Company registration number SC052366 (Scotland)
LINN PRODUCTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
LINN PRODUCTS LIMITED
COMPANY INFORMATION
Directors
Mr A Owens
Mr G Tiefenbrun
Mr I Tiefenbrun M B E
Mr N E Tiefenbrun
Mr C J McDermid
Ms S E Wyse
Mr C J Marwick
(Appointed 1 June 2025)
Secretary
Mr A Owens
Company number
SC052366
Registered office
Glasgow Road
Eaglesham
Glasgow
United Kingdom
G76 0EQ
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
LINN PRODUCTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10 - 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 - 31
LINN PRODUCTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Review of the business

The business has continued to perform admirably and profitably throughout the period. Despite a slight dip in sales by 4%, the demand for our products has remained robust and resilient across the range. This positive outlook has encouraged us to make further investments in advanced manufacturing capabilities and skills development, allowing us to produce innovative new products.

Principal risks and uncertainties

The directors have taken the steps to ensure that the day to day risks which face the group, including health and safety and commercial risks, are managed comprehensively by insurance covers which should mitigate the impact of risks turning into reality and also by preparation and review of comprehensive monthly management financial reporting packages which alert the board, where appropriate, to developments in trading performances and cash management.

It is not possible to fully mitigate all risks however the principal risks for the g roup are as follows:

Recruitment and retention of high calibre staff

The g roup recognises that its employees are key to the future success of our business. In a highly competitive market it is crucial to retain, reward and develop high calibre employees. In addition succession planning ensures we are well placed for long term growth.

Changes in the market in which we operate

The market in which the g roup operates may change for a number of reasons, for example, changes in economic cycles, interest and foreign exchange rates. Such changes may impact on different areas of our business and we recognise the need to respond rapidly to these. Our geographical diversification ensures that any downturn in one area of the market will not significantly impact the business overall.

Impact from competitor activities

The markets in which we operate are highly competitive and we need to ensure that we both retain and grow our market share. To guard against this competitive risk, we are increasing our geographical diversification, working to retain our best people and building our depth of talent.

Key performance indicators

Given the straightforward nature of the business, the directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.

Financial instruments

Our financial risk management objectives are to ensure there is sufficient working capital and cash flow to meet the operating needs of the group, and to ensure there is sufficient support for its product development and growth. This is achieved through careful cash management.

The group trades with most of its clients on customary credit terms and is, as a result, exposed to the usual credit and cashflow risks associated with this form of trading. It manages the risk through its credit control procedures. The group utilises currency hedging to reduce risk of material exchange rate losses.

Research and development

Research and development expenditure (excluding the cost of capital equipment and intangible fixed assets) during the year amounted to £3.2m (2024: £3.1m). The activities included ongoing development of hi-fi, home theatre products and multi room products.

Future developments

The directors believe that the current activity levels in the Consumer Electronics industry are sustainable. We have continued to invest in research and development, both to deliver new products this year and beyond. The business continues to be well placed to face the challenges of the markets in which it operates, and is confident of maintaining and growing its market share.

LINN PRODUCTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -

On behalf of the board

Mr G Tiefenbrun
Director
27 January 2026
LINN PRODUCTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the group in the year under review was the manufacture and worldwide distribution of home audio equipment from our Glasgow base.

Results and dividends

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

Ordinary dividends were paid amounting to £1,500,000. 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 A Owens
Mr G Tiefenbrun
Mr I Tiefenbrun M B E
Mr P J Pittman
(Resigned 31 December 2024)
Mr N E Tiefenbrun
Mr C J McDermid
Ms S E Wyse
Mr C J Marwick
(Appointed 1 June 2025)
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr G Tiefenbrun
Director
27 January 2026
LINN PRODUCTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -

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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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.

LINN PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINN PRODUCTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Linn Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise 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 2025 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.

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:

- T he information given in the strategic report and the directors' r eport 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.

LINN PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LINN PRODUCTS 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 identifie d material misstatements in the strategic report or the directors' r eport.

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 s tatements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group’s and 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 group or 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.

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.

LINN PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LINN PRODUCTS LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the group and the parent company, their activities, their control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the group and the parent company are complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the group and the parent company that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the group and the parent company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Victoria Walker
For and on behalf of Azets Audit Services
28 January 2026
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
LINN PRODUCTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
2025
2024
Notes
£000
£000
Turnover
3
22,170
23,096
Cost of sales
(9,349)
(9,989)
Gross profit
12,821
13,107
Administrative expenses
(11,487)
(11,932)
Other operating income
694
-
0
Operating profit
4
2,028
1,175
Interest receivable and similar income
8
141
98
Profit before taxation
2,169
1,273
Tax on profit
9
(597)
26
Profit for the financial year
1,572
1,299
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
LINN PRODUCTS LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 9 -
2025
2024
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
2,183
2,003
Tangible assets
11
6,999
7,386
Investments
13
3
3
9,185
9,392
Current assets
Stocks
15
5,394
6,294
Debtors
16
3,441
3,044
Cash at bank and in hand
4,987
3,963
13,822
13,301
Creditors: amounts falling due within one year
17
(2,270)
(2,482)
Net current assets
11,552
10,819
Total assets less current liabilities
20,737
20,211
Provisions for liabilities
Deferred tax liability
18
1,168
714
(1,168)
(714)
Net assets
19,569
19,497
Capital and reserves
Called up share capital
20
685
685
Share premium account
212
212
Capital redemption reserve
403
403
Profit and loss reserves
18,269
18,197
Total equity
19,569
19,497

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

The financial statements were approved by the board of directors and authorised for issue on 27 January 2026 and are signed on its behalf by:
27 January 2026
Mr A Owens
Director
Company registration number SC052366 (Scotland)
LINN PRODUCTS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 10 -
2025
2024
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
2,183
2,003
Tangible assets
11
6,991
7,379
Investments
13
3
3
9,177
9,385
Current assets
Stocks
15
5,394
6,294
Debtors
16
3,441
3,043
Cash at bank and in hand
4,987
3,963
13,822
13,300
Creditors: amounts falling due within one year
17
(2,268)
(2,482)
Net current assets
11,554
10,818
Total assets less current liabilities
20,731
20,203
Provisions for liabilities
Deferred tax liability
18
1,168
714
(1,168)
(714)
Net assets
19,563
19,489
Capital and reserves
Called up share capital
20
685
685
Share premium account
212
212
Capital redemption reserve
403
403
Other reserves
18
18
Profit and loss reserves
18,245
18,171
Total equity
19,563
19,489
LINN PRODUCTS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2025
30 September 2025
- 11 -

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,573,609 (2024 - £1,298,538 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 27 January 2026 and are signed on its behalf by:
27 January 2026
Mr A Owens
Director
Company registration number SC052366 (Scotland)
LINN PRODUCTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£000
£000
£000
£000
£000
Balance at 1 October 2023
685
212
403
17,898
19,198
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
1,299
1,299
Dividends
10
-
-
-
(1,000)
(1,000)
Balance at 30 September 2024
685
212
403
18,197
19,497
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
-
1,572
1,572
Dividends
10
-
-
-
(1,500)
(1,500)
Balance at 30 September 2025
685
212
403
18,269
19,569
LINN PRODUCTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 13 -
Share capital
Share premium account
Capital redemption reserve
Currency translation reserve
Profit and loss reserves
Total
Notes
£000
£000
£000
£000
£000
£000
Balance at 1 October 2023
685
212
403
18
17,873
19,191
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
-
1,298
1,298
Dividends
10
-
-
-
-
(1,000)
(1,000)
Balance at 30 September 2024
685
212
403
18
18,171
19,489
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
-
-
1,574
1,574
Dividends
10
-
-
-
-
(1,500)
(1,500)
Balance at 30 September 2025
685
212
403
18
18,245
19,563
LINN PRODUCTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
2025
2024
Notes
£000
£000
£000
£000
Cash flows from operating activities
Cash generated from operations
22
4,590
4,586
Income taxes (paid)/refunded
(489)
440
Net cash inflow from operating activities
4,101
5,026
Investing activities
Purchase of intangible assets
(1,389)
(1,210)
Purchase of tangible fixed assets
(328)
(1,663)
Interest received
140
98
Net cash used in investing activities
(1,577)
(2,775)
Financing activities
Dividends paid to equity shareholders
(1,500)
(1,000)
Net cash used in financing activities
(1,500)
(1,000)
Net increase in cash and cash equivalents
1,024
1,251
Cash and cash equivalents at beginning of year
3,963
2,712
Cash and cash equivalents at end of year
4,987
3,963
LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 15 -
1
Accounting policies
Company information

Linn Products Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Glasgow Road, Eaglesham, Glasgow, United Kingdom, G76 0EQ.

The group consists of Linn Products 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 group. Monetary a mounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention. 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 Linn Products Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 30 September 2025. 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 g roup.

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.

LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

The directors have considered the ongoing risks associated with the group, which includes a review of the group's forecasts and cash flow projections for the next 12 month period in order to review available finance resources.

The group has a strong balance sheet and continues to trade profitably post year end. The directors are satisfied that available cash resources are sufficient for the needs of the business.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (dependent on the inco terms attached to the sale), 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
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.

Research and development expenditure incurred on specific projects is capitalised as an intangible fixed asset and is amortised evenly from the project launch date over a period of twenty four months, which is considered to be the average economic life cycle of projects.

Amortisation 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:

Patents & licences
50% straight line
Development costs
50% straight line
1.8
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. All assets with a unit value of less than £500 are expensed through the profit and loss account.

LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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:

Freehold land and buildings
5% reducing balance and 10% straight line
Plant and equipment
40% reducing balance and 6.67% - 33.33% straight line
Fixtures and fittings
20% - 33.33% straight line

Freehold land is not depreciated.

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.

1.9
Fixed asset investments

Equity in vest ments 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.

I n 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 group 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.

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.

LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.11
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 replacement cost and cost, adjusted where applicable for any loss of service potential.

Stocks are valued at a "first in, first out" basis.

Work in progress is 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 work in progress to its present location and condition.

The directors have reviewed the absorption rate used in the respect of the valuation of work in progress and the stock of finished goods at the year end and agree that no adjustment should be made to it this year.

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.

1.12
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.

1.13
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 m ethod 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.

LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 19 -
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 paymen ts 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 th r ough 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.

LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

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

1.14
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.

1.15
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.

1.16
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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

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

LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.18
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

The directors are of the opinion there are no matters of significant judgement which are material to the financial statements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Development costs

The Group reviews each year whether the recognition requirements for development costs have been met. Careful judgement is required when determining whether the criteria has been met, specifically in relation to the future economic success of any development project. Judgements are based on the information available at each reporting date. All internal activities related to the research and development are continuously monitored by management throughout the year.

Impairment provisions against stock

Stock is carried at the lower of cost and net realisable value. Calculation of the net realisable value requires management to use estimates regarding future selling prices, other projections which includes a degree of uncertainty.

Absorption of stock overheads

Determining the value of labour costs to be absorbed into stock requires an estimation of the labour hours to be absorbed.

LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 22 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£000
£000
Turnover analysed by class of business
Hi-fi and other related equipment
21,572
22,944
Music
598
152
22,170
23,096
2025
2024
£000
£000
Turnover analysed by geographical market
UK and ROI
5,115
5,081
Rest of Europe
7,872
8,377
North America
5,468
5,286
Rest of the world
3,715
4,352
22,170
23,096
2025
2024
£000
£000
Other revenue
Interest income
141
98
R&D Tax Credit
694
-
4
Operating profit
2025
2024
£000
£000
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(20)
90
R&D Tax Credit
(694)
-
Depreciation of owned tangible fixed assets
717
688
Profit on disposal of tangible fixed assets
-
(6)
Amortisation of intangible assets
1,209
1,348
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the group and company
33
32
Audit of the financial statements of the company's subsidiaries
3
3
36
35
LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 23 -
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Manufacturing
76
74
76
74
Research and Development
35
34
35
34
Sales and Marketing
27
20
27
20
Administration
32
40
32
40
Total
170
168
170
168

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Wages and salaries
6,729
6,731
6,729
6,731
Social security costs
801
746
801
746
Pension costs
488
470
488
470
8,018
7,947
8,018
7,947
7
Directors' remuneration
2025
2024
£000
£000
Remuneration for qualifying services
567
617
Company pension contributions to defined contribution schemes
24
26
591
643

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

The directors are considered the key management personnel. The employer national insurance in respect of the key management personnel was £72,330. (2024: £84,817).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£000
£000
Remuneration for qualifying services
285
310
LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
8
Interest receivable and similar income
2025
2024
£000
£000
Interest income
Interest on bank deposits
141
98
2025
2024
Investment income includes the following:
£000
£000
Interest on financial assets not measured at fair value through profit or loss
141
98
9
Taxation
2025
2024
£000
£000
Current tax
UK corporation tax on profits for the current period
132
(216)
Adjustments in respect of prior periods
11
-
0
Total current tax
143
(216)
Deferred tax
Origination and reversal of timing differences
454
190
Total tax charge/(credit)
597
(26)

The actual charge/(credit) 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:

2025
2024
£000
£000
Profit before taxation
2,169
1,273
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
542
318
Tax effect of expenses that are not deductible in determining taxable profit
(93)
6
Adjustments in respect of prior years
10
-
0
Research and development tax credit
105
-
0
Other permanent differences
-
0
45
Fixed asset differences
33
32
Additional deduction for R&D expenditure
-
0
(751)
Surrender of tax losses for R&D tax credit refund
-
0
324
Taxation charge/(credit)
597
(26)
LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 25 -
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£000
£000
Interim paid
1,500
1,000
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£000
£000
£000
£000
Cost
At 1 October 2024
7,280
8,437
443
16,160
Additions
65
251
17
333
Disposals
(21)
(75)
(14)
(110)
At 30 September 2025
7,324
8,613
446
16,383
Depreciation and impairment
At 1 October 2024
4,999
3,438
337
8,774
Depreciation charged in the year
131
544
43
717
Eliminated in respect of disposals
(21)
(73)
(14)
(108)
At 30 September 2025
5,109
3,909
366
9,384
Carrying amount
At 30 September 2025
2,215
4,704
80
6,999
At 30 September 2024
2,281
4,999
106
7,386
LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
11
Tangible fixed assets
(Continued)
- 26 -
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£000
£000
£000
£000
Cost
At 1 October 2024
7,280
8,334
444
16,055
Additions
65
249
17
331
Disposals
(21)
(75)
(14)
(110)
At 30 September 2025
7,323
8,507
446
16,276
Depreciation and impairment
At 1 October 2024
4,999
3,343
337
8,679
Depreciation charged in the year
131
540
43
714
Eliminated in respect of disposals
(21)
(73)
(14)
(108)
At 30 September 2025
5,109
3,810
366
9,285
Carrying amount
At 30 September 2025
2,214
4,697
80
6,991
At 30 September 2024
2,281
4,991
107
7,379

Included in the cost of Freehold land and buildings is Freehold land of £336,000 (202 4: £336,000) which is not depreciated.

12
Intangible fixed assets
Group
Patents & licences
Development costs
Total
£000
£000
£000
Cost
At 1 October 2024
73
4,109
4,182
Additions - internally developed
-
0
1,389
1,389
Disposals
-
0
(801)
(801)
At 30 September 2025
73
4,697
4,770
Amortisation and impairment
At 1 October 2024
73
2,106
2,179
Amortisation charged for the year
-
0
1,209
1,209
Disposals
-
0
(801)
(801)
At 30 September 2025
73
2,514
2,587
Carrying amount
At 30 September 2025
-
0
2,183
2,183
At 30 September 2024
-
0
2,003
2,003
LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
12
Intangible fixed assets
(Continued)
- 27 -
Company
Patents & licences
Development costs
Total
£000
£000
£000
Cost
At 1 October 2024
73
4,109
4,182
Additions - internally developed
-
0
1,389
1,389
Disposals
-
0
(801)
(801)
At 30 September 2025
73
4,697
4,770
Amortisation and impairment
At 1 October 2024
73
2,106
2,179
Amortisation charged for the year
-
0
1,209
1,209
Disposals
-
0
(801)
(801)
At 30 September 2025
73
2,514
2,587
Carrying amount
At 30 September 2025
-
0
2,183
2,183
At 30 September 2024
-
0
2,003
2,003
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Listed investments
3
3
3
3
Movements in fixed asset investments
Group
Investments
£000
Cost or valuation
At 1 October 2024 and 30 September 2025
3
Carrying amount
At 30 September 2025
3
At 30 September 2024
3
LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
13
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Investments
£000
Cost or valuation
At 1 October 2024 and 30 September 2025
3
Carrying amount
At 30 September 2025
3
At 30 September 2024
3
14
Subsidiaries

Details of the company's subsidiaries at 30 September 2025 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Linn International Limited
1
Ordinary
100.00
Linn Records Limited
1
Ordinary
100.00

Registered office addresses:

1
Glasgow Road, Waterfoot, Eaglesham, Glasgow, G76 0EQ
15
Stocks
Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Raw materials and consumables
3,241
4,054
3,241
4,054
Work in progress
428
475
428
475
Finished goods and goods for resale
1,725
1,765
1,725
1,765
5,394
6,294
5,394
6,294
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£000
£000
£000
£000
Trade debtors
2,145
2,050
2,145
2,049
Corporation tax recoverable
562
216
562
216
Other debtors
94
271
94
271
Prepayments and accrued income
640
507
640
507
3,441
3,044
3,441
3,043
LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 29 -
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Trade creditors
1,475
1,694
1,475
1,694
Other taxation and social security
196
193
196
193
Other creditors
44
38
42
38
Accruals and deferred income
555
557
555
557
2,270
2,482
2,268
2,482
18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£000
£000
Accelerated capital allowances
1,476
1,560
Tax losses
(10)
(10)
Revaluations
(298)
(836)
1,168
714
Liabilities
Liabilities
2025
2024
Company
£000
£000
Accelerated capital allowances
1,476
1,560
Tax losses
(10)
(10)
Revaluations
(298)
(836)
1,168
714
Group
Company
2025
2025
Movements in the year:
£000
£000
Liability at 1 October 2024
714
714
Charge to profit or loss
454
454
Liability at 30 September 2025
1,168
1,168

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 30 -
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
488
470

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.

20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of 25p each
2,740,467
2,740,467
685
685
21
Controlling party

The ultimate parent undertaking of the company is NGS Family Investments Limited, a company registered in Scotland.

There is no one ultimate controlling party of NGS Family Investments Limited.

Group financial statements for NGS Family Investments Limited are available from Companies House, Crown Way, Cardiff CF14 3UZ.

22
Cash generated from group operations
2025
2024
£000
£000
Profit after taxation
1,572
1,299
Adjustments for:
Taxation charged/(credited)
597
(26)
Investment income
(141)
(98)
Gain on disposal of tangible fixed assets
-
(6)
Amortisation and impairment of intangible assets
1,209
1,348
Depreciation and impairment of tangible fixed assets
718
688
Movements in working capital:
Decrease in stocks
900
1,109
(Increase)/decrease in debtors
(53)
230
(Decrease)/increase in creditors
(212)
42
Cash generated from operations
4,590
4,586
LINN PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 31 -
23
Analysis of changes in net funds - group
1 October 2024
Cash flows
30 September 2025
£000
£000
£000
Cash at bank and in hand
3,963
1,024
4,987
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