Land & Satellite Surveys Ltd
Registered number: 07795195
Statement of Financial Position
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 85,058 99,747
Current assets
Debtors 4 67,265 74,315
Cash at bank and in hand 90,920 89,737
158,185 164,052
Creditors: amounts falling due within one year 5 (57,504) (52,161)
Net current assets 100,681 111,891
Total assets less current liabilities 185,739 211,638
Creditors: amounts falling due after more than one year 6 (15,738) (32,811)
Provisions for liabilities (15,140) (17,536)
Net assets 154,861 161,291
Capital and reserves
Called up share capital 100 100
Profit and loss account 154,761 161,191
Shareholders' funds 154,861 161,291
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 accounts.
The accounts have been prepared 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.
M Humphrey
Director
Approved by the board on 11 March 2024
Land & Satellite Surveys Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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 rendering of services. 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.
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:
Plant and machinery 25% reducing balance
Land and buildings 10 years straight line
Debtors
Short term debtors are measured at transaction 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. 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.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 20,763 240,400 261,163
Additions - 22,034 22,034
Disposals - (54,085) (54,085)
At 31 October 2023 20,763 208,349 229,112
Depreciation
At 1 November 2022 13,312 148,104 161,416
Charge for the year 2,076 26,561 28,637
On disposals - (45,999) (45,999)
At 31 October 2023 15,388 128,666 144,054
Net book value
At 31 October 2023 5,375 79,683 85,058
At 31 October 2022 7,451 92,296 99,747
4 Debtors 2023 2022
£ £
Trade debtors 54,912 65,437
Prepayments 2,697 2,861
Accrued income 8,785 5,940
Other debtors 871 77
67,265 74,315
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,042 4,937
Obligations under finance lease and hire purchase contracts 11,531 11,531
Trade creditors 2,237 9,509
Accruals 1,410 1,368
Corporation tax 29,615 16,300
Other taxes and social security costs 7,669 8,516
57,504 52,161
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,190 13,232
Obligations under finance lease and hire purchase contracts 7,548 19,579
15,738 32,811
7 Other information
Land & Satellite Surveys Ltd is a private company limited by shares and incorporated in England. Its registered office is:
52 Hawkesworth Drive
Bagshot
Surrey
GU19 5QZ
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