Company registration number 08559970 (England and Wales)
LANDWAY PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LANDWAY PROPERTIES LIMITED
COMPANY INFORMATION
Directors
R M Kay
C Davis
Secretary
C Davis
Company number
08559970
Registered office
2 Hollin Fold
Blacko
Nelson
Lancashire
BB9 6LW
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Jupiter House
1 Mercury House
Altham Business Park
Altham
Lancashire
BB5 5BY
Bankers
Handelsbanken plc
Challenge Way
Greenbank Business Park
Blackburn
Lancashire
BB1 5QB
LANDWAY PROPERTIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19
LANDWAY PROPERTIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
During the year the Company has continued to be a residential house builder operating in the North West Region.
The trading results for the year are set out in the Profit and Loss account on page 7 with the financial position at the year end set out in the Balance Sheet on page 9.
The results for the year show a profit before taxation of £4,235,059 (2022: £2,802,123) for the year and turnover of £14,678,695 (2022: £11,011,543). No dividend for the year has been paid or is proposed.
Principal risks and uncertainties
The directors have identified the following risks and uncertainties:
Changes in the general economic and political environment, which could adversely impact the UK housing market by affecting customer confidence and the availability of mortgage finance.
Increased energy costs resulting from the war in Ukraine, continuing inflationary pressures in the economy and the increase in interest rates are expected to have an adverse impact on the housing market.
The ability to source good quality land for future development at suitable profit margins and to obtain planning permissions in a timely manner.
Retaining and expanding our chain of suppliers and subcontractors whilst maintaining control of quality and costs.
Retaining and recruiting suitably skilled experienced personnel to support the Company’s growth.
Maintaining and improving build quality and customer care standards as the volume of completions increase over the coming years.
The Board and senior management constantly monitor and review the risks and uncertainties affecting the business and update existing strategies to ensure that the business can respond quickly and effectively to such events and challenges as they arise. Mitigating measures to an economic downturn would include restricting investment in land, slowing down construction on sites already in progress and reducing the overheads within the business. In particular, the directors carefully consider all risks and uncertainties when acquiring new land development sites and before starting construction works on new developments.
R M Kay
Director
18 September 2024
LANDWAY PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company is that of property development and building.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R M Kay
C Davis
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Auditor
In accordance with the company's articles, a resolution proposing that Pierce C A Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
R M Kay
Director
18 September 2024
LANDWAY PROPERTIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LANDWAY PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANDWAY PROPERTIES LIMITED
- 4 -
Opinion
We have audited the financial statements of Landway Properties Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
LANDWAY PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANDWAY PROPERTIES LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
The nature of the industry and the company’s control environment.
Results of our enquiries of management.
The company’s procedures and controls on compliance with laws and regulations and the risks of fraud.
Discussions among the audit engagement team concerning potential indicators of fraud.
We are also required to perform specific procedures to respond to the risk of management override.
As a result of our audit procedures we did not identify a material risk of fraud or other non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
LANDWAY PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANDWAY PROPERTIES LIMITED
- 6 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Linda Wilkinson (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
18 September 2024
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
LANDWAY PROPERTIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
14,678,695
11,011,543
Cost of sales
(10,603,082)
(7,551,062)
Gross profit
4,075,613
3,460,481
Administrative expenses
(938,977)
(799,241)
Other operating income
84,016
89,565
Operating profit
3
3,220,652
2,750,805
Interest receivable and similar income
6
1,014,446
51,538
Interest payable and similar expenses
7
(39)
(220)
Profit before taxation
4,235,059
2,802,123
Tax on profit
8
(998,894)
(522,671)
Profit for the financial year
3,236,165
2,279,452
LANDWAY PROPERTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
3,236,165
2,279,452
Other comprehensive income
-
-
Total comprehensive income for the year
3,236,165
2,279,452
LANDWAY PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
2,024
13,425
Current assets
Stocks
10
8,683,449
11,660,973
Debtors
11
173,114
325,299
Cash at bank and in hand
21,362,216
22,209,929
30,218,779
34,196,201
Creditors: amounts falling due within one year
12
(1,844,868)
(9,069,856)
Net current assets
28,373,911
25,126,345
Net assets
28,375,935
25,139,770
Capital and reserves
Called up share capital
14
350,000
350,000
Profit and loss reserves
28,025,935
24,789,770
Total equity
28,375,935
25,139,770
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
R M Kay
Director
Company registration number 08559970 (England and Wales)
LANDWAY PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
350,000
22,510,318
22,860,318
Year ended 31 December 2022:
Profit and total comprehensive income
-
2,279,452
2,279,452
Balance at 31 December 2022
350,000
24,789,770
25,139,770
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,236,165
3,236,165
Balance at 31 December 2023
350,000
28,025,935
28,375,935
LANDWAY PROPERTIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
17
(1,268,952)
1,013,191
Interest paid
(39)
(220)
Income taxes paid
(593,168)
(612,415)
Net cash (outflow)/inflow from operating activities
(1,862,159)
400,556
Investing activities
Purchase of tangible fixed assets
(2,548)
Interest received
1,014,446
51,538
Net cash generated from investing activities
1,014,446
48,990
Net (decrease)/increase in cash and cash equivalents
(847,713)
449,546
Cash and cash equivalents at beginning of year
22,209,929
21,760,383
Cash and cash equivalents at end of year
21,362,216
22,209,929
LANDWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
Landway Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Hollin Fold, Blacko, Nelson, Lancashire, BB9 6LW.
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.
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
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. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover represents amount receivable for goods and services net of VAT and trade discounts, where the sales of residential property is recognised on legal completion and the sale of development land and commercial property is recognised on exchange of unconditional contracts. Sales of part exchange houses are included in turnover.
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 machinery
20% per annum - straight line basis
Fixtures, fittings & equipment
25% per annum - straight line basis
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in 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 six months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LANDWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
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
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.
LANDWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.9
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.
1.10
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.
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.
1.11
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
9,125
8,250
Depreciation of owned tangible fixed assets
11,401
11,771
Operating lease charges
12,600
12,600
LANDWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Property development and building
17
16
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
803,157
763,206
Social security costs
109,361
87,051
Pension costs
55,608
41,826
968,126
892,083
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
115,750
123,160
Company pension contributions to defined contribution schemes
11,345
11,996
127,095
135,156
LANDWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,013,217
50,902
Other interest income
1,229
636
Total income
1,014,446
51,538
7
Interest payable and similar expenses
2023
2022
£
£
Interest on overdue taxation
39
220
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
999,084
534,199
Adjustments in respect of prior periods
(190)
(11,528)
Total current tax
998,894
522,671
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
4,235,059
2,802,123
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
996,086
532,403
Tax effect of expenses that are not deductible in determining taxable profit
2,980
Adjustments in respect of prior years
(190)
(11,528)
Other permanent differences
18
1,796
Taxation charge for the year
998,894
522,671
LANDWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
9
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
57,130
3,610
60,740
Depreciation and impairment
At 1 January 2023
44,976
2,339
47,315
Depreciation charged in the year
10,845
556
11,401
At 31 December 2023
55,821
2,895
58,716
Carrying amount
At 31 December 2023
1,309
715
2,024
At 31 December 2022
12,154
1,271
13,425
10
Stocks
2023
2022
£
£
Land and property stocks
8,683,449
11,660,973
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,311
371
Other debtors
171,803
324,928
173,114
325,299
12
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
834,633
1,274,711
Amounts owed to group undertakings
7,000,101
Corporation tax
527,516
121,790
Other taxation and social security
24,253
37,462
Other creditors
121,485
200,009
Accruals and deferred income
336,981
435,783
1,844,868
9,069,856
LANDWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
13
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
55,608
41,826
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
14
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary shares of £1 each
100,000
100,000
Preference share capital
Issued and fully paid
250,000 Preference shares of £1 each
250,000
250,000
Preference shares classified as equity
250,000
250,000
Total equity share capital
350,000
350,000
The holders of the preference shares are not entitled to vote at any general meeting of the company.
The company shall be entitled at any time to redeem at par all or any of the preference shares for the time being issued and outstanding upon giving to the holder(s) thereof not less than seven days notice in writing of such redemption.
15
Events after the reporting date
The company has declared and paid dividends of £26,050,000 in respect of its issued share capital after the balance sheet date.
16
Ultimate controlling party
The company is under the control of its directors.
LANDWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
17
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year after tax
3,236,165
2,279,452
Adjustments for:
Taxation charged
998,894
522,671
Finance costs
39
220
Investment income
(1,014,446)
(51,538)
Depreciation and impairment of tangible fixed assets
11,401
11,771
Movements in working capital:
Decrease in stocks
2,977,524
649,466
Decrease/(increase) in debtors
152,185
(94,856)
Decrease in creditors
(7,630,714)
(2,303,995)
Cash (absorbed by)/generated from operations
(1,268,952)
1,013,191
18
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
22,209,929
(847,713)
21,362,216
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