Registered number
01627519
Landmasters Developments Ltd
Unaudited Filleted Accounts
31 March 2023
Landmasters Developments Ltd
Registered number: 01627519
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,303,060 1,303,070
Current assets
Debtors 4 75,255 60,487
Creditors: amounts falling due within one year 5 (794,722) (757,680)
Net current liabilities (719,467) (697,193)
Net assets 583,593 605,877
Capital and reserves
Called up share capital 10,000 10,000
Share premium 54,000 54,000
Non-distributable reserves 940,021 940,021
Profit and loss account (420,428) (398,144)
Shareholders' funds 583,593 605,877
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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 financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved and authorised for issue on:
Chris Nicolaides
Director
Approved by the board on 27 February 2024
Landmasters Developments Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
Landmasters Developments Limited is a company limited by shares incorporated in England within the United Kingdom. The registration number and the address of the registered office is given in the company information on page 1 of these financial statements. The company's principle place of business is same as the registered address.

The financial statements cover the individual entity, are presented in sterling which is the functional currency of the company and are not rounded.

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The significant accounting policies applied in the preparation of these financial statements are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. The turnover represents the rent received on the properties during the year.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Fixtures, fittings, tools and equipment 15% Reducing Balance
Investments properties
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Investment properties are stated at fair market valuations. Any surplus or deficits arising on the revaluation are transferred to the profit and loss accounts.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Equipment, fixtures and fittings Total
£ £ £
Cost
At 1 April 2022 1,303,000 3,700 1,306,700
At 31 March 2023 1,303,000 3,700 1,306,700
Depreciation
At 1 April 2022 - 3,630 3,630
Charge for the year - 10 10
At 31 March 2023 - 3,640 3,640
Net book value
At 31 March 2023 1,303,000 60 1,303,060
At 31 March 2022 1,303,000 70 1,303,070
Freehold land and buildings: 2023 2022
£ £
Historical cost 170,445 170,445
Cumulative depreciation based on historical cost - -
170,445 170,445
The properties were revalued at fair market value to £1,303,000 in March 2018 by the director and the value of the properties have not changed since then. The figure shown in the financial statements reflect the current market value.
4 Debtors 2023 2022
£ £
Trade debtors 32,949 22,453
Other debtors 42,306 38,034
75,255 60,487
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 106,314 104,924
Taxation and social security costs 235,004 192,534
Directors' account 94,044 116,575
Accruals 278,158 279,326
Other creditors 81,202 64,321
794,722 757,680
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 4,606,000 4,655,000
7 Controlling party
The ultimate controlling party is Landmasters Overseas Ltd.
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