2023-05-162024-05-312024-05-31false14871945LINNET PROPERTY MANAGEMENT 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LINNET PROPERTY MANAGEMENT LTD

Registered Number
14871945
(England and Wales)

Unaudited Financial Statements for the Period ended
31 May 2024

LINNET PROPERTY MANAGEMENT LTD
Company Information
for the period from 16 May 2023 to 31 May 2024

Directors

ARMSTRONG, Alice Margaret
ARMSTRONG, James Francis

Registered Address

9 Linnet Gardens
Cottier Grange
Prudhoe
NE42 5BS

Registered Number

14871945 (England and Wales)
LINNET PROPERTY MANAGEMENT LTD
Statement of Financial Position
31 May 2024

Notes

2024

£

£

Fixed assets
Investment property494,897
94,897
Current assets
Debtors5737
Cash at bank and on hand1,620
2,357
Creditors amounts falling due within one year6(37,656)
Net current assets (liabilities)(35,299)
Total assets less current liabilities59,598
Creditors amounts falling due after one year7(63,261)
Net assets(3,663)
Capital and reserves
Called up share capital100
Profit and loss account(3,763)
Shareholders' funds(3,663)
The financial statements were approved and authorised for issue by the Board of Directors on 11 February 2025, and are signed on its behalf by:
ARMSTRONG, Alice Margaret
Director
ARMSTRONG, James Francis
Director

Registered Company No. 14871945
LINNET PROPERTY MANAGEMENT LTD
Notes to the Financial Statements
for the period ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
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 transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

2024
Average number of employees during the year0
3.Tangible fixed assets
4.Investment property

£
Additions94,897
At 31 May 2494,897
5.Debtors: amounts due within one year

2024

£
Called up share capital not paid, current asset100
Prepayments and accrued income637
Total737
6.Creditors: amounts due within one year

2024

£
Bank borrowings and overdrafts4,562
Amounts owed to related parties31,051
Payments received on account1,000
Accrued liabilities and deferred income1,043
Total37,656
The mortgage on the investment property is taken over 30 years with a fixed interest rate of 5.29% for the first 5 years and a variable rate of 3.75% above the Bank of England base rate thereafter.
7.Creditors: amounts due after one year

2024

£
Bank borrowings and overdrafts63,261
Total63,261
The mortgage on the investment property is taken over 30 years with a fixed interest rate of 5.29% for the first 5 years and a variable rate of 3.75% above the Bank of England base rate thereafter.
8.Related party transactions
The loan from James Armstrong Management Engineering Services Ltd is made at arms length, is non interest bearing and is repayable upon demand.
9.Controlling party
The ultimate controlling parties are Mr James Francis Armstrong and Mrs Alice Margaret Armstrong.