LANDARK DEVELOPMENTS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
Company Registration No. SC279234 (Scotland)
PAGES FOR FILING WITH REGISTRAR
LANDARK DEVELOPMENTS LTD.
COMPANY INFORMATION
Directors
Mr Colin McCall
Mr James Cochrane
Mr David Weir
Company number
SC279234
Registered office
William Duncan + Co
Chartered Accountants
44 Bank Street
Kilmarnock
KA1 1HA
Accountants
William Duncan + Co Ltd
44 Bank Street
Kilmarnock
Ayrshire
United Kingdom
KA1 1HA
LANDARK DEVELOPMENTS LTD.
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
LANDARK DEVELOPMENTS LTD.
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF LANDARK DEVELOPMENTS LTD.
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Landark Developments Ltd. for the year ended 28 February 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the Board of Directors of Landark Developments Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Landark Developments Ltd. and state those matters that we have agreed to state to the Board of Directors of Landark Developments Ltd., as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Landark Developments Ltd. and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Landark Developments Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Landark Developments Ltd.. You consider that Landark Developments Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Landark Developments Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
William Duncan + Co Ltd
4 April 2024
Chartered Accountants
44 Bank Street
Kilmarnock
Ayrshire
United Kingdom
KA1 1HA
LANDARK DEVELOPMENTS LTD.
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
385
389
Cash at bank and in hand
202
372
587
761
Creditors: amounts falling due within one year
4
(4,313)
(3,843)
Net current liabilities
(3,726)
(3,082)
Capital and reserves
Called up share capital
5
150
150
Profit and loss reserves
(3,876)
(3,232)
Total equity
(3,726)
(3,082)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 April 2024 and are signed on its behalf by:
Mr Colin McCall
Director
Company registration number SC279234 (Scotland)
LANDARK DEVELOPMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Landark Developments Ltd. is a private company limited by shares incorporated in Scotland. The registered office is William Duncan + Co, Chartered Accountants, 44 Bank Street, Kilmarnock, KA1 1HA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has a net deficit on the balance sheet of £3,726 (2023: £3,082). However, the going concern basis of preparation is appropriate as the group companies and directors continue to support the business.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
LANDARK DEVELOPMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
385
389
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
283
Taxation and social security
4
Other creditors
4,309
3,560
4,313
3,843
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
150
150
150
150
LANDARK DEVELOPMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
6
Related party transactions
Daxport UK Ltd
A company which is controlled by J.A.K. Cochrane. During the year the company received further loans of £600 from Daxport UK Ltd which left a balance of £1,500 outstanding at the year end (2023: £900).
Charlesfort (Loch Lomond) LLP
A company in which C McCall is a member. During the year the company received a loan of £105 from Charlesfort (Loch Lomond) LLP, resulting is a balance of £105, which was written off in the year leaving a NIL balance (2023: NIL) owed to the company.
Capital Estates (Scotland) Ltd
A company in which C McCall is a director, loaned Landark Developments Ltd £600 during the year. The balance of £2,160 remained outstanding at the year end (2023: £1,560).
All loans are interest free and repayable on demand.