Company registration number 04476737 (England and Wales)
LANDSAFE LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
Pages For Filing With Registrar
Landsafe Limited
LANDSAFE LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
Landsafe Limited
LANDSAFE LIMITED
Accountants' Report To The Director On The Preparation Of The Unaudited Statutory Financial Statements Of Landsafe Limited For The Year Ended 31 December 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 Landsafe Limited for the year ended 31 December 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 Landsafe Limited, as a body, in accordance with the terms of our engagement letter dated 11 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Landsafe Limited and state those matters that we have agreed to state to the board of directors of Landsafe 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 Landsafe Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Landsafe 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 Landsafe Limited. You consider that Landsafe 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 Landsafe 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.
Chavereys Limited
10 September 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Landsafe Limited
LANDSAFE LIMITED
Balance Sheet
As At 31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
34,409
66,939
Debtors
5
161,722
190,740
Cash at bank and in hand
11,018
33,667
207,149
291,346
Creditors: amounts falling due within one year
6
(12,921)
(95,320)
Net current assets
194,228
196,026
Capital and reserves
Called up share capital
2
2
Capital redemption reserve
2
2
Profit and loss reserves
194,224
196,022
Total equity
194,228
196,026
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 December 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 members have 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 9 September 2024
C Balcomb
Director
Company registration number 04476737 (England and Wales)
Landsafe Limited
LANDSAFE LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2023
- 3 -
1
Accounting policies
Company information
Landsafe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Horses Bones Farm, Lydd, Romney Marsh, Kent, England, TN29 9PZ.
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
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable in respect of agricultural produce sold and associated subsidies received, excluding discounts, rebates, Value Added Tax and other sales taxes.
Biological assets are living plants controlled by the company from which it expects to derive future economic benefit. These are measured at the lower of cost and estimated selling price, less costs to sell for growing crop.
1.3
Stocks
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stock. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Where cost cannot be reliably calculated, deemed cost is used in line with HMRC guidance HS232.
1.4
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.5
Leases
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
1.6
Biological assets are living plants controlled by the company from which it expects to derive future economic benefit. These are measured at the lower of cost and estimated selling price, less costs to sell for growing crop.
Landsafe Limited
LANDSAFE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Agricultural support schemes
Payments received under agricultural support schemes are recognised as income when the business has met all criteria which entitles it to the payments.
Amounts received under the Basic Payment scheme are recognised on 31 December in the year of claim. No provision has been made for penalties arising from the failure to comply with 'cross compliance' conditions, as defined by the RPA, except for where notification has been received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
516
3,013
4
Dividends
2023
2022
£
£
Final paid
4,000
3,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
132,864
146,685
Other debtors
3,555
15,969
Prepayments and accrued income
25,303
28,086
161,722
190,740
Landsafe Limited
LANDSAFE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,156
90,143
Corporation tax
516
3,013
Other creditors
49
49
Accruals and deferred income
2,200
2,115
12,921
95,320
7
Operating lease commitments
Lease commitments are in respect of agreements concerning land used within the company's trade.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
18,000
18,000