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COMPANY REGISTRATION NUMBER: 01643448
Landau Store Limited
Filleted Unaudited Financial Statements
31 July 2023
Landau Store Limited
Financial Statements
Year ended 31 July 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Landau Store Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
24,949
26,323
Current assets
Stocks
241,146
246,140
Debtors
6
583,416
931,465
Cash at bank and in hand
484,630
137,826
------------
------------
1,309,192
1,315,431
Creditors: amounts falling due within one year
7
108,362
108,626
------------
------------
Net current assets
1,200,830
1,206,805
------------
------------
Total assets less current liabilities
1,225,779
1,233,128
Provisions
6,154
6,524
------------
------------
Net assets
1,219,625
1,226,604
------------
------------
Capital and reserves
Called up share capital
12,500
12,500
Profit and loss account
1,207,125
1,214,104
------------
------------
Shareholders funds
1,219,625
1,226,604
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Landau Store Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 15 November 2023 , and are signed on behalf of the board by:
Mr C G Furneaux
Director
Company registration number: 01643448
Landau Store Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 111 Sandgate Road, Folkestone, Kent, CT20 2BL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
Straight line over life of lease
Fixtures and fittings
-
10% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 9 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 August 2022
9,446
134,525
55,461
199,432
Additions
1,803
1,803
-------
---------
--------
---------
At 31 July 2023
9,446
134,525
57,264
201,235
-------
---------
--------
---------
Depreciation
At 1 August 2022
9,446
112,610
51,053
173,109
Charge for the year
2,191
986
3,177
-------
---------
--------
---------
At 31 July 2023
9,446
114,801
52,039
176,286
-------
---------
--------
---------
Carrying amount
At 31 July 2023
19,724
5,225
24,949
-------
---------
--------
---------
At 31 July 2022
21,915
4,408
26,323
-------
---------
--------
---------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
576,900
917,159
Other debtors
6,516
14,306
---------
---------
583,416
931,465
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
54,038
29,490
Corporation tax
11,205
34,403
Social security and other taxes
18,728
26,023
Other creditors
24,391
18,710
---------
---------
108,362
108,626
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
31,140
30,500
--------
--------
9. Related party transactions
During the year a management charge of £12,000 (2022: £12,000) was paid to the parent company. At the balance sheet date, the company was owed £576,900 (2022: £917,159) by its parent company.
10. Controlling party
The company's ultimate parent company is Landau Holdings (Folkestone) Limited , a company incorporated in England & Wales whose registered office is 111 Sandgate Road, Folkestone, Kent, CT20 2BL .