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Company No: 10865480 (England and Wales)

LAND SOLUTIONS (SOUTH WEST) LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

LAND SOLUTIONS (SOUTH WEST) LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

LAND SOLUTIONS (SOUTH WEST) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
LAND SOLUTIONS (SOUTH WEST) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 631,158 317,605
631,158 317,605
Current assets
Debtors
- due within one year 4 140,392 183,268
- due after more than one year 4 337,841 436,440
Cash at bank and in hand 42,671 22,502
520,904 642,210
Creditors: amounts falling due within one year 5 ( 363,033) ( 226,952)
Net current assets 157,871 415,258
Total assets less current liabilities 789,029 732,863
Creditors: amounts falling due after more than one year 6 ( 543,366) ( 410,934)
Provision for liabilities ( 139,615) ( 71,714)
Net assets 106,048 250,215
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 106,047 250,214
Total shareholder's funds 106,048 250,215

For the financial year ending 31 July 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 financial statements of Land Solutions (South West) Limited (registered number: 10865480) were approved and authorised for issue by the Director on 30 July 2024. They were signed on its behalf by:

Christopher Allen James Drake
Director
LAND SOLUTIONS (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
LAND SOLUTIONS (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Land Solutions (South West) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Homefield Barton Venn Ottery Road, Newton Poppleford, Sidmouth, EX10 0BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 10 years straight line
Vehicles 15 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 11

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 August 2022 272,059 114,805 375 387,239
Additions 131,167 412,178 0 543,345
Disposals ( 14,967) ( 181,192) 0 ( 196,159)
At 31 July 2023 388,259 345,791 375 734,425
Accumulated depreciation
At 01 August 2022 55,645 13,720 269 69,634
Charge for the financial year 30,243 15,246 75 45,564
Disposals 0 ( 11,931) 0 ( 11,931)
At 31 July 2023 85,888 17,035 344 103,267
Net book value
At 31 July 2023 302,371 328,756 31 631,158
At 31 July 2022 216,414 101,085 106 317,605

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 129,670 172,141
Prepayments 5,819 8,285
VAT recoverable 4,903 0
Other taxation and social security 0 2,842
140,392 183,268
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings 337,841 436,440

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 27,629 26,862
Trade creditors 16,964 22,182
Accruals 2,503 1,949
Other taxation and social security 4,853 43,141
Obligations under finance leases and hire purchase contracts (secured) 296,769 115,233
Other creditors 14,315 17,585
363,033 226,952

The amounts owed under finance leases and hire purchase contracts are secured upon the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 69,042 96,671
Amounts owed to Parent undertakings 441,357 245,371
Obligations under finance leases and hire purchase contracts (secured) 32,967 68,892
543,366 410,934

The amounts owed under finance leases and hire purchase contracts are secured upon the assets to which they relate.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,146 1,452

9. Related party transactions

As a wholly owned subsidiary undertaking of their parent company, Cobra Solutions Group Limited, (Registered office: Homefield Barton Venn Ottery Road, Newton Poppleford, Sidmouth, Devon, United Kingdom, EX10 0BY), the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.