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

REGISTERED NUMBER: 03668019 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 December 2021

for

Linac Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A J Terry

REGISTERED OFFICE:

The Limes

Bayshill Road

Cheltenham

Gloucestershire

GL50 3AW

REGISTERED NUMBER:

03668019 (England and Wales)

ACCOUNTANTS:

Grant & Co (Accountants) Ltd

The Old School House

3a Leckhampton Road

Cheltenham

Gloucestershire

GL53 0AX

FIXED ASSETS

Intangible assets

4

123,485

142,579

Tangible assets

5

551

1,102

124,036

143,681

CURRENT ASSETS

Debtors

6

80,938

90,592

Cash at bank

41,443

65,422

122,381

156,014

CREDITORS

Amounts falling due within one year

7

113,783

83,488

NET CURRENT ASSETS

8,598

72,526

TOTAL ASSETS LESS CURRENT LIABILITIES

132,634

216,207

CREDITORS

Amounts falling due after more than one year

8

109,230

164,475

NET ASSETS

23,404

51,732

CAPITAL AND RESERVES

Called up share capital

64

64

Retained earnings

23,340

51,668

SHAREHOLDERS' FUNDS

23,404

51,732

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2021 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 September 2022 and were signed by:

Mr A J Terry - Director

1.	STATUTORY INFORMATION

Linac 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

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

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.

Development costs are being amortised evenly over their estimated useful life of nine years.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost

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.

Research and development

Expenditure on research and development is capitalised to the extent that there is a clearly defined and commercially viable project is being developed, otherwise it is written off in the year in which it is incurred.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 31 December 2020

and 30 December 2021

171,845

AMORTISATION

At 31 December 2020

29,266

Charge for year

19,094

At 30 December 2021

48,360

NET BOOK VALUE

At 30 December 2021

123,485

At 30 December 2020

142,579

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 31 December 2020

and 30 December 2021

13,665

52,479

66,144

DEPRECIATION

At 31 December 2020

12,563

52,479

65,042

Charge for year

551

-

551

At 30 December 2021

13,114

52,479

65,593

NET BOOK VALUE

At 30 December 2021

551

-

551

At 30 December 2020

1,102

-

1,102

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

59,389

23,526

Other debtors

21,549

67,066

80,938

90,592

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

9,646

-

Trade creditors

15,579

15,656

Taxation and social security

17,051

12,953

Other creditors

71,507

54,879

113,783

83,488

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

34,837

50,000

Other creditors

74,393

114,475

109,230

164,475

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

-

50,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

44,483

50,000

Other loans

105,872

128,837

150,355

178,837

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 December 2021 and 30 December 2020:

2021

2020

£

£

Mr A J Terry

Balance outstanding at start of year

44,869

42,125

Amounts advanced

5,426

2,744

Amounts repaid

(40,204

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,091

44,869