REGISTERED NUMBER: |
LANDFAST LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2023 |
REGISTERED NUMBER: |
LANDFAST LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2023 |
LANDFAST LIMITED (REGISTERED NUMBER: 01959385) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 8 |
LANDFAST LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
LANDFAST LIMITED (REGISTERED NUMBER: 01959385) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Investments | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
LANDFAST LIMITED (REGISTERED NUMBER: 01959385) |
BALANCE SHEET - continued |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
LANDFAST LIMITED (REGISTERED NUMBER: 01959385) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Landfast Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£) and values are rounded to the nearest Pound (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102. |
Investment property |
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the fair value reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the income statement for the year. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Unlisted investments |
Unlisted investments are carried at open market value. The surplus or deficit arising from the annual revaluation is transferred to the fair value reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the income statement for the year |
LANDFAST LIMITED (REGISTERED NUMBER: 01959385) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
Freehold property |
The company carries its Freehold Property at fair value, with changes in the fair value being recognised in other comprehensive income and the revaluation reserve. |
Financial instruments |
Basic financial instruments are recognised at amortised cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 April 2022 |
Disposals | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The original cost of the freehold property was £71,118 and it was disposed of in the year. |
LANDFAST LIMITED (REGISTERED NUMBER: 01959385) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | FIXED ASSET INVESTMENTS |
Interest |
Interest | in |
in | subsidiary |
associate | undertakings | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 | 490 | 540 |
NET BOOK VALUE |
At 31 March 2023 | 490 | 540 |
At 31 March 2022 | 490 | 540 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The properties were valued by the Director at open market value at the Year End. The original cost of the properties is at the end of the accounting period is £3,854,183 (2022: £3,854,183). |
7. | STOCKS |
2023 | 2022 |
£ | £ |
Land for development | 8,000 | 8,000 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by related undertaking |
Other debtors |
Prepayments and accrued income |
LANDFAST LIMITED (REGISTERED NUMBER: 01959385) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Unlisted investments | 156,020 | 82,005 |
There were additions in the year of £100,305 (2022: £54,411), disposals of £37,807 (2022: £55,779) and revaluation increase of £11,516 (2022: decrease of £42). |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Loans |
Trade creditors |
Amounts due to related undertaking |
Amounts due to subsidiary undertaking | 21,048 | 20,031 |
Corporation tax |
Other creditors |
Directors' current accounts | 1,213 | 19,309 |
Accruals and deferred income |
A fixed charge dated 23 December 2014 is in place over the properties held in Investment Property in favour of Breydon Limited. The loan is repayable on demand with interest charged at 1% per annum. |
A fixed charge dated 8 August 2016 is in place and held in Investment Property in favour of Clarence Holdings Limited. The loan is repayable on demand with interest charged at 1% per annum. |
LANDFAST LIMITED (REGISTERED NUMBER: 01959385) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | RESERVES |
Retained earnings | Revaluation reserve | Fair value reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 586,313 | 85,009 | 705,579 | 1,376,901 |
Profit for the year | 146,602 | - | - | 146,602 |
Dividends | (40,000 | ) | - | - | (40,000 | ) |
Revaluation of investment properties | - | - | - | - |
Deferred tax on investment properties | - | - | - | - |
Revaluation of freehold property | - | (103,882 | ) | - | (103,882 | ) |
Deferred tax on freehold property | - | 18,873 | - | 18,873 |
Revaluation of unlisted investments | (11,517 | ) | - | 11,517 | - |
Deferred tax on unlisted investments | 2,188 | - | (2,188 | ) | - |
At 31 March 2023 | 683,586 | - | 714,908 | 1,398,494 |