Company registration number 08448171 (England and Wales)
LAND AND POWER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LAND AND POWER LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
LAND AND POWER LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAND AND POWER LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
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 and Power Limited for the year ended 31 March 2023 which comprise, the balance sheet and the 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Land and Power Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Land and Power Limited and state those matters that we have agreed to state to the board of directors of Land and Power 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 and Power Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Land and Power 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 loss of Land and Power Limited. You consider that Land and Power 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 and Power 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.
Carpenter Box
3 September 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
LAND AND POWER LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
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2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
734,590
725,982
Current assets
Stocks
140,086
91,015
Debtors
4
213,405
193,332
Cash at bank and in hand
8,859
353,491
293,206
Creditors: amounts falling due within one year
5
(991,362)
(657,408)
Net current liabilities
(637,871)
(364,202)
Total assets less current liabilities
96,719
361,780
Creditors: amounts falling due after more than one year
6
(271,007)
(365,806)
Provisions for liabilities
(31,200)
(131,100)
Net liabilities
(205,488)
(135,126)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(205,588)
(135,226)
Total equity
(205,488)
(135,126)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 3 September 2024
Mr B Hogan
Director
Company Registration No. 08448171
LAND AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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1
Accounting policies
Company information
Land and Power Limited is a private company limited by shares incorporated in England and Wales. The registered office is Truleigh Manor Farm, Edburton Road, Henfield, West Sussex, BN5 9LL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertaintiestrue and the impact of subsequent events in making their assessment.
The company is reliant on the support of its bank creditors and has been meeting their liabilities as they arise. The financial statements do not include any adjustments that would result from a withdrawal of their support.
Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.
1.3
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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
25% p.a diminishing balance
Plant and machinery
10% p.a diminishing balance
Fixtures, fittings & equipment
25% p.a diminishing balance
Computer equipment
33% p.a straight line
Motor vehicles
10% p.a diminishing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
LAND AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
The director has reviewed the depreciation policy for the company and the rates applied to plant and machinery and motor vehicles were deemed excessive. The rates of depreciation have been reduced to 10% per annum diminishing balance for both asset categories from 25% per annum diminishing balance.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
LAND AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2022 - 9).
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
21,789
962,927
58,997
9,362
427,015
1,480,090
Additions
41,360
51,995
93,355
At 31 March 2023
21,789
1,004,287
58,997
9,362
479,010
1,573,445
Depreciation and impairment
At 1 April 2022
16,494
457,083
46,503
8,735
225,293
754,108
Depreciation charged in the year
1,324
56,246
3,124
489
23,564
84,747
At 31 March 2023
17,818
513,329
49,627
9,224
248,857
838,855
Carrying amount
At 31 March 2023
3,971
490,958
9,370
138
230,153
734,590
At 31 March 2022
5,295
505,844
12,494
627
201,722
725,982
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
62,078
64,373
Other debtors
151,327
128,959
213,405
193,332
LAND AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
133,575
52,500
Trade creditors
409,610
236,211
Taxation and social security
306,362
173,479
Other creditors
141,815
195,218
991,362
657,408
Included within other creditors above is £84,148 (2022 - £94,058) relating to hire purchase contracts; these are secured over the assets they relate to, capitalised within fixed assets in the balance sheet.
Bank loans are secured over the assets of the company.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
105,000
157,500
Other creditors
166,007
208,306
271,007
365,806
Other creditors above include £56,694 (2022 - £66,791) which relates to hire purchase contracts; these are secured over the assets they relate to, capitalised within fixed assets in the balance sheet.
Bank loans are secured over the assets of the company.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions
Transactions with related parties
Included within other debtors is £151,327 (2022 - £126,715) owed by Land & Power Electrical Contracting Limited, a company under common control of the director.