REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LANDMARK PROPERTY (ACTON) LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LANDMARK PROPERTY (ACTON) LTD |
LANDMARK PROPERTY (ACTON) LTD (REGISTERED NUMBER: 10929347) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
LANDMARK PROPERTY (ACTON) LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
LANDMARK PROPERTY (ACTON) LTD |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Landmark Property (Acton) Ltd for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Landmark Property (Acton) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Landmark Property (Acton) Ltd and state those matters that we have agreed to state to the director of Landmark Property (Acton) Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Landmark Property (Acton) Ltd and its director for our work or for this report. |
It is your duty to ensure that Landmark Property (Acton) 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 loss of Landmark Property (Acton) Ltd. You consider that Landmark Property (Acton) 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 Landmark Property (Acton) 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. |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
LANDMARK PROPERTY (ACTON) LTD (REGISTERED NUMBER: 10929347) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
LANDMARK PROPERTY (ACTON) LTD (REGISTERED NUMBER: 10929347) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
LANDMARK PROPERTY (ACTON) LTD (REGISTERED NUMBER: 10929347) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Landmark Property (Acton) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income receivable. |
Turnover is recognised when the company has a right to consideration. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LANDMARK PROPERTY (ACTON) LTD (REGISTERED NUMBER: 10929347) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2020 | 577,395 |
Valuation in 2022 | 200,000 |
Cost | 1,222,605 |
2,000,000 |
In the opinion of the directors the fair value of the investment properties as at 31 March 2024 is not significantly different to that stated above. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to connected companies | 44,000 | 83,000 |
Tax |
Other creditors |
Directors' current accounts | 74,463 | 74,463 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans - 1-2 years | - | 21,000 |
Bank loans - 2-5 years | - | 42,000 |
Bank loans more 5 yr by instal | - | 23,375 |
Bank loans more 5 yrs non-inst | 1,075,437 | 945,000 |
LANDMARK PROPERTY (ACTON) LTD (REGISTERED NUMBER: 10929347) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31/3/24 | 31/3/23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 1,075,437 | 945,000 |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 23,375 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans | 1,075,437 | 1,052,375 |
The bank loans are secured by a fixed charge over the investment property of the company. The loans are repayable in full by October 2048 and the rate of interest is 5.99% per annum, fixed for 5 years. |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Deficit for the year | ( |
) |
At 31 March 2024 |
The reserves includes undistributable profit reserve of £548,690 (2023: £629,690) relating to revaluation of investment properties. |
10. | RELATED PARTY DISCLOSURES |
During the year, the company paid consultancy fees of £Nil (2023: £8,000) to Landmark Property London Limited a company in which the director has a beneficial interest. |
At the year end, the company owed £9,000 (2023: £8,000) to Landmark Property London Limited a company in which the director has a beneficial interest. This is interest free and repayable on demand. |
At the year end, the company owed £35,000 (2023: £75,000) to Jatania Property Limited a company in which the director's father has a beneficial interest. This is interest free and repayable on demand. |
At the year end, the company owed £74,463 (2023: £74,463) to the director of the company. This is interest-free and repayable on demand. |
LANDMARK PROPERTY (ACTON) LTD (REGISTERED NUMBER: 10929347) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | ULTIMATE CONTROLLING PARTY |
The company is a subsidiary of Landmark Property London Holdings Limited, a company registered in England and Wales. |
The director is the ultimate controller by virtue of his shareholding in Landmark Property London Holdings Limited. |