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REGISTERED NUMBER: 01959385 (England and Wales)















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: Mr P A Curry





REGISTERED OFFICE: Town Wall House
Balkerne Hill
Colchester
Essex
CO3 3AD





REGISTERED NUMBER: 01959385 (England and Wales)

LANDFAST LIMITED (REGISTERED NUMBER: 01959385)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 175,000
Investments 5 540 540
Investment property 6 4,692,291 4,692,291
4,692,831 4,867,831

CURRENT ASSETS
Stocks 7 8,000 8,000
Debtors 8 14,181 15,204
Investments 9 156,020 82,005
Cash at bank 374,564 278,128
552,765 383,337
CREDITORS
Amounts falling due within one year 10 (3,706,352 ) (3,716,831 )
NET CURRENT LIABILITIES (3,153,587 ) (3,333,494 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,539,244 1,534,337

PROVISIONS FOR LIABILITIES (140,650 ) (157,336 )
NET ASSETS 1,398,594 1,377,001

LANDFAST LIMITED (REGISTERED NUMBER: 01959385)

BALANCE SHEET - continued
31 MARCH 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 11 - 85,009
Fair value reserve 11 714,908 705,579
Retained earnings 11 683,586 586,313
SHAREHOLDERS' FUNDS 1,398,594 1,377,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 11 October 2023 and were signed by:





Mr P A Curry - Director


LANDFAST LIMITED (REGISTERED NUMBER: 01959385)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Landfast Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 April 2022 175,000
Disposals (175,000 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 175,000

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 50 490 540
NET BOOK VALUE
At 31 March 2023 50 490 540
At 31 March 2022 50 490 540

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 4,692,291
NET BOOK VALUE
At 31 March 2023 4,692,291
At 31 March 2022 4,692,291

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 - 4,950
Other debtors 810 1,804
Prepayments and accrued income 13,371 8,450
14,181 15,204

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 3,626,253 3,626,253
Trade creditors 858 472
Amounts due to related undertaking 50 -
Amounts due to subsidiary undertaking 21,048 20,031
Corporation tax 31,554 13,378
Other creditors 974 2,529
Directors' current accounts 1,213 19,309
Accruals and deferred income 24,402 34,859
3,706,352 3,716,831

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 2022586,31385,009705,5791,376,901
Profit for the year146,602--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 investments2,188-(2,188)-

At 31 March 2023683,586-714,9081,398,494