Linnodee Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI033768 (Northern Ireland)

Unaudited Financial Statements

for the Year Ended 31st March 2019

for

LINNODEE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mrs L M McCalmont

E A Reddicliffe

SECRETARY:

Mrs L M McCalmont

REGISTERED OFFICE:

Oakmount

Holestone Road

Ballyclare

BT39 0TJ

REGISTERED NUMBER:

NI033768 (Northern Ireland)

ACCOUNTANTS:

Simpson Wreford & Partners

Chartered Accountants

Suffolk House

George Street

Croydon CR0 0YN

FIXED ASSETS

Property, plant and equipment

4

67,011

92,677

CURRENT ASSETS

Inventories

17,944

30,613

Debtors

5

66,317

120,570

Cash at bank

170,278

158,069

254,539

309,252

CREDITORS

Amounts falling due within one year

6

109,313

172,764

NET CURRENT ASSETS

145,226

136,488

TOTAL ASSETS LESS CURRENT LIABILITIES

212,237

229,165

CREDITORS

Amounts falling due after more than one year

7

26,494

44,231

NET ASSETS

185,743

184,934

CAPITAL AND RESERVES

Called up share capital

15,000

15,000

Retained earnings

170,743

169,934

SHAREHOLDERS' FUNDS

185,743

184,934

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 21st August 2019 and were signed on its behalf by:

Mrs L M McCalmont - Director

1.	STATUTORY INFORMATION

Linnodee Limited is a private company, limited by shares , registered in Northern Ireland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company continues to trade profitability and is expected to keep generating positive cash flows for the

foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in

preparing the annual financial statements.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less any accumulated depreciation.

Historical costs include expenditure that is directly attributable to bringing the asset to the location and

condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Improvements to property - 2% on cost

Plant and machinery - 25% on reducing balance

Fixtures and fittings - 25% on reducing balance

Motor vehicles - 25% on reducing balance

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are

recognised in the statement of comprehensive income.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 2 ).

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st April 2018

63,436

82,408

4,799

70,950

221,593

Additions

-

-

-

31,250

31,250

Disposals

-

-

-

(70,950

)

(70,950

)

At 31st March 2019

63,436

82,408

4,799

31,250

181,893

DEPRECIATION

At 1st April 2018

24,110

75,525

4,325

24,956

128,916

Charge for year

1,269

1,721

119

7,813

10,922

Eliminated on disposal

-

-

-

(24,956

)

(24,956

)

At 31st March 2019

25,379

77,246

4,444

7,813

114,882

NET BOOK VALUE

At 31st March 2019

38,057

5,162

355

23,437

67,011

At 31st March 2018

39,326

6,883

474

45,994

92,677

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st April 2018

70,950

Additions

31,250

Disposals

(70,950

)

At 31st March 2019

31,250

DEPRECIATION

At 1st April 2018

24,956

Charge for year

7,813

Eliminated on disposal

(24,956

)

At 31st March 2019

7,813

NET BOOK VALUE

At 31st March 2019

23,437

At 31st March 2018

45,994

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

53,002

35,658

Amounts owed by group undertakings

5,419

79,215

Prepayments and accrued income

7,896

5,697

66,317

120,570

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

3,697

8,627

Trade creditors

11,616

3,494

Tax

6,830

8,458

VAT

1,821

107

Accrued expenses

85,349

152,078

109,313

172,764

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

26,494

44,231

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Giltspur Scientific Limited.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a

Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain

other primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Linnodee Limited for the year ended 31st March 2019 which comprise the Statement of Income

and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Linnodee Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Linnodee Limited and state those matters that we have agreed to state to the Board of Directors of Linnodee Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Linnodee Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Linnodee Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Linnodee Limited. You consider that Linnodee Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Linnodee Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Simpson Wreford & Partners

Chartered Accountants

Suffolk House

George Street

Croydon CR0 0YN

28th August 2019