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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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INTERLINK L.G. LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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INTERLINK L.G. LIMITED |
INTERLINK L.G. LIMITED (REGISTERED NUMBER: 03090824) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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INTERLINK L.G. LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Chargrove House |
Shurdington Road |
Cheltenham |
Gloucestershire |
GL51 4GA |
INTERLINK L.G. LIMITED (REGISTERED NUMBER: 03090824) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
INTERLINK L.G. LIMITED (REGISTERED NUMBER: 03090824) |
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BALANCE SHEET - continued |
31 DECEMBER 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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INTERLINK L.G. LIMITED (REGISTERED NUMBER: 03090824) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Interlink L.G. Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value of goods and services supplied to customers during the year, net of value added tax.The revenue is recognised at the date the invoice is raised. |
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Tangible fixed assets |
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Plant and machinery | - |
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Government grants |
Government grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss over the expected useful lives of the assets to which they relate. Government grants which are not directly attributable to fixed assets are recognised in the profit and loss in accordance with the accruals method in line with FRS 102. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
INTERLINK L.G. LIMITED (REGISTERED NUMBER: 03090824) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The director has considered the risks and issues concerning the company and it's activities and no material uncertainties that may cast significant doubt about the company's ability of the company to continue as a going concern have been identified by the directors. |
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Provisions |
Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Intercompany balance | 2,554 | - |
Directors' loan accounts | 596,607 | 535,302 |
S455 Tax | 197,177 | 165,911 |
VAT |
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Prepayments |
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Accrued income | 320,103 | 193,150 |
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INTERLINK L.G. LIMITED (REGISTERED NUMBER: 03090824) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Corporation Tax |
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Other creditors | - | (20 | ) |
Interlink FR | 349,312 | 14,393 |
Accruals and deferred income |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | 13,185 | - |
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8. | SECURED DEBTS |
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The company has a debenture deed which Lloyds TSB bank PLC is entitled too. The amount secured is all monies due or to become due from the company to the chargee on any account whatsoever. The debenture includes fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, bookdebts, uncalled capital, buildings, fixtures and fixed plant and machinery. |
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The company also has a deposit agreement to secure own liabilities with Lloyds TSB Bank PLC. The amount secured in the deposit agreement is all monies due or to become due from the company to the chargee on any account whatsoever. All such rights to the repayment of the deposit, meaning the debt(s) on the account(s) described in the schedule, being the account with the bank denominated in euros designated ltsb re interlink L.G. limited and numbered 86439148 and any account(s) for the time being replacing the same and all interest owing in respect thereof and all deposits with the banks treasury division in the name of the bank re the company. |
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The company also has a charge registered with Lloyds Bank PLC which contains a fixed charge and a negative pledge. |
INTERLINK L.G. LIMITED (REGISTERED NUMBER: 03090824) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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9. | TRANSACTIONS WITH DIRECTORS |
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The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020: |
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2021 | 2020 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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There are no set repayment terms on this loan and interest has been charged at the official rate. |
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A personal guarantee has been given by the director to the bank in respect of the overdraft facility. |
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10. | RELATED PARTY DISCLOSURES |
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Within creditors is a balance owed to Interlink FR of £349,312 which is a company wholly owned by the director, Mr J Hudd. Transactions between the company and Interlink FR during the year were carried out under normal market conditions. |
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Interlink Holdings (UK) Limited (company number: 11869222) |
On 29th January 2021, Interlink Holdings (UK) Limited bought a majority shareholding in Interlink L.G. Limited such that Interlink L.G. Limited is a fully owned subsidiary company of Interlink Holdings (UK) Limited. |
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The company is taking advantage of the exemption to not prepare group accounts, as it is a small group. |
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At the year-end there is an amount due from Interlink Holdings (UK) Limited of £2,554 which is shown in other debtors. |