Linnet Developments Ltd - Accounts to registrar (filleted) - small 18.2

Linnet Developments Ltd - Accounts to registrar (filleted) - small 18.2

LINNET DEVELOPMENTS LIMITED - Company Information

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REGISTERED NUMBER: SC515980 (Scotland)















Unaudited Financial Statements for the Year Ended 30 September 2019

for

Linnet Developments Ltd
Linnet Developments Ltd (Registered number: SC515980)






Contents of the Financial Statements
for the Year Ended 30 September 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Linnet Developments Ltd

Company Information
for the Year Ended 30 September 2019







DIRECTOR: J M Shields





REGISTERED OFFICE: Caldergrove House
4 Linnet Way
Strathclyde Business Park
Bellshill
ML4 3RA





REGISTERED NUMBER: SC515980 (Scotland)





ACCOUNTANTS: Graham & Co. (Accountants) Limited
76 Dumbarton Road
Clydebank
Glasgow
G81 1UG
Page 1
Linnet Developments Ltd (Registered number: SC515980)

Balance Sheet
30 September 2019

30.9.19 30.9.18
Notes £    £    £    £   
FIXED ASSETS
Investments 4 3 -

CURRENT ASSETS
Stocks 407,970 403,953
Debtors 5 302,975 350,000
Cash at bank and in hand 26,567 647,010
737,512 1,400,963
CREDITORS
Amounts falling due within one year 6 709,058 1,359,257
NET CURRENT ASSETS 28,454 41,706
TOTAL ASSETS LESS CURRENT
LIABILITIES
28,457
41,706

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 28,357 41,606
SHAREHOLDERS' FUNDS 28,457 41,706

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

Page 2 continued...
Linnet Developments Ltd (Registered number: SC515980)

Balance Sheet - continued
30 September 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 19 December 2020 and were signed by:





J M Shields - Director


The notes form part of these financial statements

Page 3
Linnet Developments Ltd (Registered number: SC515980)

Notes to the Financial Statements
for the Year Ended 30 September 2019

1. STATUTORY INFORMATION

Linnet Developments Ltd is a private company, limited by shares , registered in Scotland. 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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at 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.

Going concern
Given events surrounding the covid-19 pandemic since March 2020, the director, in common with many businesses, acknowledge that it is difficult to predict the impact this event may have on the economy as a whole and the company's business in particular. Having considered the events, the company's current financial position and the ongoing support of their major creditor, the director is satisfied as to the company's ability to continue as going concern and in doing so has considered a period of one year from the date of signing of the accounts.

Page 4 continued...
Linnet Developments Ltd (Registered number: SC515980)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2019

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 3
At 30 September 2019 3
NET BOOK VALUE
At 30 September 2019 3

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.19 30.9.18
£    £   
Trade debtors - 50,000
Other debtors 302,975 300,000
302,975 350,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.19 30.9.18
£    £   
Trade creditors 3,524 13,225
Taxation and social security 6,652 147,006
Other creditors 698,882 1,199,026
709,058 1,359,257

7. RELATED PARTY DISCLOSURES

Included in Other Creditors at 30 September 2019 is a balance of £680,742 (2018 - £1,060,939) due to Advance Construction Scotland Limited, a company in which Mr Shields is also a director and £17,262 (2018 - £137,262) to Carnbroe Estates Ltd, a company in which Mr Gaffney, shareholder, is a director.

8. POST BALANCE SHEET EVENTS

The director acknowledges that since March 2020, the company has had to deal with all matters relating to the Covid-19 Pandemic. The director is of the opinion that the event has not directly and materially affected the figures in the accounts.

Page 5