22 01/11/2023 31/10/2024 2024-10-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-11-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 1446252 2023-11-01 2024-10-31 1446252 2024-10-31 1446252 2023-10-31 1446252 2022-11-01 2023-10-31 1446252 2023-10-31 1446252 2022-10-31 1446252 bus:Director2 2023-11-01 2024-10-31 1446252 bus:Director10 2023-11-01 2024-10-31 1446252 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-31 1446252 core:PlantMachinery 2023-10-31 1446252 core:FurnitureFittingsToolsEquipment 2023-10-31 1446252 core:MotorVehicles 2023-10-31 1446252 core:LandBuildings core:OwnedOrFreeholdAssets 2024-10-31 1446252 core:PlantMachinery 2024-10-31 1446252 core:FurnitureFittingsToolsEquipment 2024-10-31 1446252 core:MotorVehicles 2024-10-31 1446252 core:WithinOneYear 2024-10-31 1446252 core:WithinOneYear 2023-10-31 1446252 core:ShareCapital 2024-10-31 1446252 core:ShareCapital 2023-10-31 1446252 core:RetainedEarningsAccumulatedLosses 2024-10-31 1446252 core:RetainedEarningsAccumulatedLosses 2023-10-31 1446252 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 1446252 core:PlantMachinery 2023-11-01 2024-10-31 1446252 core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 1446252 core:MotorVehicles 2023-11-01 2024-10-31 1446252 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-31 1446252 core:PlantMachinery 2023-10-31 1446252 core:FurnitureFittingsToolsEquipment 2023-10-31 1446252 core:MotorVehicles 2023-10-31 1446252 bus:Director10 2024-10-31 1446252 bus:SmallEntities 2023-11-01 2024-10-31 1446252 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 1446252 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 1446252 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 1446252 bus:FullAccounts 2023-11-01 2024-10-31 1446252 core:ComputerEquipment 2023-11-01 2024-10-31 1446252 core:WithinOneYear 2023-11-01 2024-10-31
Company registration number: 1446252
LINIC PLASTICS LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 October 2024
Cottons Specialist Services Limited
21 High Street
Lutterworth
Leicestershire
LE17 4AT
LINIC PLASTICS LIMITED
CONTENTS
Statement of financial position
Notes to the financial statements
LINIC PLASTICS LIMITED
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 64,521 79,595
_______ _______
64,521 79,595
Current assets
Stocks 6 100,000 144,079
Debtors 7 1,242,371 268,226
Cash at bank and in hand 49,759 371
_______ _______
1,392,130 412,676
Creditors: amounts falling due
within one year 8 ( 1,030,218) ( 176,067)
_______ _______
Net current assets 361,912 236,609
_______ _______
Total assets less current liabilities 426,433 316,204
Provisions for liabilities ( 7,148) ( 9,539)
_______ _______
Net assets 419,285 306,665
_______ _______
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 414,285 301,665
_______ _______
Shareholder funds 419,285 306,665
_______ _______
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 July 2025 , and are signed on behalf of the board by:
L I Burdett
Director
Company registration number: 1446252
LINIC PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the Registered Office is Victoria Works, 24 Saddington Road, Fleckney, Leicester, LE8 8AW.
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' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity and are presented in round pounds.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
Freehold property - Straight line over fifty years
Plant and machinery - 10% per annum of cost
Fittings fixtures and equipment - 10% per annum of cost
Motor vehicles - 25% per annum of cost
Computer equipment - 25% per annum of cost
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 .
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 company 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 22 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
31 October 2024 201,647 693,991 12,485 53,535 961,658
_______ _______ _______ _______ _______
Depreciation
At 1 November 2023 153,210 669,057 12,088 47,708 882,063
Charge for the year 4,033 5,016 199 5,826 15,074
_______ _______ _______ _______ _______
At 31 October 2024 157,243 674,073 12,287 53,534 897,137
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2024 44,404 19,918 198 1 64,521
_______ _______ _______ _______ _______
At 31 October 2023 48,437 24,934 397 5,827 79,595
_______ _______ _______ _______ _______
6. Stocks
2024 2023
£ £
Raw materials and consumables 100,000 144,079
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 72,575 122,736
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,133,200 110,417
Other debtors 36,596 35,073
_______ _______
1,242,371 268,226
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 17,282
Trade creditors 37,868 101,745
Amounts owed to group undertakings and undertakings in which the company has a participating interest 939,319 -
Social security and other taxes 17,298 24,275
Other creditors 35,733 32,765
_______ _______
1,030,218 176,067
_______ _______
The bank overdraft is secured by a fixed and floating charge over the assets of the company.
9. Commitments, guarantees and contingencies
There is a contingent liability in respect of an unlimited guarantee by Linic Plastics Limited with HSBC Bank plc in respect of group companies.
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and carried forward
2024
£
Total amounts 6,349
_______
The loans are interest free and repayable on demand.