9 13 Lineat Composites Limited 13028918 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is developing and commercialising the technology to recycle waste carbon fibre into a high specification material and align this back into the supply chain of many of the major sectors like automotive, aerospace and sports. Digita Accounts Production Advanced 6.30.9574.0 true true 13028918 2023-12-01 2024-11-30 13028918 2024-11-30 13028918 bus:OrdinaryShareClass1 2024-11-30 13028918 bus:PreferenceShareClass1 2024-11-30 13028918 core:OtherReservesSubtotal 2024-11-30 13028918 core:RetainedEarningsAccumulatedLosses 2024-11-30 13028918 core:ShareCapital 2024-11-30 13028918 core:SharePremium 2024-11-30 13028918 core:CurrentFinancialInstruments 2024-11-30 13028918 core:Non-currentFinancialInstruments core:AfterOneYear 2024-11-30 13028918 core:WithinOneYear 2024-11-30 13028918 core:FurnitureFittingsToolsEquipment 2024-11-30 13028918 core:MotorVehicles 2024-11-30 13028918 core:OtherPropertyPlantEquipment 2024-11-30 13028918 bus:SmallEntities 2023-12-01 2024-11-30 13028918 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 13028918 bus:FilletedAccounts 2023-12-01 2024-11-30 13028918 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 13028918 bus:RegisteredOffice 2023-12-01 2024-11-30 13028918 bus:Director1 2023-12-01 2024-11-30 13028918 bus:Director2 2023-12-01 2024-11-30 13028918 bus:Director3 2023-12-01 2024-11-30 13028918 bus:Director4 2023-12-01 2024-11-30 13028918 bus:Director5 2023-12-01 2024-11-30 13028918 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 13028918 bus:PreferenceShareClass1 2023-12-01 2024-11-30 13028918 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 13028918 bus:Agent1 2023-12-01 2024-11-30 13028918 core:ComputerEquipment 2023-12-01 2024-11-30 13028918 core:FurnitureFittingsToolsEquipment 2023-12-01 2024-11-30 13028918 core:MotorVehicles 2023-12-01 2024-11-30 13028918 core:OtherPropertyPlantEquipment 2023-12-01 2024-11-30 13028918 core:PlantMachinery 2023-12-01 2024-11-30 13028918 countries:EnglandWales 2023-12-01 2024-11-30 13028918 2023-11-30 13028918 core:FurnitureFittingsToolsEquipment 2023-11-30 13028918 core:MotorVehicles 2023-11-30 13028918 core:OtherPropertyPlantEquipment 2023-11-30 13028918 2022-12-01 2023-11-30 13028918 2023-11-30 13028918 bus:OrdinaryShareClass1 2023-11-30 13028918 bus:PreferenceShareClass1 2023-11-30 13028918 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2023-11-30 13028918 core:WithinOneYear 2023-11-30 13028918 core:FurnitureFittingsToolsEquipment 2023-11-30 13028918 core:MotorVehicles 2023-11-30 13028918 core:OtherPropertyPlantEquipment 2023-11-30 13028918 core:PreviouslyStatedAmount 2023-11-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 13028918

Lineat Composites Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

Pages for filing with Registrar

 

Lineat Composites Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lineat Composites Limited

Company Information

Directors

G Owen

L Blok

L Cunha

R S Russell

O S Wessly

Registered office

Gcc (Building 232) Bro Tathan
St Athan
Barry
CF62 4AF

Registered number

13028918

Accountant

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

Lineat Composites Limited

(Registration number: 13028918)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

331,366

392,841

Current assets

 

Debtors

5

205,683

64,480

Cash at bank and in hand

 

951,488

24,980

 

1,157,171

89,460

Creditors: Amounts falling due within one year

6

(112,015)

(749,528)

Net current assets/(liabilities)

 

1,045,156

(660,068)

Total assets less current liabilities

 

1,376,522

(267,227)

Creditors: Amounts falling due after more than one year

6

(10,606)

-

Net assets/(liabilities)

 

1,365,916

(267,227)

Capital and reserves

 

Called up share capital

7

1,195

455

Share premium reserve

2,765,720

590,061

Other reserves

-

8,800

Profit and loss account

(1,400,999)

(866,543)

Total equity

 

1,365,916

(267,227)

 

Lineat Composites Limited

(Registration number: 13028918)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 18 August 2025 and signed on its behalf by:
 

.........................................

G Owen
Director

 

Lineat Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Gcc (Building 232) Bro Tathan
St Athan
Barry
CF62 4AF

2

Accounting policies

Summary of significant accounting policies

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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

Going concern

The directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future and not less than twelve months from the approval of the financial statements. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Lineat Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Government grants

Government grants are recognised, using the performance model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Computer equipment

33% straight line

Plant and Machinery

33% straight line

Research and development costs

Research and development costs are written off to profit or loss in the year incurred. Research and development costs assosciated with the development of the plant and machinery held under tangible fixed assets, are capitalised with the cost of the tangible fixed asset. These costs will begin to be depreciated once the plant and machinery comes into use.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Lineat Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade debtors

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

 

Lineat Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Convertible debt

The net proceeds received from the issue of convertible debt instruments are split between a liability element and an equity component at the date of issue. The fair value of the liability component is estimated using the prevailing market interest rate for similar nonconvertible debt. The difference between the proceeds of issue of the convertible bonds and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the company, is included in equity and is not remeasured. The liability component is carried at amortised cost.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 13).

4

Tangible fixed assets

Computer equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 December 2023

10,457

-

386,723

397,180

Additions

3,557

13,450

59,808

76,815

At 30 November 2024

14,014

13,450

446,531

473,995

Depreciation

At 1 December 2023

4,339

-

-

4,339

Charge for the year

3,448

-

134,842

138,290

At 30 November 2024

7,787

-

134,842

142,629

Carrying amount

At 30 November 2024

6,227

13,450

311,689

331,366

At 30 November 2023

6,118

-

386,723

392,841

 

Lineat Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Debtors: amounts falling due within one year

2024
£

2023
£

Prepayments and accrued income

25,599

1,188

Other debtors

10,000

-

VAT

25,801

6,271

Corporation tax

144,283

57,021

205,683

64,480

6

Creditors

2024
£

2023
£

Amounts falling due within one year

Trade creditors

16,544

22,377

Taxation and social security

80,313

102,996

Other creditors

3,327

3,697

Accruals

6,297

2,198

Hire purchase and finance lease liabilities

5,534

-

Convertible debt

-

616,460

Directors' loan accounts

-

1,800

112,015

749,528


The convertible debt represents £nil of convertible loan notes issued in year (2023: £600,000).

The loan notes accrue interest at a rate of 6.25% which compounds annually until the earlier of the conversion date or the date on which the loan notes are repaid.

The redemption of the convertible loan notes ranks ahead of other unsecured creditors of the company, but rank equally with respect to the redemption of any future convertible loan agreement.

The balance of £616,640 in the prior year accounts was converted into shares in the year ended 30 November 2024.

 

Lineat Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

2024
£

2023
£

Due after one year

Hire purchase and finance lease liabilities

10,606

-

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.0001 each

5,344,535

534.45

4,548,696

454.87

Preferred Ordinary shares of £0.0001 each

6,606,466

660.65

-

-

 

11,951,001

1,195

4,548,696

455

During the year, 795,839 Ordinary shares with an aggregate nominal value of £79.58 were issued for an aggregate consideration of £240,599 and 6,606,466 Preferred Ordinary shares with an aggregate nominal value of £660.65 were issued for an aggregate consideration of £1,927,000.

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

92,113

25,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was 2024 - £22,725 (2023 - £25,000).