REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
LINX INTERNATIONAL GROUP LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
LINX INTERNATIONAL GROUP LIMITED |
LINX INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 02057133) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LINX INTERNATIONAL GROUP LIMITED |
COMPANY INFORMATION |
for the year ended 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1 High Street |
Thatcham |
Berks |
RG19 3JG |
LINX INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 02057133) |
BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital redemption reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
LINX INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 02057133) |
BALANCE SHEET - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LINX INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 02057133) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Linx International Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for no less than 12 months from the date of approval of the company's financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about Linx International Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover 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 |
Motor vehicles | - |
Office equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost, less any provision for impairment where this is considered appropriate. |
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. |
LINX INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 02057133) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate. |
Interest receivable |
Interest earned is credited to profit or loss in the period it becomes receivable by the company. |
Other operating income |
Income not considered to be part of the company's turnover is included as other operating income and is credited to profit or loss once the company becomes contractually entitled to receive it. |
Financial instruments |
Financial assets and financial liabilities are recognised on the company's balance sheet when the company becomes a party to the contractual commitment and until the commitment is appropriately discharged. |
Financial assets comprise cash and cash equivalents, trade and other receivables. Financial liabilities comprise trade and other payables. These are classified in the financial statements under appropriate headings. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
LINX INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 02057133) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
PROVISIONS |
Impairments | 197,379 |
At 31 March 2023 | 197,379 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Level 12, The Shard, London Bridge Street, London SE1 9SG. |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit for the year |
Registered office: Level 12, The Shard, London Bridge Street, London, SE1 9SG |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
LINX INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 02057133) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: Level 12, The Shard, London Bridge Street, London, SE1 9SG. |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
During the year the company acquired the remaining shareholdings that it did not previously own in both Perpetuity Training Limited and Tavcom Limited. |
The company sold its investment in Guard Linx Limited to Tavcom Limited at cost. |
The net book value of the shares in group undertakings at the balance sheet date is as follows: |
Perpetuity Training Limited - Cost | £895,094 |
ARC Training International Limited - Cost less impairment | £52,621 |
Tavcom Limited - Cost | £895,000 |
Total at 31st March 2023 | £1,842,715 |
The investment in ARC Training International Limited, previously carried at cost of £250,000 has been subject to impairment of £197,379 to reduce the carrying value to £52,621. |
After appropriate impairment review, the directors consider that no further impairment is required given the operating performance of the subsidiaries since the balance sheet date. |
6. | DEBTORS |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Other debtors falling due after more than one year, includes an amount of £2,523 (2022- £nil) in respect of a deferred tax asset. |
LINX INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 02057133) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Other creditors includes: |
An amount of £5,100 (2022 - £8,752) in respect of accrued expenses and deferred income. |
An amount of £616,448 (2022 - £657,648) owed to D J Gill the controlling party. |
Taxation and social security includes corporation tax of £19,831 (2022 - £26,823). |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Within one year |
9. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | - | 1,620 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Income Statement during year | ( |
) |
Carried as deferred tax asset | 2,523 |
Balance at 31 March 2023 |
The deferred tax provision is made in respect of possible tax liabilities arising from accelerated capital allowances. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 | 6,000 | 6,000 |
LINX INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 02057133) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2023 |
11. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 1,556,293 |
Deficit for the year | ( |
) | ( |
) |
At 31 March 2023 | 1,395,080 |
The retained earnings comprises the retained profits and losses of the company, less amounts distributed to the company's shareholders. |
The capital redemption reserve represents the cumulative nominal value of the company's shares repurchased and subsequently cancelled. |
12. | RELATED PARTY DISCLOSURES |
There were no sales or purchases arising between the company and its subsidiaries during the year, or during the previous year. |
At the year end the following amounts were outstanding in respect of the following related parties: |
Due to: |
Tavcom Limited - £144,821 (2022 - £nil). |
D J Gill - £616,448 (2022 - £657,648). |
Due from: |
Perpetuity Training Limited - £96,153 (2022 - £99,721). |
Arc Training International Limited - £154,972 (2022 - £154,972). |
Tavcom Limited - £nil (2022 - £57,525). |
The company disposed of its shares in Guard Linx Limited to Tavcom Limited at book value of £999. Guard Linx Limited agreed to write off the inter company loan owed to it amounting to £17,154. |
13. | POST BALANCE SHEET EVENTS |
The company was acquired by Mitie Limited in April 2023. |
14. | ULTIMATE CONTROLLING PARTY |
At 31st March 2023 Mr D J Gill controlled the company by virtue of his controlling interest in the ordinary shares of the company. |