Company registration number 07841328 (England and Wales)
SUSSEX LAND SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
SUSSEX LAND SERVICES LTD
COMPANY INFORMATION
Director
Mr W B Lee
Company number
07841328
Registered office
The Barn
Orchard View
Newpound Lane
Billingshurst
West Sussex
United Kingdom
RH14 0EG
SUSSEX LAND SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SUSSEX LAND SERVICES LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
41,115
25,912
Current assets
Debtors
4
22,628
18,419
Cash at bank and in hand
25,313
14,491
47,941
32,910
Creditors: amounts falling due within one year
5
(23,301)
(22,467)
Net current assets
24,640
10,443
Total assets less current liabilities
65,755
36,355
Creditors: amounts falling due after more than one year
6
(26,989)
(14,511)
Provisions for liabilities
(9,609)
(6,478)
Net assets
29,157
15,366
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
29,156
15,365
Total equity
29,157
15,366

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 29 February 2024 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.

SUSSEX LAND SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 4 September 2024
Mr W B Lee
Director
Company Registration No. 07841328
SUSSEX LAND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Sussex Land Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Barn, Orchard View, Newpound Lane, Billingshurst, West Sussex, United Kingdom, RH14 0EG.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The director has paid particular attention to the likely effects on the business of the current world economic uncertainty, and remains confident that sufficient funding is in place and that the company has adequate resources to enable the company to continue as a going concern for the foreseeable future.

1.3
Turnover

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Plant and equipment
25% on reducing balance and 25% on cost
Motor vehicles
25% on reducing balance and 20% on cost

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SUSSEX LAND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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 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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

SUSSEX LAND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.9
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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:

2024
2023
Number
Number
Total
2
2
SUSSEX LAND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023
48,205
27,844
76,049
Additions
-
0
35,439
35,439
Disposals
-
0
(25,194)
(25,194)
At 29 February 2024
48,205
38,089
86,294
Depreciation and impairment
At 1 March 2023
29,945
20,192
50,137
Depreciation charged in the year
6,748
6,770
13,518
Eliminated in respect of disposals
-
0
(18,476)
(18,476)
At 29 February 2024
36,693
8,486
45,179
Carrying amount
At 29 February 2024
11,512
29,603
41,115
At 28 February 2023
18,260
7,652
25,912
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,270
16,315
Other debtors
1,358
2,104
22,628
18,419
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,687
1,173
Taxation and social security
6,622
5,854
Other creditors
14,992
15,440
23,301
22,467
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
26,989
14,511
SUSSEX LAND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
7
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
12,084
11,422
In two to five years
26,989
14,511
39,073
25,933

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
9
Related party transactions
2024
2023
Amounts due to related parties
£
£
Key management personnel
-
1,122
2024-02-292023-03-01false05 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr W B Leefalsefalse078413282023-03-012024-02-2907841328bus:Director12023-03-012024-02-2907841328bus:RegisteredOffice2023-03-012024-02-29078413282024-02-29078413282023-02-2807841328core:PlantMachinery2024-02-2907841328core:MotorVehicles2024-02-2907841328core:PlantMachinery2023-02-2807841328core:MotorVehicles2023-02-2807841328core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2907841328core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2807841328core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2907841328core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2807841328core:CurrentFinancialInstruments2024-02-2907841328core:CurrentFinancialInstruments2023-02-2807841328core:ShareCapital2024-02-2907841328core:ShareCapital2023-02-2807841328core:RetainedEarningsAccumulatedLosses2024-02-2907841328core:RetainedEarningsAccumulatedLosses2023-02-2807841328core:PlantMachinery2023-03-012024-02-2907841328core:MotorVehicles2023-03-012024-02-2907841328core:PlantMachinery2023-02-2807841328core:MotorVehicles2023-02-28078413282023-02-2807841328core:WithinOneYear2024-02-2907841328core:WithinOneYear2023-02-2807841328core:Non-currentFinancialInstruments2024-02-2907841328core:Non-currentFinancialInstruments2023-02-2807841328core:BetweenTwoFiveYears2024-02-2907841328core:BetweenTwoFiveYears2023-02-2807841328bus:PrivateLimitedCompanyLtd2023-03-012024-02-2907841328bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2907841328bus:FRS1022023-03-012024-02-2907841328bus:AuditExemptWithAccountantsReport2023-03-012024-02-2907841328bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP