Lindy Electronics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02132710 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Lindy Electronics Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D N Casey

J Lindenberg

Mrs C E Casey

Mrs L Gray

SECRETARY:

D N Casey

REGISTERED OFFICE:

Unit 103

Sadler Forster Way

Teesside Industrial Estate

Thornaby

Stockton-on-Tees

TS17 9JY

REGISTERED NUMBER:

02132710 (England and Wales)

ACCOUNTANTS:

George Hay Partnership LLP

Chartered Accountants

Brigham House

High Street

Biggleswade

Bedfordshire

SG18 0LD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,653,547

1,785,412

1,653,547

1,785,412

CURRENT ASSETS

Stocks

1,773,683

1,607,206

Debtors

833,109

918,416

Investments

495,232

546,737

Cash at bank and in hand

1,367,639

916,425

4,469,663

3,988,784

CREDITORS

Amounts falling due within one year

529,799

365,996

NET CURRENT ASSETS

3,939,864

3,622,788

TOTAL ASSETS LESS CURRENT LIABILITIES

5,593,411

5,408,200

PROVISIONS FOR LIABILITIES

14,362

37,444

NET ASSETS

5,579,049

5,370,756

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Fair value reserve

6

34,548

96,952

Retained earnings

5,539,501

5,268,804

SHAREHOLDERS' FUNDS

5,579,049

5,370,756

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 20 September 2019 and were signed on its behalf by:

D N Casey - Director

1.	STATUTORY INFORMATION

Lindy Electronics Limited is a private company, limited by shares , registered in England and Wales.

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.

Turnover

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

rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Land and buildings

-

over period of lease

Plant and machinery etc

-

33% on cost, 25% on cost and 10% on cost

Stocks

Stocks 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 Income Statement,

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 balance sheet date.

Deferred tax

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

the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

The company holds investments in both listed and unlisted shares.

Listed shares are valued at the publicly traded fair value at the balance sheet date according to the

valuation provided by the professional fund managers.

Unlisted shares are valued at cost due to the absence of a reliable fair value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2018 - 42 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

and 31 March 2019

1,000

AMORTISATION

At 1 April 2018

and 31 March 2019

1,000

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

2,271,904

Additions

107,964

Disposals

(124,558

)

At 31 March 2019

2,255,310

DEPRECIATION

At 1 April 2018

486,492

Charge for year

125,651

Eliminated on disposal

(10,380

)

At 31 March 2019

601,763

NET BOOK VALUE

At 31 March 2019

1,653,547

At 31 March 2018

1,785,412

6.

RESERVES

Fair

value

reserve

£

At 1 April 2018

96,952

Revaluation of Investments

(62,404

)

At 31 March 2019

34,548

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

D N Casey

Balance outstanding at start of year

-

-

Amounts advanced

90,375

-

Amounts repaid

(200

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

90,175

-

The Director D Casey received a loan from Lindy Electronics Ltd during the year for £90,000, interest

is being charged at the rate of 2.5% gross per annum.