Acorah Software Products - Accounts Production 14.5.601 false true true 30 September 2022 1 October 2021 true 1 October 2022 30 September 2023 30 September 2023 10959412 L E Hackney M Y Hackney Exceed Cosec Services Limited iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10959412 2022-09-30 10959412 2023-09-30 10959412 2022-10-01 2023-09-30 10959412 frs-core:CurrentFinancialInstruments 2023-09-30 10959412 frs-core:Non-currentFinancialInstruments 2023-09-30 10959412 frs-core:InvestmentPropertyIncludedWithinPPE 2023-09-30 10959412 frs-core:InvestmentPropertyIncludedWithinPPE 2022-09-30 10959412 frs-core:ShareCapital 2023-09-30 10959412 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-09-30 10959412 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30 10959412 frs-bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 10959412 frs-bus:FullAccounts 2022-10-01 2023-09-30 10959412 frs-bus:SmallEntities 2022-10-01 2023-09-30 10959412 frs-bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 10959412 frs-bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 10959412 frs-bus:SmallCompaniesRegimeForDirectorsReport 2022-10-01 2023-09-30 10959412 frs-bus:OrdinaryShareClass1 2022-10-01 2023-09-30 10959412 frs-bus:OrdinaryShareClass1 2023-09-30 10959412 frs-bus:Director1 2022-10-01 2023-09-30 10959412 frs-bus:Director2 2022-10-01 2023-09-30 10959412 frs-bus:CompanySecretary1 2022-10-01 2023-09-30 10959412 frs-core:Non-currentFinancialInstruments 1 2023-09-30 10959412 frs-countries:EnglandWales 2022-10-01 2023-09-30 10959412 2021-09-30 10959412 2022-09-30 10959412 2021-10-01 2022-09-30 10959412 frs-core:CurrentFinancialInstruments 2022-09-30 10959412 frs-core:Non-currentFinancialInstruments 2022-09-30 10959412 frs-core:ShareCapital 2022-09-30 10959412 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2021-09-30 10959412 frs-core:RetainedEarningsAccumulatedLosses 2022-09-30 10959412 frs-bus:OrdinaryShareClass1 2021-10-01 2022-09-30 10959412 frs-core:Non-currentFinancialInstruments 1 2022-09-30
Registered number: 10959412
Landower Properties Ltd
Directors' Report and
Unaudited Financial Statements
For The Year Ended 30 September 2023
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountants' Report 3
Statement of Income and Retained Earnings 4
Balance Sheet 5—6
Notes to the Financial Statements 7—9
Page 1
Company Information
Directors L E Hackney
M Y Hackney
Secretary Exceed Cosec Services Limited
Company Number 10959412
Registered Office Bank House
81 St Judes Road
Englefield Green
TW20 0DF
Accountants Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 September 2023.
Principal Activity
The company's principal activity continues to be that of buying and selling of own real estate.
Directors
The directors who held office during the year were as follows:
L E Hackney
M Y Hackney
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
L E Hackney
Director
12/04/2024
Page 2
Page 3
Accountants' Report
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 30 September 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
12/04/2024
Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
Page 3
Page 4
Statement of Income and Retained Earnings
2023 2022
Notes £ £
TURNOVER 75,960 63,704
GROSS PROFIT 75,960 63,704
Administrative expenses (33,862 ) (26,747 )
OPERATING PROFIT 42,098 36,957
Interest payable and similar charges (17,413 ) (9,298 )
PROFIT FOR THE FINANCIAL YEAR 24,685 27,659
RETAINED EARNINGS
As at 1 October 2022 (32,143 ) (59,802 )
As at 30 September 2023 (7,458 ) (32,143 )
The notes on pages 7 to 9 form part of these financial statements.
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Page 5
Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,241,743 1,241,743
1,241,743 1,241,743
CURRENT ASSETS
Debtors 5 17,500 17,500
Cash at bank and in hand 76,675 53,990
94,175 71,490
Creditors: Amounts Falling Due Within One Year 6 (2,102 ) (2,102 )
NET CURRENT ASSETS (LIABILITIES) 92,073 69,388
TOTAL ASSETS LESS CURRENT LIABILITIES 1,333,816 1,311,131
Creditors: Amounts Falling Due After More Than One Year 7 (1,341,272 ) (1,343,272 )
NET LIABILITIES (7,456 ) (32,141 )
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account (7,458 ) (32,143 )
SHAREHOLDERS' FUNDS (7,456) (32,141)
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Page 6
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
L E Hackney
Director
12/04/2024
The notes on pages 7 to 9 form part of these financial statements.
Page 6
Page 7
Notes to the Financial Statements
1. General Information
Landower Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10959412 . The registered office is Bank House, 81 St Judes Road, Englefield Green, TW20 0DF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have formed a judgement at the time of approving the Annual Financial Statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors have adopted the going concern basis in preparing the accounts.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Investment Properties
£
Cost
As at 1 October 2022 1,241,743
As at 30 September 2023 1,241,743
Net Book Value
As at 30 September 2023 1,241,743
As at 1 October 2022 1,241,743
In the opinion of the directors, the fair value of the investment properties is considered to be £1,241,743 as at 30 September 2023.
5. Debtors
2023 2022
£ £
Due after more than one year
Security deposits receivable 17,500 17,500
17,500 17,500
Included in debtors at the balance sheet date is a security deposit paid by the company to Investec Bank plc as a security for interest owed to the bank. This deposit is repayable in full at the end of the bank loan's term when all loan commitments to Investec Bank plc are settled. As a result this debtor is long-term in nature.
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Accruals and deferred income 2,102 2,102
2,102 2,102
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Interest only mortgage 250,000 250,000
Directors loan account 1,091,272 1,093,272
1,341,272 1,343,272
Included in creditors, amounts payable after one year, is a £250,000 mortgage loan advanced by Investec Bank plc. This loan is for a ten year term, and the full £250,000 advance is thus repayable at the end of that term in July 2028. This loan is an interest only mortgage incurring interest at a variable rate of 3% over base rate per annum. Consequently, at the balance sheet date the interest rate was 3.75% per annum.
8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1 each 2 2
9. Related Party Transactions
Included in creditors, amounts falling due after one year, is an amount of £1,091,272 (2022 - £1,093,272) due to the shareholders L E and M Y Hackney who are also directors of the company. This loan is of no fixed term and is non interest bearing.
The ultimate controlling parties are the company's shareholders and directors.
10. Taxation
The company has carried forward tax losses of £7,458 (2022 - £32,143) which it can use against future taxable profits.
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