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

REGISTERED NUMBER: NI033768 (Northern Ireland)

Unaudited Financial Statements

for the Year Ended 31st March 2022

for

LINNODEE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

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

63,581

61,486

CURRENT ASSETS

Inventories

17,462

19,554

Debtors

5

74,004

67,213

Cash at bank

132,413

145,173

223,879

231,940

CREDITORS

Amounts falling due within one year

6

77,730

80,901

NET CURRENT ASSETS

146,149

151,039

TOTAL ASSETS LESS CURRENT LIABILITIES

209,730

212,525

CREDITORS

Amounts falling due after more than one year

7

(20,988

)

(24,370

)

PROVISIONS FOR LIABILITIES

(12,081

)

-

NET ASSETS

176,661

188,155

CAPITAL AND RESERVES

Called up share capital

15,000

15,000

Retained earnings

161,661

173,155

SHAREHOLDERS' FUNDS

176,661

188,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 4th October 2022 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 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 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 4 (2021 - 3 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st April 2021

63,436

82,408

4,799

38,043

188,686

Additions

-

13,142

-

-

13,142

At 31st March 2022

63,436

95,550

4,799

38,043

201,828

DEPRECIATION

At 1st April 2021

27,917

79,504

4,600

15,179

127,200

Charge for year

1,269

4,012

50

5,716

11,047

At 31st March 2022

29,186

83,516

4,650

20,895

138,247

NET BOOK VALUE

At 31st March 2022

34,250

12,034

149

17,148

63,581

At 31st March 2021

35,519

2,904

199

22,864

61,486

Fixed assets, included in the above, which are held under finance leases are as follows:

Motor

vehicles

£

COST

At 1st April 2021

and 31st March 2022

38,043

DEPRECIATION

At 1st April 2021

15,179

Charge for year

5,716

At 31st March 2022

20,895

NET BOOK VALUE

At 31st March 2022

17,148

At 31st March 2021

22,864

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

28,808

14,798

Amounts owed by group undertakings

29,385

43,219

VAT

15,811

9,196

74,004

67,213

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Finance leases

3,323

3,259

Trade creditors

11,502

8,427

Tax

-

(1,272

)

Accrued expenses

62,905

70,487

77,730

80,901

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Finance leases

20,988

24,370

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Giltspur Scientific Limited.