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Company registration number: 02759240
Land Unit Construction Limited
Unaudited filleted financial statements
31 December 2023
Land Unit Construction Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Land Unit Construction Limited
Directors and other information
Directors Mr D J Adams
Mr F H B Cundell
Mr M J Miller
Mr L T Stephenson (Appointed 1 May 2023)
Mr L Warwick-Compton (Appointed 1 May 2023)
Company number 02759240
Registered office The Coach House
Passenham
Milton Keynes
Bucks
MK19 6DH
Accountants Clifford Towers
9 High Street
Stony Stratford
Milton Keynes
MK11 1AA
Land Unit Construction Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 41,572 76,931
_______ _______
41,572 76,931
Current assets
Stocks 1,273 2,707
Debtors 6 132,438 114,126
Cash at bank and in hand 167,219 46,037
_______ _______
300,930 162,870
Creditors: amounts falling due
within one year 7 ( 127,069) ( 117,651)
_______ _______
Net current assets 173,861 45,219
_______ _______
Total assets less current liabilities 215,433 122,150
Creditors: amounts falling due
after more than one year 8 ( 27,276) ( 28,334)
Provisions for liabilities ( 7,248) -
_______ _______
Net assets 180,909 93,816
_______ _______
Capital and reserves
Called up share capital 9 20,000 20,000
Revaluation reserve 10 17,407 17,407
Profit and loss account 10 143,502 56,409
_______ _______
Shareholders funds 180,909 93,816
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Mr M J Miller
Director
Company registration number: 02759240
Land Unit Construction Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Coach House, Passenham, Milton Keynes, Bucks, MK19 6DH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 12.5 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 7 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 441,347 12,861 176,704 630,912
Additions 18,248 - - 18,248
Disposals ( 38,500) - ( 38,565) ( 77,065)
_______ _______ _______ _______
At 31 December 2023 421,095 12,861 138,139 572,095
_______ _______ _______ _______
Depreciation
At 1 January 2023 377,691 12,861 163,429 553,981
Charge for the year 31,221 - 6,848 38,069
Disposals ( 29,389) - ( 32,138) ( 61,527)
_______ _______ _______ _______
At 31 December 2023 379,523 12,861 138,139 530,523
_______ _______ _______ _______
Carrying amount
At 31 December 2023 41,572 - - 41,572
_______ _______ _______ _______
At 31 December 2022 63,656 - 13,275 76,931
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 130,113 109,014
Other debtors 2,325 5,112
_______ _______
132,438 114,126
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 16,007 30,166
Amounts owed to group undertakings and undertakings in which the company has a participating interest 53,126 52,286
Corporation tax 30,457 -
Social security and other taxes 9,142 4,700
Other creditors 8,337 20,499
_______ _______
127,069 117,651
_______ _______
An amount of £3,974 (2022: £16,168) is included within other creditors relating to hire purchase agreements. These are secured on the asset to which they relate.
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 18,334 28,334
Other creditors 8,942 -
_______ _______
27,276 28,334
_______ _______
An amount of £8,942 (2022: £0) is included within other creditors relating to hire purchase agreements. These are secured on the asset to which they relate.
9. Called up share capital
2023 2022
No £ No £
Ordinary share capital shares of £ 1.00 each 20,000 20,000 20,000 20,000
_______ _______ _______ _______
10. Reserves
11. Controlling party
The parent undertaking of Land Unit Construction Limited at the balance sheet date was Land Structure Limited, a company incorporated in England and Wales, registered office The Coach House, Passenham, Milton Keynes, MK19 6DH and registration number 01866948.
Land Unit Construction Limited
The following pages do not form part of the statutory accounts.
Land Unit Construction Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Land Unit Construction Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Land Unit Construction Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Land Unit Construction Limited, 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 Land Unit Construction Limited and state those matters that we have agreed to state to the board of directors of Land Unit Construction Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Land Unit Construction Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Land Unit Construction Limited 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 profit of Land Unit Construction Limited. You consider that Land Unit Construction Limited 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 Land Unit Construction Limited. 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.
Clifford Towers
Chartered Accountants
9 High Street
Stony Stratford
Milton Keynes
MK11 1AA
29 July 2024