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

Print Friendly Version

IRIS Accounts Production v21.1.0.652 SC515980 director 1.10.19 30.9.20 30.9.20 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC5159802019-09-30SC5159802020-09-30SC5159802019-10-012020-09-30SC5159802018-09-30SC5159802018-10-012019-09-30SC5159802019-09-30SC515980ns16:Scotland2019-10-012020-09-30SC515980ns15:PoundSterling2019-10-012020-09-30SC515980ns11:Director12019-10-012020-09-30SC515980ns11:PrivateLimitedCompanyLtd2019-10-012020-09-30SC515980ns11:SmallEntities2019-10-012020-09-30SC515980ns11:AuditExempt-NoAccountantsReport2019-10-012020-09-30SC515980ns11:SmallCompaniesRegimeForDirectorsReport2019-10-012020-09-30SC515980ns11:SmallCompaniesRegimeForAccounts2019-10-012020-09-30SC515980ns11:FullAccounts2019-10-012020-09-30SC515980ns11:RegisteredOffice2019-10-012020-09-30SC515980ns6:CurrentFinancialInstruments2020-09-30SC515980ns6:CurrentFinancialInstruments2019-09-30SC515980ns6:ShareCapital2020-09-30SC515980ns6:ShareCapital2019-09-30SC515980ns6:RetainedEarningsAccumulatedLosses2020-09-30SC515980ns6:RetainedEarningsAccumulatedLosses2019-09-30SC515980ns6:CostValuation2019-09-30SC515980ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-09-30SC515980ns6:CurrentFinancialInstrumentsns6:WithinOneYear2019-09-30
REGISTERED NUMBER: SC515980 (Scotland)















Unaudited Financial Statements for the Year Ended 30 September 2020

for

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






Contents of the Financial Statements
for the Year Ended 30 September 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Linnet Developments Ltd

Company Information
for the Year Ended 30 September 2020







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 2020

30.9.20 30.9.19
Notes £    £    £    £   
FIXED ASSETS
Investments 4 3 3

CURRENT ASSETS
Stocks 744,320 407,970
Debtors 5 15,228 302,975
Cash at bank and in hand 20,285 26,567
779,833 737,512
CREDITORS
Amounts falling due within one year 6 782,872 709,058
NET CURRENT (LIABILITIES)/ASSETS (3,039 ) 28,454
TOTAL ASSETS LESS CURRENT
LIABILITIES
(3,036
)
28,457

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (3,136 ) 28,357
SHAREHOLDERS' FUNDS (3,036 ) 28,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 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 29 June 2021 and were signed by:





J M Shields - Director


The notes form part of these financial statements

Page 2
Linnet Developments Ltd (Registered number: SC515980)

Notes to the Financial Statements
for the Year Ended 30 September 2020

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.

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
Since March 2020, in common with many businesses, the company has had to deal all matters relating to the Covid-19 pandemic. Having considered these events and the company's current financial position the director is satisfied that, with the ongoing support of their major creditor, it is appropriate for the going concern basis to be used as the basis of preparation for the company accounts. A period of one year has been considered from the date of signing of the accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

Page 3 continued...
Linnet Developments Ltd (Registered number: SC515980)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2020

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2019
and 30 September 2020 3
NET BOOK VALUE
At 30 September 2020 3
At 30 September 2019 3

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
Other debtors 15,228 302,975

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
Trade creditors 13,278 3,524
Taxation and social security 3,101 6,652
Other creditors 766,493 698,882
782,872 709,058

7. RELATED PARTY DISCLOSURES

Included in Other Creditors at 30 September 2020 is a balance of £747,328 (2019 - £680,742) due to Advance Construction Scotland Limited, a company in which Mr Shields is also a director and £17,262 (2019 - £17,262) to Carnbroe Estates Ltd, a company in which shareholder, Mr Gaffney, is a director.

Page 4