Company registration number 05433050 (England and Wales)
LINT GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
LINT GROUP LIMITED
COMPANY INFORMATION
Directors
Mr T Chand
Mr R Patel OBE
Secretary
Mr T Chand
Company number
05433050
Registered office
Gabrielle House
332-336 Perth Road
Ilford
Essex
IG2 6FF
Auditor
Vision Consulting Accountants Limited
The Gherkin Building
28th Floor
30 St. Mary Axe
London
EC3A 8EP
LINT GROUP LIMITED
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
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
LINT GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The directors are pleased to report that the group achieved its targeted profit for the year, surpassing £2 million, in line with previous forecasts. This reflects a solid financial performance and the effectiveness of our ongoing strategic efforts.
Significant progress has been made in stabilising the lettings division, allowing us to shift focus towards new areas of growth and diversification. The restructuring of our lettings operations is nearing completion, positioning the business for greater efficiency and future scalability.
Outlook
Looking ahead, the directors remain optimistic about the company’s growth trajectory. With a renewed focus on business development and an increased investment in marketing, we anticipate further improvements in profitability, particularly by 2027.
While the past few years have presented challenges, market conditions have begun to stabilise, and this is already being reflected in the group’s improved performance. We are confident that the foundations laid this year will support sustained success in the years to come.
Principal risks and uncertainties
To achieve the group's business objectives, the directors regularly assess and evaluate the main risks to the group identified below. The list does not include all risks that the group faces.
Our treasury function actively oversees these risks, supported by a policy prohibiting speculative financial instruments.
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The group is exposed to interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Development and performance
The Group achieved transformative growth in the year ended 30 September 2024, underscoring our ability to thrive in a competitive market:
Turnover surged by 34.04% to £24.04 million (2023: £17.94 million), driven by expanded property management portfolios and enhanced service offerings. Gross profit surged by 62.45% to £5.96 million (2023: £3.67 million) while profit before tax soared by 260.48% to £1.84 million, reflecting rigorous cost discipline and operational efficiencies.
These results validate our strategic focus on cost optimisation, portfolio diversification, and partnership development, positioning us strongly for future expansion.
LINT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators
The directors consider the following to be the Key Performance Indicators of the group’s business:
2024
2023
£
£
Turnover
24,043,962
17,937,710
Gross profit
5,968,224
3,673,916
Profit before tax
1,839,120
510,189
Shareholder's funds
4,589,465
4,265,610
Mr T Chand
Director
24 July 2025
LINT GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the group continued to be that of property management, development, investment, maintenance and other related activities.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £850,000. 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:
Mr T Chand
Mr R Patel OBE
Financial instruments
Financial risk management objectives and policies
The group actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risks and cash flow associated with selling on credit and manages these risks through credit control procedures.
Auditor
In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
LINT GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
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.
On behalf of the board
Mr T Chand
Director
24 July 2025
LINT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINT GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of Lint Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
LINT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LINT GROUP LIMITED
- 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
Identifying and assessing potential risks related to irregularties
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
The nature of the industry and sector, control environment, business performance including the design of the policies and performance targets.
Results of our enquiries of management.
Any matters we identified having obtained and reviewed the entity’s documentation of their policies and procedures relating to;
Identifying, evaluating and complying with laws and regulations such as Companies Act 2006 as applied to limited company and whether management were aware of any instances of non-compliance.
Detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud.
Entity's procedures to identify related party transactions.
The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations and
The matters discussed among the audit engagement team where fraud might occur in the financial statements and any potential indicators of fraud.
It is common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the entity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the entity’s ability to operate.
LINT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LINT GROUP LIMITED
- 7 -
Audit response to risk identified
As a result of performing the above, our procedures to respond to risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations having a direct effect on the financial statements.
Enquiring the management regarding related party disclosures and transactions outside the normal course of the business.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Reading minutes of meetings of those charged with governance.
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments.
Assessing whether the judgments made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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.
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.
Ghulam Alahi (Senior Statutory Auditor)
For and on behalf of Vision Consulting Accountants Limited, Statutory Auditor
Chartered Accountants
The Gherkin Building
28th Floor
30 St. Mary Axe
London
EC3A 8EP
5 August 2025
LINT GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
24,126,256
17,937,710
Cost of sales
(18,075,738)
(14,263,794)
Gross profit
6,050,518
3,673,916
Administrative expenses
(3,533,443)
(2,642,686)
Other operating income
589
40,791
Operating profit
4
2,517,664
1,072,021
Interest receivable and similar income
7
8,683
6,704
Interest payable and similar expenses
8
(1,087,227)
(918,536)
Amounts written off investments
9
400,000
350,000
Profit before taxation
1,839,120
510,189
Tax on profit
10
(665,332)
(130,435)
Profit for the financial year
28
1,173,788
379,754
Profit for the financial year is all attributable to the owners of the parent company.
LINT GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
1,173,788
379,754
Other comprehensive income
-
-
Total comprehensive income for the year
1,173,788
379,754
Total comprehensive income for the year is all attributable to the owners of the parent company.
LINT GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
173,936
406,822
Tangible assets
14
252,306
191,861
Investment property
15
15,575,000
15,175,000
16,001,242
15,773,683
Current assets
Debtors
18
3,315,578
2,993,365
Cash at bank and in hand
769,136
856,070
4,084,714
3,849,435
Creditors: amounts falling due within one year
19
(12,298,716)
(7,426,011)
Net current liabilities
(8,214,002)
(3,576,576)
Total assets less current liabilities
7,787,240
12,197,107
Creditors: amounts falling due after more than one year
20
(221,299)
(5,038,732)
Provisions for liabilities
Provisions
22
2,736,567
2,745,165
Deferred tax liability
23
239,976
147,600
(2,976,543)
(2,892,765)
Net assets
4,589,398
4,265,610
Capital and reserves
Called up share capital
26
14
14
Other reserves
26
710,238
410,238
Profit and loss reserves
28
3,879,146
3,855,358
Total equity
4,589,398
4,265,610
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
24 July 2025
Mr T Chand
Director
Company registration number 05433050 (England and Wales)
LINT GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
16
337,001
774,619
337,001
774,619
Current assets
Debtors
18
54,277
34,277
Cash at bank and in hand
14,796
1,903
69,073
36,180
Creditors: amounts falling due within one year
19
(242,577)
(488,577)
Net current liabilities
(173,504)
(452,397)
Total assets less current liabilities
163,497
322,222
Creditors: amounts falling due after more than one year
20
(131,968)
(157,076)
Net assets
31,529
165,146
Capital and reserves
Called up share capital
26
14
14
Profit and loss reserves
28
31,515
165,132
Total equity
31,529
165,146
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 £716,383 (2023 - £223,032).
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 24 July 2025 and are signed on its behalf by:
24 July 2025
Mr T Chand
Director
Company registration number 05433050 (England and Wales)
LINT GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
14
364,779
3,721,063
4,085,856
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
379,754
379,754
Dividends
11
-
-
(200,000)
(200,000)
Other movements
-
45,459
(45,459)
-
Balance at 30 September 2023
14
410,238
3,855,358
4,265,610
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,173,788
1,173,788
Dividends
11
-
-
(850,000)
(850,000)
Other movements
-
300,000
(300,000)
-
Balance at 30 September 2024
14
710,238
3,879,146
4,589,398
LINT GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
14
142,100
142,114
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
223,032
223,032
Dividends
11
-
(200,000)
(200,000)
Balance at 30 September 2023
14
165,132
165,146
Year ended 30 September 2024:
Profit and total comprehensive income
-
716,383
716,383
Dividends
11
-
(850,000)
(850,000)
Balance at 30 September 2024
14
31,515
31,529
LINT GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
2,509,439
1,320,387
Interest paid
(1,087,227)
(918,536)
Income taxes paid
(90,410)
(32,341)
Net cash inflow from operating activities
1,331,802
369,510
Investing activities
Purchase of business
-
(14,688)
Purchase of tangible fixed assets
(145,657)
(74,149)
Repayment of loans
-
4,149
Interest received
8,683
6,704
Net cash used in investing activities
(136,974)
(77,984)
Financing activities
Proceeds from borrowings
-
174,204
Repayment of borrowings
(25,108)
(5,137)
Proceeds from new bank loans
250,000
1,958
Repayment of bank loans
(102,995)
-
Dividends paid to equity shareholders
(850,000)
(200,000)
Net cash used in financing activities
(728,103)
(28,975)
Net increase in cash and cash equivalents
466,725
262,551
Cash and cash equivalents at beginning of year
(229,581)
(492,132)
Cash and cash equivalents at end of year
237,144
(229,581)
Relating to:
Cash at bank and in hand
769,136
856,070
Bank overdrafts included in creditors payable within one year
(531,992)
(1,085,651)
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information
Lint Group Limited ("the company") is a private limited company domiciled and incorporated in England and Wales. The registered office address is Gabrielle House, 332-336 Perth Road, Ilford, Essex, IG2 6FF.
The group consists of Lint Group Limited 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, as amended for fair valuing properties. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the consolidated 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.
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Lint Group Limited 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 30 September 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.
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
Turnover represents amounts receivable for rents, management fees, maintenance fees, commissions and other income net of VAT.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
Revenue from a sale is recognised over the period of service to the customer, when 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
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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.
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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:
Land and buildings Leasehold
Straight line over the life of the lease
Plant and machinery
20% Reducing balance
Fixtures, fittings & equipment
20% Reducing balance
Computer equipment
20% Reducing balance
Motor vehicles
20% Reducing balance
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
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.9
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.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
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.
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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.
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.
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.
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.
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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.
1.15
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Investment properties are based on fair value measurement. The valuation was performed by directors and their opinion of fair value was primarily derived using comparable recent market value, see note 15 for valuation.
Stocks are stated in line with FRS 102 which requires stocks to be measured at the lower of cost and estimated selling price less costs to complete and sell, see note 18 for stock value.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. The assets are estimated to lose their value at the following rates:
Land and buildings leasehold Straight line over the life of the lease
Plant and machinery 20% reducing balance
Fixtures, fittings and equipment 20% reducing balance
Computer equipment 20% reducing balance
Motor vehicles 20% reducing balance
Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years, see note 13 for goodwill.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rent receivable
22,128,658
15,905,436
Maintenance fees receivable
1,047,559
1,143,120
Other income
285,497
50,513
Block management commission
287,183
366,863
Letting commission
349,129
357,238
Selling commission
7,290
50,865
Insurance commission
20,940
63,675
24,126,256
17,937,710
2024
2023
£
£
Other revenue
Interest income
8,683
6,704
Sundry income
-
40,791
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
2,500
2,500
Depreciation of owned tangible fixed assets
75,133
50,239
Depreciation of tangible fixed assets held under finance leases
10,079
12,599
Amortisation of intangible assets
150,960
129,980
Impairment of intangible assets
81,926
Operating lease charges
212,960
191,565
5
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
Directors
2
2
2
2
Administration
23
17
-
-
Sales
23
37
-
-
Total
48
56
2
2
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,058,097
1,560,765
Social security costs
217,993
161,875
-
-
Pension costs
29,380
35,616
2,305,470
1,758,256
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
118,038
500
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,683
6,704
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
702,902
593,853
Other interest on financial liabilities
170,964
144,282
Other interest
213,361
180,401
Total finance costs
1,087,227
918,536
9
Amounts written off investments
2024
2023
£
£
Changes in the fair value of investment properties
400,000
350,000
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
435,443
76,230
Adjustments in respect of prior periods
137,513
11,186
Total current tax
572,956
87,416
Deferred tax
Origination and reversal of timing differences
92,376
43,019
Total tax charge
665,332
130,435
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 24 -
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
1,839,120
510,189
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
459,780
127,547
Tax effect of expenses that are not deductible in determining taxable profit
22,014
2,597
Adjustments in respect of prior years
137,513
11,186
Effect of change in corporation tax rate
1,962
(10,387)
Permanent capital allowances in excess of depreciation
6,323
54,497
Amortisation on assets not qualifying for tax allowances
37,740
32,495
Effect of revaluations of investments
(87,500)
Taxation charge
665,332
130,435
Finance No. 2 Bill 2021 became substantively enacted on 24 May 2021. As a result, deferred tax for timing differences that are forecast to unwind on or after 1 April 2023 will need to be re-measured and recognised at 25% if the company profits are expected to be in excess of £250,000 (or at the marginal rate if profits are expected to be between £50,000 and £250,000) with an adjustment recognised in the 2021 total tax charge.
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
850,000
200,000
12
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
Notes
£
£
In respect of:
Goodwill
13
81,926
-
Recognised in:
Administrative expenses
81,926
-
The impairment losses in respect of financial assets are recognised in administrative expenses in the profit and loss account.
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
869,319
Amortisation and impairment
At 1 October 2023
462,497
Amortisation charged for the year
150,960
Impairment losses
81,926
At 30 September 2024
695,383
Carrying amount
At 30 September 2024
173,936
At 30 September 2023
406,822
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
14
Tangible fixed assets
Group
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
271,408
847
817,605
3,917
62,995
1,156,772
Additions
15,546
934
129,177
145,657
At 30 September 2024
271,408
847
833,151
4,851
192,172
1,302,429
Depreciation and impairment
At 1 October 2023
234,291
85
717,016
920
12,599
964,911
Depreciation charged in the year
25,131
152
23,227
787
35,915
85,212
At 30 September 2024
259,422
237
740,243
1,707
48,514
1,050,123
Carrying amount
At 30 September 2024
11,986
610
92,908
3,144
143,658
252,306
At 30 September 2023
37,117
762
100,589
2,997
50,396
191,861
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 October 2023 and 30 September 2024
15,175,000
-
Net gains or losses through fair value adjustments
400,000
-
At 30 September 2024
15,575,000
-
Investment property comprises commercial and residential properties. The valuation was made by the directors on an open market value basis by reference to market evidence of transaction prices for similar properties.
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
337,001
774,619
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
774,619
Impairment
At 1 October 2023
-
Impairment losses
437,618
At 30 September 2024
437,618
Carrying amount
At 30 September 2024
337,001
At 30 September 2023
774,619
17
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
17
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Acecrest Limited
England and Wales
Heating maintenance
Ordinary shares
100.00
Aqua Properties Limited
England and Wales
Property letting
Ordinary shares
100.00
Letting International Limited
England and Wales
Property management
Ordinary shares
100.00
Lint (Redington Road) Limited
England and Wales
Property development
Ordinary shares
100.00
Lint Estate Management Limited
England and Wales
Property management
Ordinary shares
100.00
Lint Broker Services Limited
England and Wales
Insurance agents and brokers
Ordinary shares
100.00
Thomas Marsh Ltd
England and Wales
Real estate agency
Ordinary shares
100.00
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,307,116
1,647,905
Corporation tax recoverable
131,958
264,586
Amounts owed by group undertakings
-
-
54,277
34,277
Other debtors
787,927
915,202
Prepayments and accrued income
88,577
165,672
3,315,578
2,993,365
54,277
34,277
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
8,632,622
4,246,951
Other borrowings
21
1,004,691
1,004,691
36,000
36,000
Payments received on account
23,429
124,264
Trade creditors
676,183
515,696
Amounts owed to group undertakings
146,405
392,405
Corporation tax payable
515,991
166,073
Other taxation and social security
164,448
150,270
-
-
Deferred income
24
41,982
41,527
Other creditors
725,899
778,645
60,172
60,172
Accruals and deferred income
513,471
397,894
12,298,716
7,426,011
242,577
488,577
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
89,331
4,881,656
Other borrowings
21
131,968
157,076
131,968
157,076
221,299
5,038,732
131,968
157,076
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
8,189,961
8,042,956
Bank overdrafts
531,992
1,085,651
Other loans
1,136,659
1,161,767
167,968
193,076
9,858,612
10,290,374
167,968
193,076
Payable within one year
9,637,313
5,251,642
36,000
36,000
Payable after one year
221,299
5,038,732
131,968
157,076
Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the group. In addition, the directors have also provided additional personal guarantees.
Other loans represents unsecured loans from a connected trust in which a subsidiary Letting International ltd is a trustee.
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Provision for PAYE and NIC
2,736,567
2,745,165
-
-
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Provisions for liabilities
(Continued)
- 29 -
Movements on provisions:
Provision for PAYE and NIC
Group
£
At 1 October 2023
2,745,164
Payments in the year
(220,000)
Other movements
211,403
At 30 September 2024
2,736,567
The provision relates to PAYE and NIC liabilities for prior years, following accelerated payment notifications (APN) received from HMRC.
23
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
12,370
19,994
Investment property
227,606
127,606
239,976
147,600
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
147,600
-
Charge to profit or loss
92,376
-
Liability at 30 September 2024
239,976
-
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
24
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
41,982
41,527
-
-
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,380
35,616
A defined contribution pension scheme is operated for all qualifying employees and directors. The assets of the scheme are held separately from those of the group in an independently administered fund.
26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
14
14
14
14
27
Other reserves
2024
2023
Group
£
£
At the beginning of the year
410,238
364,779
Additions
300,000
45,459
At the end of the year
710,238
410,238
2024
2023
Company
£
£
At the beginning and end of the year
-
-
Other reserves represents fair value gains net of deferred tax on revaluation of investment property.
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
28
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
3,855,358
3,721,063
165,132
142,100
Profit for the year
1,173,788
379,754
716,383
223,032
Dividends
(850,000)
(200,000)
(850,000)
(200,000)
Other movements
(300,000)
(45,459)
-
-
At the end of the year
3,879,146
3,855,358
31,515
165,132
29
Operating lease commitments
Lessee
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
10,987,500
1,961,500
-
-
Between two and five years
15,888,375
2,450,875
-
-
26,875,875
4,412,375
-
-
Lessor
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
180,000
180,000
-
-
The group owns investments properties for rental purposes. Net rental loss during the year was £50,918 (2023: Net rental income of £165,797). All of the properties have committed tenants for the next 1-11 years. All operating lease contracts contain market review clauses in the event that the lessee exercises its option to renew. The lessee does not have an option to purchase the property at the expiry of the lease period.
30
Related party transactions
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
30
Related party transactions
(Continued)
- 32 -
Other related parties
Group
Included within other debtors, there is an amount of £718,096 (2023: £787,455) owed by companies in which the directors' have control.
Also, included within other creditors, there is an amount of £595,612 (2023: £593,718) owed to companies in which the directors' have control.
The group occupies premises owned by its pension scheme. Rent of £76,000 (2023: £76,000) was payable during the year.
The group accrued interest of £75,074 (2023: £72,652) on a loan payable to the trust where the directors are the trustees during the year. Included in accruals is an amount of £396,928 (2023: £321,854) relating to the interest on this loan.
Company
Included within other creditors, there is an amount of £50,000 (2023: £50,000) owed to a company in which the directors' have control.
31
Directors' transactions
Group
Included within the cost of sales of the group for the year is rental expenses arising from properties owned by the directors and related companies of the directors as follows:
Cost of sales - rent paid
2024 2023
Director 1 £638,324 £524,393
Director 2 £1,324,630 £1,113,621
Advances or credits have been granted by the group to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director 1
-
(38,405)
539,023
(508,095)
(7,477)
Director 2
-
(7,591)
338,902
(339,094)
(7,783)
(45,996)
877,925
(847,189)
(15,260)
Company
Included within other creditors, there is an amount of £10,172 (2023: £10,172) owed to the directors of the company.
LINT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
32
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,173,788
379,754
Adjustments for:
Taxation charged
665,332
130,435
Finance costs
1,087,227
918,536
Investment income
(8,683)
(6,704)
Fair value gain on investment properties
(400,000)
(350,000)
Amortisation and impairment of intangible assets
232,886
129,980
Depreciation and impairment of tangible fixed assets
85,212
62,837
Decrease in provisions
(8,598)
(267,164)
Movements in working capital:
Increase in debtors
(454,841)
(8,907)
Increase in creditors
136,661
290,093
Increase in deferred income
455
41,527
Cash generated from operations
2,509,439
1,320,387
33
Analysis of changes in net debt - group
2024
£
Opening net debt
Cash and cash equivalents
(229,581)
Loans
(9,204,723)
(9,434,304)
Changes in net debt arising from:
Cash flows of the entity
344,828
Closing net funds/(debt) as analysed below
(9,089,476)
Closing net funds/(debt)
Cash and cash equivalents
237,144
Loans
(9,326,620)
(9,089,476)
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