Company registration number 02806306 (England and Wales)
LINAKER LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
LINAKER LTD
COMPANY INFORMATION
Directors
W Harrison
A Dhillon
C Curran
Secretary
A Dhillon
Company number
02806306
Registered office
Westfield House
Carlton Road
South Godstone
Surrey
RH9 8LG
Auditor
Moorgate Accountancy Ltd (Statutory Auditor)
Downsview House
141-143 Station Road East
Oxted
Surrey
UK
RH8 0QE
LINAKER LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 33
LINAKER LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

Business Overview

 

Linaker was established by Chairman Bill Harrison in 1993 to provide facilities management services with a specialist focus on hard services engineering. This continues to be its principal activity. Linaker prides itself on occupying a unique position in the marketplace, that being, a privately-owned business that has full national reach through offices in Birmingham, Bristol, Haydock, Livingston, Surrey, and London, along with in-excess of 100 in-house engineers. Linaker’s flexible approach and focus on client needs has enabled it to win a range of world renowned brands in the past three years providing a strong base for future successful growth.

 

Summary of Business Performance

 

In 2024 the Company has continued to achieve strong organic growth in line with its strategic objectives via 27 new client partnerships adding over 500 sites, partially offset by Linaker strategically exiting a material client. The Company has also undertaken material investment into the Business during 2024 in anticipation of further contract wins in 2025, which has had a short term negative impact on margins. With healthy liquidity, the Group is well placed to continue to exhibit strong growth in the coming year.

 

Talent Acquisition and Retention

 

Talent acquisition and retention remains a key focus for the business, with further investment during 2024 to improve staff engagement and happiness through greater dialogue with our team and enhanced benefits.

 

The business reported an industry leading Net Promoter score of 8.9, whilst 71% of our team members reported that they are HAPPY to come to work. Linaker is proud of its roots as a family business, with a family feel, and continues to ensure that our colleagues happiness, along with that of our customers, are at the center of our strategic aims.

 

Automation & Digitalisation strategy

 

Linaker recognises the potential benefits for team members and client partners of automation and digitalisation, and as a result continues to invest material amounts in these areas to drive improved efficiencies, productivity and accuracy in our operations and services. Linaker believes that automation and digitalisation will help it provide cost effective solutions for its customers and provide it with a key market differentiator.

 

ESG

ESG remains a key strategic focus for Linaker, and we have numerous on-going initiatives both internally and with our clients to remain a leader in our industry in this field. Such initiatives include, tree planting, adoption of compulsory electric car fleet and charitable donations. Achieving a 44% reduction in carbon omissions whilst growing over 40%, achieving platinum accreditation with NCZ

LINAKER LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Market risk

 

Linaker operates nationwide in the FM sector, direct to end user or via managing agent. The market as a whole is competitive but growing, with an on-going challenge of recruiting and retaining engineers. This provides cost pressures, whilst the competitive nature of the broader market ensures competitive pricing on new opportunities. Linaker seeks to manage these risks through deep embedded relationships with its client partners and a focus on listening to our teams needs.

 

Additional controls have been introduced around our bid process and customer relationship management including the appointment of our new Commercial Director.

 

Credit risk

 

In accordance with Company policy, before accepting a new customer, the Company uses external credit scoring systems to assess the potential customer's credit quality and define an appropriate credit limit, which is reviewed regularly.

Liquidity/Financial risks

We continue to ensure contract cash flows are planned in a positive manner to ensure growth can continue to be funded organically. Linaker does not enter into any hedging instruments or any financial instruments for speculative purposes. Linaker's liquidity profile remains strong with over £3.6m of cash and liquid instruments on the balance sheet as at year-end

 

Regulatory Risks (including health & safety)

Our specialist legal and compliance teams ensure Linaker remains compliant with all its regulatory obligations through regular reviews of our and our subcontractors performance.

 

Subcontractors risk

We engage with a wide range of subcontractors who are regularly reviewed for quality and cost effectiveness for our clients by our dedicated procurement team

On behalf of the board

A Dhillon
Director
25 July 2025
LINAKER LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group continued to be that of a national provider of buildings services.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £142,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

W Harrison
A Dhillon
C Curran
Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

LINAKER LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
A Dhillon
Director
25 July 2025
LINAKER LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINAKER LTD
- 5 -
Opinion

We have audited the financial statements of Linaker Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

LINAKER LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LINAKER LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

It is the primary responsibility of management, with oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for prevention and detection of fraud.

 

-In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

-Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in.

-Enquired of entity staff in accounting & tax compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewed journal entries and other adjustments for appropriateness,- Enquiry of management, those charged with governance and the company’s legal advisors around actual and potential litigation and claims.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

LINAKER LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LINAKER LTD
- 7 -
Peter Seed FCA (Senior Statutory Auditor)
For and on behalf of Moorgate Accountancy Ltd (Statutory Auditor), Statutory Auditor
Chartered Accountants
Downsview House
141-143 Station Road East
Oxted
Surrey
RH8 0QE
UK
25 July 2025
LINAKER LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
29,867,575
27,894,157
Cost of sales
(21,363,987)
(20,407,210)
Gross profit
8,503,588
7,486,947
Administrative expenses
(7,678,074)
(6,533,329)
Exceptional item
4
(114,957)
-
0
Operating profit
5
710,557
953,618
Interest receivable and similar income
9
59,039
11,460
Interest payable and similar expenses
10
(9,046)
(16,419)
Profit before taxation
760,550
948,659
Tax on profit
11
(199,429)
(238,975)
Profit for the financial year
561,121
709,684
Profit for the financial year is all attributable to the owners of the parent company.
LINAKER LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
561,121
709,684
Other comprehensive income
Currency translation loss taken to retained earnings
(641)
-
0
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
560,480
709,684
Total comprehensive income for the year is all attributable to the owners of the parent company.
LINAKER LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
466,426
465,421
466,426
465,421
Current assets
Stocks
15
614,006
432,193
Debtors
16
6,336,077
6,626,027
Cash at bank and in hand
3,643,854
1,072,111
10,593,937
8,130,331
Creditors: amounts falling due within one year
17
(9,059,713)
(6,914,475)
Net current assets
1,534,224
1,215,856
Total assets less current liabilities
2,000,650
1,681,277
Creditors: amounts falling due after more than one year
18
-
(102,821)
Provisions for liabilities
Deferred tax liability
21
99,022
95,310
(99,022)
(95,310)
Net assets
1,901,628
1,483,146
Capital and reserves
Called up share capital
25
1,212
1,210
Profit and loss reserves
1,900,416
1,481,936
Total equity
1,901,628
1,483,146
The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
25 July 2025
A Dhillon
Director
Company registration number 02806306 (England and Wales)
LINAKER LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
466,426
465,421
Investments
13
83
-
0
466,509
465,421
Current assets
Stocks
15
581,012
432,193
Debtors
16
6,692,782
6,626,027
Cash at bank and in hand
3,154,672
1,072,111
10,428,466
8,130,331
Creditors: amounts falling due within one year
17
(8,901,644)
(6,914,475)
Net current assets
1,526,822
1,215,856
Total assets less current liabilities
1,993,331
1,681,277
Creditors: amounts falling due after more than one year
18
-
(102,821)
Provisions for liabilities
Deferred tax liability
21
99,022
95,310
(99,022)
(95,310)
Net assets
1,894,309
1,483,146
Capital and reserves
Called up share capital
25
1,212
1,210
Profit and loss reserves
1,893,097
1,481,936
Total equity
1,894,309
1,483,146
LINAKER LTD
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £553,161 (2023 - £709,685 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
25 July 2025
A Dhillon
Director
Company registration number 02806306 (England and Wales)
LINAKER LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,210
908,711
909,921
Year ended 31 December 2023:
Profit and total comprehensive income
-
709,684
709,684
Dividends
-
(136,459)
(136,459)
Balance at 31 December 2023
1,210
1,481,936
1,483,146
Year ended 31 December 2024:
Profit for the year
-
561,121
561,121
Other comprehensive income:
Currency translation differences
-
(641)
(641)
Total comprehensive income
-
560,480
560,480
Issue of share capital
25
2
-
2
Dividends
-
(142,000)
(142,000)
Balance at 31 December 2024
1,212
1,900,416
1,901,628
LINAKER LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,210
908,711
909,921
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
709,684
709,684
Dividends
-
(136,459)
(136,459)
Balance at 31 December 2023
1,210
1,481,936
1,483,146
Year ended 31 December 2024:
Profit and total comprehensive income
-
553,161
553,161
Issue of share capital
25
2
-
2
Dividends
-
(142,000)
(142,000)
Balance at 31 December 2024
1,212
1,893,097
1,894,309
LINAKER LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
3,766,243
1,591,665
Interest paid
(9,046)
(16,419)
Income taxes paid
(186,561)
(85,181)
Net cash inflow from operating activities
3,570,636
1,490,065
Investing activities
Purchase of tangible fixed assets
(320,747)
(320,517)
Proceeds from disposal of subsidiaries, net of cash disposed
83
-
Repayment of loans
(348,881)
(681)
Interest received
59,039
11,460
Net cash used in investing activities
(610,506)
(309,738)
Financing activities
Proceeds from issue of shares
2
-
Repayment of bank loans
(145,835)
(24,023)
Payment of finance leases obligations
(99,913)
(34,238)
Dividends paid to equity shareholders
(142,000)
(136,459)
Net cash used in financing activities
(387,746)
(194,720)
Net increase in cash and cash equivalents
2,572,384
985,607
Cash and cash equivalents at beginning of year
1,072,111
86,504
Effect of foreign exchange rates
(641)
-
0
Cash and cash equivalents at end of year
3,643,854
1,072,111
LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Linaker Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Linaker Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Linaker Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

• the amount of revenue can be measured reliably;

• it is probable that the company will receive the consideration due under the contract;

• the stage of completion of the contract at the end of the reporting period can be measured reliably; and

• the costs incurred and the costs to complete the contract can be measured reliably.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% to 33%, Straight line over the useful life of the asset
Fixtures and fittings
10% Straight line over the useful life of the asset
Computers
20% to 33%, Straight line over the useful life of the asset
Motor vehicles
25% straight line over the useful life of the asset

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgments, estimates and

assumptions that affect the application of policies and reported amounts of assets, liabilities, income and

expenses. These estimates and associated assumptions are based upon historical experience and various

other factors that are believed to be reasonable under the circumstances, the results of which form the basis of

making judgments about carrying values of assets and liabilities that are not readily apparent from other

sources. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed by the directors on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimates are revised and in any future period

affected. Estimates and judgments made in the process of preparing the entity financial statements are

continually evaluated and are based on historical experience and other factors, including expectation of

future events that are believed to be reasonable under the circumstances.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue Recognition

Revenue from engineering activities and related technical consultancy contracts with customers is recognised based on the stage of completion of the contract. Given the inherent complexities and the need for accurate cost projections, management estimates the stage of completion using the best available information, which continued for the financial period to 31 December 2024. This involves material judgment regarding the costs to complete, the progress of the work, and the expected outcome of the contract. These estimates are a significant factor in determining the revenue recognised.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
UK & Europe
29,867,575
27,894,157
2024
2023
£
£
Other revenue
Interest income
59,039
11,460
4
Exceptional item
2024
2023
£
£
Expenditure
Inter company balance written off
114,957
-
LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
236,214
185,095
(Profit)/loss on disposal of intangible assets
-
46
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,000
18,250
Component Auditor fee for Audit of the financial statements of the company's subsidiaries
3,513
-
23,513
18,250
For other services
All other non-audit services
4,000
-
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
167
156
167
156

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,345,269
7,686,557
8,235,077
7,686,557
Social security costs
798,169
757,700
794,197
757,700
Pension costs
305,874
274,387
305,874
274,387
9,449,312
8,718,644
9,335,148
8,718,644
LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
486,943
431,070
Company pension contributions to defined contribution schemes
102,438
87,324
589,381
518,394
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
309,162
242,160
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
53,931
10,780
Other interest income
5,108
680
Total income
59,039
11,460
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
6,961
8,889
Interest on finance leases and hire purchase contracts
2,085
7,530
Total finance costs
9,046
16,419
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
192,811
186,561
Adjustments in respect of prior periods
1,860
-
0
Total UK current tax
194,671
186,561
Foreign current tax on profits for the current period
1,046
-
0
Total current tax
195,717
186,561
LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Taxation
2024
2023
£
£
(Continued)
- 26 -
Deferred tax
Origination and reversal of timing differences
3,712
52,414
Total tax charge
199,429
238,975

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
760,550
948,659
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
190,138
237,165
Tax effect of expenses that are not deductible in determining taxable profit
29,918
1,712
Effect of change in corporation tax rate
-
(11,736)
Permanent capital allowances in excess of depreciation
(84,047)
(86,866)
Depreciation on assets not qualifying for tax allowances
59,054
46,274
Effect of overseas tax rates
(1,206)
-
0
Under/(over) provided in prior years
1,860
-
0
Deferred tax adjustments in respect of prior years
3,712
52,414
-
0
12
Taxation charge
199,429
238,975
LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
278,794
87,787
369,804
192,775
929,160
Additions
90,380
35,418
189,124
5,825
320,747
Disposals
-
0
-
0
-
0
(147,500)
(147,500)
At 31 December 2024
369,174
123,205
558,928
51,100
1,102,407
Depreciation and impairment
At 1 January 2024
173,913
29,177
189,965
70,684
463,739
Depreciation charged in the year
96,783
12,320
106,124
20,987
236,214
Eliminated in respect of disposals
-
0
-
0
-
0
(63,972)
(63,972)
At 31 December 2024
270,696
41,497
296,089
27,699
635,981
Carrying amount
At 31 December 2024
98,478
81,708
262,839
23,401
466,426
At 31 December 2023
104,881
58,610
179,839
122,091
465,421
Company
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
278,794
87,787
369,804
192,775
929,160
Additions
90,380
35,418
189,124
5,825
320,747
Disposals
-
0
-
0
-
0
(147,500)
(147,500)
At 31 December 2024
369,174
123,205
558,928
51,100
1,102,407
Depreciation and impairment
At 1 January 2024
173,913
29,177
189,965
70,684
463,739
Depreciation charged in the year
96,783
12,320
106,124
20,987
236,214
Eliminated in respect of disposals
-
0
-
0
-
0
(63,972)
(63,972)
At 31 December 2024
270,696
41,497
296,089
27,699
635,981
Carrying amount
At 31 December 2024
98,478
81,708
262,839
23,401
466,426
At 31 December 2023
104,881
58,610
179,839
122,091
465,421
LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
83
-
0
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
-
Additions
83
At 31 December 2024
83
Carrying amount
At 31 December 2024
83
At 31 December 2023
-
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Linaker Ireland Limited
Ireland
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Linaker Ireland Limited
7,402
7,319
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
614,006
432,193
581,012
432,193
LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,037,974
5,370,053
4,898,784
5,370,053
Corporation tax recoverable
109,398
1,439
109,398
1,439
Amounts owed by group undertakings
-
-
503,084
116,802
Other debtors
648,033
216,605
646,463
99,803
Prepayments and accrued income
540,589
1,037,930
535,053
1,037,930
6,335,994
6,626,027
6,692,782
6,626,027
Amounts falling due after more than one year:
Unpaid share capital
83
-
-
-
Total debtors
6,336,077
6,626,027
6,692,782
6,626,027
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
-
0
43,014
-
0
43,014
Obligations under finance leases
20
-
0
99,913
-
0
99,913
Trade creditors
4,330,021
3,681,082
4,313,490
3,681,082
Corporation tax payable
303,065
186,561
302,019
186,561
Other taxation and social security
858,755
854,559
824,756
854,559
Deferred income
22
2,551,950
802,636
2,449,939
802,636
Other creditors
91,422
33,501
91,422
33,501
Accruals and deferred income
924,500
1,213,209
920,018
1,213,209
9,059,713
6,914,475
8,901,644
6,914,475
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
-
0
102,821
-
0
102,821
LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
145,835
-
0
145,835
Payable within one year
-
0
43,014
-
0
43,014
Payable after one year
-
0
102,821
-
0
102,821

The long-term loan was paid off during the year.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
99,913
-
0
99,913

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
99,022
95,310
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
99,022
95,310
LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred taxation
(Continued)
- 31 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
95,310
95,310
Charge to profit or loss
3,712
3,712
Liability at 31 December 2024
99,022
99,022

The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature over the life of the assets.

22
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
2,551,950
802,636
2,449,939
802,636
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
305,874
274,387

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share-based payment transactions

On 29th September 2021, 150,000 share options were granted under the company's EMI scheme. The options are equity settled and must be vested within 10 years of the grant date. The exercise price of each option is £0.08 and no options had been exercised at the balance sheet date.

Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024 and 31 December 2024
150,000
150,000
0.08
0.08
Exercisable at 31 December 2024
-
-
-
-
LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 0.1p each
1,000,000
1,000,000
1,000
1,000
A Ordinary Shares of 0.1p each
210,000
210,000
210
210
D Ordinary Shares of 0.1p each
1,000
-
1
-
E Ordinary Shares of 0.1p each
1,000
-
1
-
1,212,000
1,210,000
1,212
1,210

 

26
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
719,610
719,427
647,166
646,983
Between two and five years
1,186,439
1,100,900
1,113,995
956,012
1,906,049
1,820,327
1,761,161
1,602,995
27
Related party transactions

The company has taken advantage of the exemptions available under FRS102, Section 33 Related party transactions, from the requirement to disclose transactions with wholly owned group company. At the year end the subsidiary owed £ 503,084 (2023; £116,802) to the parent company.

 

28
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
2.25
30,924
534,160
5,108
(142,000)
428,192
30,924
534,160
5,108
(142,000)
428,192
29
Controlling party

The ultimate controlling party is W A Harrison.

LINAKER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
30
Cash generated from group operations
2024
2023
£
£
Profit after taxation
561,121
709,684
Adjustments for:
Taxation charged
199,429
238,975
Finance costs
9,046
16,419
Investment income
(59,039)
(11,460)
Depreciation and impairment of tangible fixed assets
236,214
185,095
Movements in working capital:
(Increase)/decrease in stocks
(181,813)
376,056
Decrease/(increase) in debtors
795,177
(1,236,081)
Increase in creditors
456,794
934,306
Increase in deferred income
1,749,314
378,671
Cash generated from operations
3,766,243
1,591,665
31
Analysis of changes in net funds - group
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
1,072,111
2,572,384
(641)
3,643,854
Borrowings excluding overdrafts
(145,835)
145,835
-
-
Obligations under finance leases
(99,913)
99,913
-
-
826,363
2,818,132
(641)
3,643,854
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