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COMPANY REGISTRATION NUMBER: 10342068
LANDMARK REAL PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
LANDMARK REAL PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
1,459,501
1,476,571
Current assets
Debtors
7
22,707
12,667
Cash at bank and in hand
39,386
44,929
---------
---------
62,093
57,596
Creditors: amounts falling due within one year
8
714,706
725,136
----------
----------
Net current liabilities
652,613
667,540
-------------
-------------
Total assets less current liabilities
806,888
809,031
Provisions
9
209,251
143,452
----------
----------
Net assets
597,637
665,579
----------
----------
Capital and reserves
Called up share capital
1
1
Revaluation reserve
538,746
581,846
Profit and loss account
58,890
83,732
----------
----------
Shareholders funds
597,637
665,579
----------
----------
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 comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LANDMARK REAL PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
A J Govani
Director
Company registration number: 10342068
LANDMARK REAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 168 Church Road, Hove, East Sussex, BN3 2DL.
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, as modified by the revaluation of certain financial assets and liabilities and properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with the director's responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the director has considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing these financial statements.
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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Properties are valued annually at fair value by the director. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.
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. Rental income is recognised as accommodation is provided to tenants.
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
10% reducing balance
Depreciation is only provided on leasehold properties where the unexpired term is less than 20. Although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Tax on (loss)/profit
Major components of tax expense
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
22,699
4,188
---------
-------
Tax on (loss)/profit
22,699
4,188
---------
-------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £ 43,100 (2022: £Nil).
6. Tangible assets
Long leasehold property
Plant and machinery
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
1,305,869
276,831
1,582,700
-------------
----------
-------------
Depreciation
At 1 April 2022
106,129
106,129
Charge for the year
17,070
17,070
-------------
----------
-------------
At 31 March 2023
123,199
123,199
-------------
----------
-------------
Carrying amount
At 31 March 2023
1,305,869
153,632
1,459,501
-------------
----------
-------------
At 31 March 2022
1,305,869
170,702
1,476,571
-------------
----------
-------------
Tangible assets held at valuation
In the opinion of the director, the carrying value of the property as at 31 March 2023, which is based on the director's valuation, is not significantly different from the open market fair value of the property.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Long leasehold property
£
At 31 March 2023
Aggregate cost
587,541
Aggregate depreciation
----------
Carrying value
587,541
----------
At 31 March 2022
Aggregate cost
587,541
Aggregate depreciation
----------
Carrying value
587,541
----------
7. Debtors
2023
2022
£
£
Other debtors
22,707
12,667
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,685
2,622
Accruals and deferred income
43,138
51,536
Social security and other taxes
6,695
14,774
Amounts owed to related parties
661,188
656,204
----------
----------
714,706
725,136
----------
----------
9. Provisions
Deferred tax (note 10)
£
At 1 April 2022
143,452
Additions
65,799
----------
At 31 March 2023
209,251
----------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 9)
209,251
143,452
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
33,718
28,085
Revaluation of tangible assets
179,582
136,482
Unused tax losses
( 4,049)
( 21,115)
----------
----------
209,251
143,452
----------
----------
11. Related party transactions
At 31 March 2023, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £661,188 (2022: £656,204), in respect of a director's loan account. The loan is interest free, unsecured and repayable on demand.
12. Controlling party
The company is a wholly owned subsidiary of Daniyal Holdings Limited, a company registered in England & Wales. The ultimate controlling party is A J Govani through control of Daniyal Holdings Limited. Daniyal Holdings Limited's registered office is 264 Northfield Avenue, London W5 4UB.