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REGISTERED NUMBER: SC223840















LINELL PRECISION ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024






LINELL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC223840)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


LINELL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC223840)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 754,908 523,892
Debtors 4 2,051,924 1,475,629
Cash at bank 1,280,505 803,440
4,087,337 2,802,961
CREDITORS
Amounts falling due within one year 5 2,664,980 1,671,356
NET CURRENT ASSETS 1,422,357 1,131,605
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,422,357

1,131,605

CREDITORS
Amounts falling due after more than one year 6 133,333 233,333
NET ASSETS 1,289,024 898,272

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 1,189,024 798,272
1,289,024 898,272

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LINELL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC223840)

BALANCE SHEET - continued
30 SEPTEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:




D F Whyte - Director



M G Elliott - Director


LINELL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC223840)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Linell Precision Engineering Limited is a private company, limited by shares, registered in Scotland. The company's registered office is C/O Linell Group Limited, Russell Street, Johnstone, Renfrewshire, PA5 8BZ.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from this standard. The financial statements have been prepared under the historical cost convention.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Turnover
Turnover represents the invoice value of goods supplied and services rendered in the year, exclusive of value added tax. The company's policy is to recognise income when substantively all risks and rewards in connection with the goods and services have been passed to the buyer.

Turnover in respect of contracts is reflected in the profit and loss account by recording turnover and related costs as activity progresses. Turnover represents net costs plus attributable profit, estimated to have been earned, less foreseeable losses. Turnover in excess of payments on account is separately disclosed in debtors as amounts recoverable on contracts.

Government grants
Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants related to the purchase of assets are recognised on a systematic basis over the useful economic life of the underlying assets acquired with the grant.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

LINELL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC223840)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans to and from related parties.

Debt instruments like loans and other accounts receivables and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; debt instruments that are payable or receivable within one year, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand and cash held at bank.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Operating lease
Rentals payable under operating leases are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged against profits in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 21 ) .

LINELL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC223840)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,227,367 730,468
Amounts owed by related parties 733,413 694,524
Other debtors 91,144 50,637
2,051,924 1,475,629

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 100,000 100,000
Trade creditors 472,629 411,590
Amounts owed to related parties 2,011,738 1,115,847
Taxation and social security 70,863 33,280
Other creditors 9,750 10,639
2,664,980 1,671,356

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 133,333 233,333

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 233,333 333,333

The Royal Bank of Scotland plc hold a bond and floating charge over the company in respect of credit facilities.

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.