48,136
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs P A Willmott - - - -
Mr J Willmott 1,619 107,300 ( 1,619) 107,300
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs P A Willmott ( 2,333) - 2,333 -
Mr J Willmott - 1,619 - 1,619
_______ _______ _______ _______
( 2,333) 1,619 2,333 1,619
_______ _______ _______ _______
Interest is being charged on the above existing loan to Mr J Willmott at a rate of 2.25%. The loan is repayable on demand.