Link Information Technology Limited - Limited company accounts 11.9

REGISTERED NUMBER: 04302493 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2015

FOR

LINK INFORMATION TECHNOLOGY LIMITED

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

N Marshall

R P Antrobus

REGISTERED OFFICE:

25, Grosvenor Rd

Wrexham

LL11 1BT

REGISTERED NUMBER:

04302493 (England and Wales)

ACCOUNTANTS:

M. D. Coxey and Co. Limited

Chartered Accountants

25, Grosvenor Road

Wrexham

LL11 1BT

BANKERS:

HSBC Bank plc

City Office

4 Dale Street

Liverpool

L69 2BZ

The directors present their report with the financial statements of the company for the year ended 31st December 2015.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1st January 2015 to the date of this

report.

The beneficial interests of the directors holding office at 31st December 2015 in the shares of the company, according to the

register of directors' interests, were as follows:

31.12.15

1.1.15

Ordinary shares of £1 each

N Marshall

50

R P Antrobus

50

These directors did not hold any non-beneficial interests in the shares of the company.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

R P Antrobus - Director

3rd March 2016

TURNOVER

2

158,473

207,045

Cost of sales

14,678

31,595

GROSS PROFIT

143,795

175,450

Administrative expenses

81,911

160,828

OPERATING PROFIT

3

61,884

14,622

Interest payable and similar charges

4

124

1,191

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

61,760

13,431

Tax on profit on ordinary activities

5

6,484

(2,553

)

PROFIT FOR THE FINANCIAL YEAR

55,276

15,984

Retained profit brought forward

8,367

3,883

63,643

19,867

Dividends

6

(53,280

)

(11,500

)

RETAINED PROFIT CARRIED FORWARD

10,363

8,367

FIXED ASSETS

Tangible assets

7

1,413

1,967

CURRENT ASSETS

Stocks

12,000

24,500

Debtors

8

9,047

21,137

Cash at bank and in hand

9,999

136

31,046

45,773

CREDITORS

Amounts falling due within one year

9

21,996

39,273

NET CURRENT ASSETS

9,050

6,500

TOTAL ASSETS LESS CURRENT
LIABILITIES

10,463

8,467

CAPITAL AND RESERVES

Called up share capital

13

100

Profit and loss account

10,363

8,367

SHAREHOLDERS' FUNDS

10,463

8,467

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2015 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 3rd March 2016 and were signed on its behalf by:

R P Antrobus - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

15% on cost

Computer equipment

-

50% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

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 the profit and loss account in the period to which they relate.

2.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

The companys turnover arose wholly within the United Kingdom.

3.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.15

31.12.14

£

Depreciation - owned assets

1,302

1,512

Loss/(profit) on disposal of fixed assets

192

(182

)

Pension costs

2,400

3,600

Operating lease rentals: property

-

18,078

Operating lease rentals: other assets

-

9,292

Directors' remuneration and other benefits etc

22,333

11,000

4.

INTEREST PAYABLE AND SIMILAR CHARGES

Interest payable and similar charges includes the following:

31.12.15

31.12.14

£

Bank interest

124

1,191

5.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit on ordinary activities for the year was as follows:

31.12.15

31.12.14

£

Current tax:

UK corporation tax

5,588

(8,987

)

Prior year adjustment

896

-

Total current tax

6,484

(8,987

)

Deferred tax

-

6,434

Tax on profit on ordinary activities

6,484

(2,553

)

UK corporation tax has been charged at 20% (2014 - 20%).

6.

DIVIDENDS

31.12.15

31.12.14

£

Interim dividends paid

53,280

11,500

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1st January 2015

3,987

58,623

62,610

Additions

548

492

1,040

Disposals

(417

)

-

(417

)

At 31st December 2015

4,118

59,115

63,233

DEPRECIATION

At 1st January 2015

3,279

57,364

60,643

Charge for year

155

1,147

1,302

Eliminated on disposal

(125

)

-

(125

)

At 31st December 2015

3,309

58,511

61,820

NET BOOK VALUE

At 31st December 2015

809

604

1,413

At 31st December 2014

708

1,259

1,967

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.12.14

£

Trade debtors

6,838

9,162

Other debtors

347

Research & Development tax credit

-

9,867

Deferred tax asset

Accelerated capital allowances

166

182

Prepayments

1,696

1,579

9,047

21,137

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.12.14

£

Bank loans and overdrafts

-

11,491

Trade creditors

3,063

5,808

Tax

5,588

-

Social security and other taxes

933

1,098

VAT

5,358

6,923

Other creditors

320

521

Directors' current accounts

2,878

-

Accrued expenses

3,856

13,432

21,996

39,273

10.	OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid within one year:

31.12.15

31.12.14

£

Expiring:

Between one and five years

9,480

9,528

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.15

31.12.14

£

Bank overdraft

-

11,491

12.	DEFERRED TAX

£

Balance at 1st January 2015

(182

)

Movement in the year due to:

changes in tax allowances

7

changes in tax rates

9

Balance at 31st December 2015

(166

)

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

100

Ordinary

£1

100

14.	CAPITAL COMMITMENTS

31.12.15

31.12.14

£

Contracted but not provided for in the

financial statements

-