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REGISTERED NUMBER: 02523619 (England and Wales)















LINECROSS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025






LINECROSS LIMITED (REGISTERED NUMBER: 02523619)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Income Statement 11

Other Comprehensive Income 12

Statement of Financial Position 13

Statement of Changes in Equity 14

Notes to the Financial Statements 15


LINECROSS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2025







DIRECTORS: D T Austin BA, ACA
S D Fry C.Eng FIMechE
L Fry
J S Austin





SECRETARY: D T Austin BA, ACA





REGISTERED OFFICE: Station Road
South Luffenham
Oakham
Rutland
LE15 8NG





REGISTERED NUMBER: 02523619 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

The directors present their strategic report for the year ended 31 January 2025.

The directors aim to present a balanced and comprehensive review of the development and performance of the company during the year and its position at the year end. The review is consistent with the non-complex nature and size of the company and the risks and uncertainties faced.

REVIEW OF BUSINESS
The headline results for the year and the three proceeding years are as follows:

Year to Year to Year to Year to
31 Jan'25 31 Jan'24 31 Jan'23 31 Jan'22
£    £    £    £   
Revenue 34,137 36,667 34,611 28,776
EBITDA 3,794 4,102 3,803 2,870
Operating profit 2,544 2,792 2,620 1,792
Profit for the year after tax 1,620 1,596 1,979 1,280

The stagnant macro-economic environment resulted in subdued underlying volumes from many of the company's customers during the year. In particular, the UK caravan and motorhome manufacturers made significant adjustments to volumes to realign to a prolonged period of weaker consumer demand. This impact to revenue was partially mitigated by two new long term automotive packages of work which began during the year. The net effect was for revenue from the supply of components to fall by just 3.7% from the prior year. Revenue from engineering services and tooling fell 30% in the year as a result of a delay in a customer commencing a new large program for which the company has been nominated. This work has now commenced and therefore this revenue will recover in the coming year.

The company's continued investment in new machinery and technology delivered improvements in labour and energy efficiencies which resulted in the gross profit for the year increasing to 15.2% (2024: 14.6%).

The company invested a further £1.6m in additional machinery and equipment during the year. This brings the total for the last three years to £6.8m and consequently the company has modern, efficient facilities with headroom for additional volumes across a wide range of polymer and polyurethane composite processes.

The company generated a net cash inflow from operating activities of £3.6m, which despite the capital additions of £1.6m enabled the company to reduce its debt by £1.3m. With shareholders' funds amounting to £13.9m gearing amounted to just 33% at the year end. The company continues to maintain significant financial headroom in order to both protect the company and its creditors from an unforeseen challenge, but also to have the resource to be able to react quickly should an appropriate opportunity arise.

KEY PERFORMANCE INDICATORS
The directors monitor the performance of the company through the use of a suite of key performance indicators (KPIs) which are aligned to the strategy of the company. These KPIs encompass all business disciplines and include such items as sales growth, product and process innovation, EBITDA, productivity and margins, cash generation and energy, health and safety and environmental performance. The directors are pleased with the performance achieved in the KPIs during the year.


FUTURE DEVELOPMENTS
The company has secured two substantial new prestige automotive nominations which will commence production supply in late 2026 and early 2027 and will provide regular production revenue to the company beyond 2030. Ahead of this there is a significant associated value of engineering and tooling work to complete over the next eighteen months.

As a consequence of the current low growth in the UK and global economies underlying demand is expected to remain subdued for at least the next six months. The company will continue to maintain a diligent control on costs, productivity and technology improvements and therefore the directors are confident the outlook for the coming year and beyond remains positive.


LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks arising from the company's activities are liquidity risk, credit risk, currency risk, interest rate risk and competitor risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by overdraft and loan facilities.

Credit risk
The company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner.

Currency risk
The company is exposed to transaction foreign exchange risk. The directors seek, whenever possible, to use Sterling as the currency denomination when transacting with foreign suppliers. If considered necessary, transaction exposures including those associated with forecast transactions are hedged when known, principally using forward currency contracts. Whilst the aim is to achieve an economic hedge the company does not adopt an accounting policy of hedge accounting for these financial statements.

Interest rate risk
The company finances its operations through a combination of bank borrowings and finance leases. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and variable rate facilities.

Competitor risk
Competitive pressure is a continuing risk for the company. The company manages this risk by being agile and responsive to customer demands, maintaining strong relationships with customers and the supply chain and continually developing its products and processes through innovation and investment.



LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

SECTION 172(1) STATEMENT
The directors are bound by their duties under the Companies Act 2006 (the "Act") and understand each duty is in the interest of the overall success of the business. This statement sets out how the directors have regard to the matters set out in Section 172 of the Act whilst undertaking their roles, including but not limited to:

(a) the likely consequences of any decision in the long term;
(b) the interests of the company's employees;
(c) the need to foster the company's business relationships with customers, suppliers, and others;
(d) the impact of the company's operations on the community and the environment;
(e) the desirability of the company maintaining a reputation for high standards of business conduct; and
(f) need to act fairly as between members of the company.

The directors manage the company for the benefit of all stakeholders. In making decisions, the directors take into account their potential short and long-term implications. The objectives include the long-term sustainable growth and success of the business which will see the preservation and growth of assets whilst building long term relationships with the company's wider stakeholders. The directors maintain strong relationships with key financing partners thereby ensuring both short term working capital and longer term investment and growth requirements are fully funded.

The directors aim to maintain the strong reputation of the company and to ensure that decisions are made with the highest standard of business conduct in mind. Integrity is a key element of business behaviour throughout the company and the board of directors recognise that acting ethically and with integrity protects the reputation of the , company, shareholders and stakeholders. The company is committed to maintaining the highest standard of ethics and compliance with all relevant laws and regulations.

The directors work to understand customer requirements and to develop the products and solutions our customers demand through innovation, investment and outstanding customer service.

The directors are committed to strong mutually beneficial relationships with the company's suppliers. The company seeks to work with suppliers who demonstrate high regard for the impact of their operations on communities and the environment.

The directors are committed to providing manufacturing practices that aim to minimise waste and achieve the company's carbon objectives. The directors are committed to providing a working environment that promotes our company employees' wellbeing and enables them to perform at their highest ability. The company invests in training, coaching and skills acquisition and aims to be transparent in its approach to pay and benefits. The health and safety of all staff, visitors and contractors is of paramount importance and therefore the directors maintain a comprehensive range of plans, procedures and controls to ensure the highest standards of health and safety are maintained at all times.


LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

CARBON AND ENERGY REPORT
The company is aware its activities associated with the development, manufacture, distribution and use of its products can have a direct or indirect influence on the environment, in particular carbon emissions contributing to global warming. Decarbonisation is therefore a priority for the company.

The company has developed a Carbon Management Plan which sets a roadmap for progress over the coming years. This plan was developed following a full carbon footprint calculation using 2022 data as the baseline. The company has set a target to reduce net emissions (excluding materials) to zero tCO2e by 2030.

As required by the Streamlined Energy and Carbon Reporting legislation, the table below summarises the carbon and energy consumed by the company during the financial year:

Energy GHG Energy GHG
Consumption Emissions Consumption Emissions
(MWh) (tCO2e) (MWh) (tCO2e)
Source of energy 2025 2025 2024 2024
Combustion of natural gas 323 59 283 52
Combustion of gas oil 737 191 587 152
Combustion of LPG 119 30 167 38
Combustion of fuel in vehicles 32 61 223 54
Refrigerant emissions - 13 - -
Scope 1 Total 1,211 354 1,260 296

Purchased electricity 3,854 798 4,489 930
Scope 2 Total 3,854 798 4,489 930

Grand Total 5,065 1,152 5,749 1,226

Intensity ratio (per production
kg consumed)
2.32 (kWh/kg) 0.53 (kgCO2e/kg) 2.31 (kWh/kg) 0.49 (kgCO2e/kg)

The calculation methodology is based upon templates provided by the British Plastics Federation and all conversion factors and fuel properties have been taken from the UK Government Greenhouse Gas Conversion Factors for Company Reporting database.

The company achieved reductions of 11.9% in energy consumption and 6% in greenhouse gas emissions compared to the prior year. The fall in production kgs consumed resulted in the intensity ratios remaining broadly unchanged which is considered acceptable as energy efficiencies ordinarily decline as production volumes fall. The company's investment in electrical voltage optimisation equipment and the continued electrification of its vehicle and forklift truck fleet have contributed to the progress.

ON BEHALF OF THE BOARD:





D T Austin BA, ACA - Director


27 March 2025

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2025

The directors present their report with the financial statements of the company for the year ended 31 January 2025.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of the manufacture of technical plastic thermoformings, injection mouldings and polyurethane components together with associated tooling and engineering services.

DIVIDENDS
Interim dividends of 64 pence and 47.5 pence per share were declared and paid on 19 April 2024 and 24 January 2025 respectively.

The total distribution of dividends for the year ended 31 January 2025 will be £836,250. The directors recommend that no final dividend be paid.

RESEARCH AND DEVELOPMENT
It is the board's intention that the company shall remain in the forefront of innovation in its products and markets through a continuing programme of research and development in collaboration with its strategic customers and suppliers.

FUTURE DEVELOPMENTS
Information on future developments is presented within the Strategic Report and information on events since the year end is presented within the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report.

D T Austin BA, ACA
S D Fry C.Eng FIMechE
L Fry
J S Austin

EMPLOYEE CONSULTATION
It is the policy of the company to keep its employees fully informed on all matters relevant to them through regular information and consultation meetings. By doing so, employees' views are considered in decisions that are likely to affect their interests and employees' participation in the company's performance is encouraged.

DISABLED EMPLOYEES
Full and fair consideration is always given to applications for employment by disabled persons. In the event of a member of staff becoming disabled, every effort is made to ensure their employment with the company continues and appropriate adjustments and training are provided where necessary. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Details of how the directors have had regard to the need to foster the company's relationships with suppliers, customers and others with whom it has a business relationship can be found in the S172(1) Statement within the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 (United Kingdom Accounting Standards 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 accounting estimates that are reasonable and prudent;
-state whether applicable 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.

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2025


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D T Austin BA, ACA - Director


27 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINECROSS LIMITED

Opinion
We have audited the financial statements of Linecross Limited (the 'company') for the year ended 31 January 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 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 31 January 2025 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-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 Auditors' 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINECROSS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and safety regulations, employment law and environmental regulations. Our work included a review of any regulatory reporting within the year for any evidence of non-compliance and reading any minutes of management meetings, in addition to an assessment of the company's legal expenses and possible contingencies. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, international omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINECROSS LIMITED


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 a Report of the Auditors 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.




Mark Hindmarch BSc ACA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

27 March 2025

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025

2025 2024
Notes £    £    £    £   

REVENUE 3 34,136,819 36,666,680

Cost of sales 28,932,888 31,321,213
GROSS PROFIT 5,203,931 5,345,467

Distribution costs 1,149,006 1,223,693
Administrative expenses 1,510,936 1,329,343
2,659,942 2,553,036
OPERATING PROFIT 5 2,543,989 2,792,431

Interest receivable and similar income 6 11,845 -
2,555,834 2,792,431

Interest payable and similar expenses 7 431,951 435,273
PROFIT BEFORE TAXATION 2,123,883 2,357,158

Tax on profit 8 503,890 760,869
PROFIT FOR THE FINANCIAL YEAR 1,619,993 1,596,289

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025

2025 2024
Notes £    £   

PROFIT FOR THE YEAR 1,619,993 1,596,289


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,619,993 1,596,289

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 10 13,406,430 13,098,049
Investments 11 20,000 20,000
13,426,430 13,118,049

CURRENT ASSETS
Inventories 12 5,108,127 4,906,510
Debtors 13 6,605,513 6,852,537
Cash at bank 8,912 12,744
11,722,552 11,771,791
CREDITORS
Amounts falling due within one year 14 7,029,925 6,744,438
NET CURRENT ASSETS 4,692,627 5,027,353
TOTAL ASSETS LESS CURRENT LIABILITIES 18,119,057 18,145,402

CREDITORS
Amounts falling due after more than one year 15 (2,447,658 ) (3,394,193 )

PROVISIONS FOR LIABILITIES 19 (1,781,285 ) (1,644,838 )
NET ASSETS 13,890,114 13,106,371

CAPITAL AND RESERVES
Called up share capital 20 750,000 750,000
Revaluation reserve 21 1,260,506 1,260,506
Retained earnings 21 11,879,608 11,095,865
SHAREHOLDERS' FUNDS 13,890,114 13,106,371

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





D T Austin BA, ACA - Director


LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2023 750,000 10,279,576 1,260,506 12,290,082

Changes in equity
Dividends - (780,000 ) - (780,000 )
Total comprehensive income - 1,596,289 - 1,596,289
Balance at 31 January 2024 750,000 11,095,865 1,260,506 13,106,371

Changes in equity
Dividends - (836,250 ) - (836,250 )
Total comprehensive income - 1,619,993 - 1,619,993
Balance at 31 January 2025 750,000 11,879,608 1,260,506 13,890,114

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1. STATUTORY INFORMATION

Linecross Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).

The company is a subsidiary of Linecross Group Limited. Consolidated financial statements of Linecross Group Limited can be obtained from:

Companies House
Crown Way
Cardiff
CF14 3UZ

Preparation of consolidated financial statements
The financial statements contain information about Linecross Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Linecross Group Limited, Station Road, South Luffenham, Oakham, Rutland, LE15 8NG, United Kingdom.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The items in the financial statements subject to judgements, estimates and assumptions include:

i) Long term tooling projects
The directors estimate the stage of completion of long term tooling projects included in work in progress based on their knowledge of previous similar projects and by comparison to the detailed tooling budgets prepared.

ii) Overhead absorption rates
The overhead absorption rate applied to work in progress and finished goods is based on the labour and allowable direct overhead costs for the last three months. The directors consider that three months is appropriate as this is approximately the length of time taken for stock items to be completed and sold.

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

2. ACCOUNTING POLICIES - continued

Revenue
Revenue arises from the sales of goods and services. It is stated at the fair value of the consideration receivable, net of value added tax, rebates and discounts.

Revenue from the sale of goods is recognised when the significant risks and benefits of ownership of the product have transferred to the buyer, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms.

Tangible fixed assets
Plant and equipment assets are held at cost less accumulated depreciation and impairment.

Depreciation is provided at varying rates between 33% and 6.67% on cost for plant, machinery and equipment and varying rates between 33% and 20% for vehicles in order to write off each asset over its estimated useful life.

The company has adopted a policy of revaluing freehold property. The revalued amounts equate to the fair value at the date of the revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so the carrying amounts do not materially differ from using the fair value at the statement of financial position date. Any revaluation increase or decrease on freehold property is recognised through other comprehensive income in the revaluation reserve.

The directors are of the opinion that the residual value of the freehold property is such that depreciation would not be material.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Inventories and work in progress
Stocks and work in progress are stated at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving and obsolete items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress is valued on the basis of direct cost plus attributable overheads based on normal level of activity.

The directors have considered the accounting of certain items of work in progress relating to long term contracts. These items have been classified as amounts recoverable on contracts within debtors. This adjustment has no impact on profit.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leased are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group contributes to employees' personal pension plans, which are money purchase schemes. Contributions are charged to the Income Statement as incurred.

Financial instruments
The company has adopted the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Amounts recoverable on contracts
Profit on contracting activities is taken as work progresses. The profit included is calculated on a reasonable basis to reflect the value of work carried out by the year end and is stated at the lower of the margin earned to date and that forecast at completion, taking account of agreed claims.

Provision is made for any foreseeable losses where appropriate.

The amount by which recorded revenue is in excess of payments on account is disclosed as amounts recoverable on contracts.

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

3. REVENUE

The revenue and profit before taxation are attributable to the principal activities of the company.

An analysis of revenue by geographical market is given below:

2025 2024
£    £   
United Kingdom 31,591,566 34,487,349
Europe 1,891,603 1,587,118
Rest of the world 653,650 592,213
34,136,819 36,666,680

4. EMPLOYEES AND DIRECTORS
2025 2024
£    £   
Wages and salaries 8,970,397 8,994,647
Social security costs 772,858 744,284
Other pension costs 345,829 309,651
10,089,084 10,048,582

The average number of employees during the year was as follows:
2025 2024

Production staff 234 247
Sales and administrative staff 59 57
293 304

2025 2024
£    £   
Directors' remuneration 340,201 333,818
Directors' pension contributions to money purchase schemes 66,000 68,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2025 2024
£    £   
Emoluments etc 150,525 148,103
Pension contributions to money purchase schemes 9,000 10,000

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025 2024
£    £   
Depreciation - owned assets 871,329 789,741
Depreciation - assets on hire purchase contracts 391,499 529,660
Profit on disposal of fixed assets (12,407 ) (9,418 )
Auditors' remuneration 29,450 30,350
Foreign exchange differences (40,420 ) (38,449 )
Operating lease rentals 329,413 321,702

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2025 2024
£    £   
Interest from taxation 11,845 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£    £   
Hire purchase interest 145,522 176,433
Bank and loan interest 286,429 258,840
431,951 435,273

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2025 2024
£    £   
Current tax:
UK corporation tax 374,196 15,041
Adjustment for previous period (6,753 ) 21,238
Total current tax 367,443 36,279

Deferred tax 136,447 724,590
Tax on profit 503,890 760,869

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025 2024
£    £   
Profit before tax 2,123,883 2,357,158
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 -
25%)

530,971

589,290

Effects of:
Expenses not deductible for tax purposes 5,023 6,851
Income not taxable for tax purposes (6,425 ) (3,889 )
Capital allowances in excess of depreciation (142 ) (136,520 )
Adjustments to tax charge in respect of previous periods (6,753 ) 21,238
Research and development enhanced deduction (15,823 ) (6,706 )
Change in rate of deferred tax - 290,605
Interest received (2,961 ) -
Total tax charge 503,890 760,869

9. DIVIDENDS
2025 2024
£    £   
Ordinary shares of £1 each
Interim 836,250 780,000

10. PROPERTY, PLANT AND EQUIPMENT
Vehicles
Freehold Plant and and
property machinery equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 February 2024 4,706,490 15,821,782 2,569,290 23,097,562
Additions - 1,225,733 405,172 1,630,905
Disposals - (539,063 ) (378,199 ) (917,262 )
At 31 January 2025 4,706,490 16,508,452 2,596,263 23,811,205
DEPRECIATION
At 1 February 2024 - 8,544,457 1,455,056 9,999,513
Charge for year - 934,048 328,780 1,262,828
Eliminated on disposal - (538,699 ) (318,867 ) (857,566 )
At 31 January 2025 - 8,939,806 1,464,969 10,404,775
NET BOOK VALUE
At 31 January 2025 4,706,490 7,568,646 1,131,294 13,406,430
At 31 January 2024 4,706,490 7,277,325 1,114,234 13,098,049

Included within the net book value is £3,586,167 (2024 - £3,939,151) relating to assets held under finance leases and hire purchase agreements.

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

10. PROPERTY, PLANT AND EQUIPMENT - continued

Cost or valuation at 31 January 2025 is represented by:

Vehicles
Freehold Plant and and
property machinery equipment Totals
£    £    £    £   
Valuation in 2023 650,044 - - 650,044
Cost 4,056,446 16,508,452 2,596,263 23,161,161
4,706,490 16,508,452 2,596,263 23,811,205

If freehold property had not been revalued it would have been included at the following historical cost:

2025 2024
£    £   
Cost 4,056,446 4,056,446
Aggregate depreciation 770,835 689,121

Freehold property was valued on an open market basis on 19 January 2023 by BNP Paribas Real Estate .

Having assessed local market data, the directors do not consider that the valuation of freehold property would have materially changed between 19 January 2023 and 31 January 2025. In accordance with the RICS valuation standards, the valuations were prepared having regard to the market based evidence for similar properties in the local area, subject to occupational leases where relevant.


11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 February 2024
and 31 January 2025 20,000
NET BOOK VALUE
At 31 January 2025 20,000
At 31 January 2024 20,000

Cost or valuation at 31 January 2025 is represented by:

Shares in
group
undertakings
£   
Cost 20,000

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Linecross Composites Limited 03847067
Registered office: Station Road, South Luffenham, Oakham, Rutland, LE15 8NG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

12. INVENTORIES
2025 2024
£    £   
Raw materials 2,824,750 2,810,537
Work-in-progress 1,326,588 1,182,821
Finished goods 956,789 913,152
5,108,127 4,906,510

Inventories are stated after provisions for impairment of £140,707 (2024 - £199,449).

The directors are of the opinion that there is no material difference between the purchased cost of stocks shown above and their replacement cost.

13. DEBTORS
2025 2024
£    £   
Amounts falling due within one year:
Trade debtors 5,549,558 5,754,559
Corporation tax - 56,672
Prepayments and accrued income 378,938 363,041
5,928,496 6,174,272

Amounts falling due after more than one year:
Amounts owed by group undertakings 677,017 678,265

Aggregate amounts 6,605,513 6,852,537

Trade debtors are subject to invoice financing. Where applicable, funds advanced for invoice financing are recorded within creditors.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans (see note 16) 200,004 200,004
Invoice financing facility (see note 16) 1,141,617 1,290,808
Hire purchase contracts (see note 17) 760,595 994,701
Trade creditors 1,887,984 2,299,336
Amounts owed to group undertakings 20,000 20,000
Corporation tax 374,196 -
Social security and other taxes 741,888 568,444
Directors' loan accounts 562,500 452,000
Accruals and deferred income 1,341,141 919,145
7,029,925 6,744,438

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Bank loans (see note 16) 1,449,989 1,649,993
Hire purchase contracts (see note 17) 997,669 1,744,200
2,447,658 3,394,193

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

16. LOANS

An analysis of the maturity of loans is given below:

2025 2024
£    £   
Amounts falling due within one year or on demand:
Bank loans 200,004 200,004
Invoice financing facility 1,141,617 1,290,808
1,341,621 1,490,812

Amounts falling due between one and two years:
Bank loans - 1-2 years 200,004 200,004

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,249,985 1,449,989

Bank loans are repayable in instalments. Interest is charged at 1.55% over the Bank of England base rate.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2025 2024
£    £   
Net obligations repayable:
Within one year 760,595 994,701
Between one and five years 997,669 1,744,200
1,758,264 2,738,901

Non-cancellable operating leases
2025 2024
£    £   
Within one year 363,850 285,469
Between one and five years 715,178 556,895
1,079,028 842,364

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

18. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank loans 1,649,993 1,849,997
Hire purchase contracts 1,758,264 2,738,901
Invoice financing facility 1,141,617 1,290,808
4,549,874 5,879,706

Bank loans are secured by a fixed and floating charge over the company's assets and a cross guarantee between Linecross Limited and its ultimate parent.

Hire purchase contracts are secured against the assets to which they relate.

The company utilises an invoice discounting facility which is secured over the debts to which it relates.

19. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax
Accelerated capital allowances 1,781,285 1,644,838

Deferred
tax
£   
Balance at 1 February 2024 1,644,838
Charge to Income Statement during year 136,447
Balance at 31 January 2025 1,781,285

The reversal of deferred taxation timing differences is not expected to be significant in the forthcoming period.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
750,000 Ordinary £1 750,000 750,000

21. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 February 2024 11,095,865 1,260,506 12,356,371
Profit for the year 1,619,993 1,619,993
Dividends (836,250 ) (836,250 )
At 31 January 2025 11,879,608 1,260,506 13,140,114

Retained earnings
The retained earnings reserve represents cumulative profits and losses net of dividends and other adjustments.

Revaluation reserve
The aggregate surplus on re-measurement of freehold property, net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution.

LINECROSS LIMITED (REGISTERED NUMBER: 02523619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

22. CONTINGENT LIABILITIES

The company is party to a cross guarantee with it's fellow group company Linecross Group Limited, to secure the bank borrowings of the group.

23. CAPITAL COMMITMENTS
2025 2024
£    £   
Contracted but not provided for in the
financial statements 23,934 253,462

24. RELATED PARTY DISCLOSURES

At the reporting date loans totalling £562,500 (2024 - £452,000) were owed by the company to the directors. These loans are unsecured and repayable on demand. Interest is charged daily at a rate of 2.5% above the Bank of England base rate. During the year interest totalling £39,961 (2024 - £nil) was charged. Interest was waived in the prior year.

During the year, a director purchased fixed assets at market value from the company for £34,500 (2024 - £nil).

During the year, a total of key management personnel compensation of £ 548,418 (2024 - £ 569,714 ) was paid.

25. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is Linecross Group Limited, a company incorporated in England and Wales. Consolidated financial statements, which includes this company's results, are available to the public from Companies House.

There is no ultimate controlling party.