Company registration number 04346749 (England and Wales)
LAND & BRAND NEW HOMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LAND & BRAND NEW HOMES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
LAND & BRAND NEW HOMES LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAND & BRAND NEW HOMES LTD 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 Land & Brand New Homes Ltd 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 Land & Brand New Homes Ltd, as a body, in accordance with the terms of our engagement letter dated 24 June 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Land & Brand New Homes Ltd and state those matters that we have agreed to state to the board of directors of Land & Brand New Homes Ltd, 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 & Brand New Homes Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Land & Brand New Homes Ltd 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 & Brand New Homes Ltd. You consider that Land & Brand New Homes Ltd 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 & Brand New Homes Ltd. 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
6 September 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
LAND & BRAND NEW HOMES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
112,500
202,500
Tangible assets
4
183
1,002
112,683
203,502
Current assets
Debtors
5
565,163
597,209
Cash at bank and in hand
455,662
258,969
1,020,825
856,178
Creditors: amounts falling due within one year
6
(646,438)
(448,305)
Net current assets
374,387
407,873
Total assets less current liabilities
487,070
611,375
Provisions for liabilities
344
344
Net assets
487,414
611,719
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
487,413
611,718
Total equity
487,414
611,719
The directors of the company have 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 directors acknowledge their 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.
LAND & BRAND NEW HOMES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mr R W Hilder
Mrs L H Hilder-Darling
Director
Director
Company registration number 04346749 (England and Wales)
LAND & BRAND NEW HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Land & Brand New Homes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is B1 Yeoman Gate, Yeoman Way, Worthing, West Sussex, BN13 3QZ.
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.
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 uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statementstrue.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.
1.5
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:
Fixtures, fittings & equipment
25% per annum on a straight line basis
Motor vehicles
25% diminishing balance per annum
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.
1.6
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.
LAND & BRAND NEW HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
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 receipts 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.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
LAND & BRAND NEW HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2022 - 5).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
900,000
Amortisation and impairment
At 1 January 2023
697,500
Amortisation charged for the year
90,000
At 31 December 2023
787,500
Carrying amount
At 31 December 2023
112,500
At 31 December 2022
202,500
4
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
11,085
2,234
13,319
Depreciation and impairment
At 1 January 2023
10,326
1,991
12,317
Depreciation charged in the year
758
61
819
At 31 December 2023
11,084
2,052
13,136
Carrying amount
At 31 December 2023
1
182
183
At 31 December 2022
759
243
1,002
LAND & BRAND NEW HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
700
2,706
Other debtors
564,463
594,503
565,163
597,209
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,670
2,366
Amounts owed to group undertakings
448,794
425,045
Taxation and social security
161,122
468
Other creditors
34,852
20,426
646,438
448,305
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
60,000
90,000
8
Parent company
The ultimate parent company is R W Hilder & Co Limited, a company registered in England & Wales.
Throughout the year the company was under the control of Mr R W Hilder and Mrs L Hilder-Darling, directors of the company.