Jan. 13/14-The Border City Aviation Ltd Cessna 182N, C-FAKL, had departed Lloydminster airport (CYLL) for a local maintenance flight. During the take-off phase of a touch and go procedure, engine (TELEDYNE CONTINENTAL, O-470-R) power was lost at approximately 500 feet AGL shortly after climb power was set. Manifold Air Pressure dropped but engine did not quit. There was no response to throttle lever position changes. The pilot landed long on Runway 08 and was unable to stop the aircraft on the runway resulting in an overrun of 300 feet. The aircraft sustained damage to nose landing gear, propeller and left wingtip. There were no injuries to the 2 occupants. Inspection revealed that the throttle linkage had become disconnected from carburetor throttle arm. Company maintenance has reviewed maintenance safety procedures with staff.