Land Technology Limited SC592067 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is groundworks, landscaping and installing underground bins. Digita Accounts Production Advanced 6.30.9574.0 true true SC592067 2023-04-01 2024-03-31 SC592067 2024-03-31 SC592067 bus:OrdinaryShareClass1 2024-03-31 SC592067 bus:OrdinaryShareClass2 2024-03-31 SC592067 core:CurrentFinancialInstruments 2024-03-31 SC592067 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC592067 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC592067 core:BetweenTwoFiveYears 2024-03-31 SC592067 core:WithinOneYear 2024-03-31 SC592067 core:FurnitureFittingsToolsEquipment 2024-03-31 SC592067 core:LandBuildings 2024-03-31 SC592067 core:MotorVehicles 2024-03-31 SC592067 core:OtherRelatedParties 2024-03-31 SC592067 core:ParentEntities 2024-03-31 SC592067 bus:SmallEntities 2023-04-01 2024-03-31 SC592067 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC592067 bus:FilletedAccounts 2023-04-01 2024-03-31 SC592067 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC592067 bus:RegisteredOffice 2023-04-01 2024-03-31 SC592067 bus:Director1 2023-04-01 2024-03-31 SC592067 bus:Director2 2023-04-01 2024-03-31 SC592067 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC592067 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC592067 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC592067 bus:Agent1 2023-04-01 2024-03-31 SC592067 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SC592067 core:LandBuildings 2023-04-01 2024-03-31 SC592067 core:MotorVehicles 2023-04-01 2024-03-31 SC592067 core:KeyManagementPersonnel 2023-04-01 2024-03-31 SC592067 core:OtherRelatedParties 2023-04-01 2024-03-31 SC592067 core:OtherRelatedParties core:RenderingOrReceivingServices 2023-04-01 2024-03-31 SC592067 core:ParentEntities 2023-04-01 2024-03-31 SC592067 countries:Scotland 2023-04-01 2024-03-31 SC592067 2023-03-31 SC592067 core:FurnitureFittingsToolsEquipment 2023-03-31 SC592067 core:LandBuildings 2023-03-31 SC592067 core:MotorVehicles 2023-03-31 SC592067 core:OtherRelatedParties 2023-03-31 SC592067 core:ParentEntities 2023-03-31 SC592067 2022-04-01 2023-03-31 SC592067 2023-03-31 SC592067 bus:OrdinaryShareClass1 2023-03-31 SC592067 bus:OrdinaryShareClass2 2023-03-31 SC592067 core:CurrentFinancialInstruments 2023-03-31 SC592067 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC592067 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC592067 core:BetweenTwoFiveYears 2023-03-31 SC592067 core:WithinOneYear 2023-03-31 SC592067 core:FurnitureFittingsToolsEquipment 2023-03-31 SC592067 core:LandBuildings 2023-03-31 SC592067 core:MotorVehicles 2023-03-31 SC592067 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 SC592067 core:OtherRelatedParties 2023-03-31 SC592067 core:ParentEntities 2023-03-31 SC592067 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 SC592067 core:OtherRelatedParties 2022-04-01 2023-03-31 SC592067 core:OtherRelatedParties core:RenderingOrReceivingServices 2022-04-01 2023-03-31 SC592067 core:ParentEntities 2022-04-01 2023-03-31 SC592067 2022-03-31 SC592067 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 SC592067 core:OtherRelatedParties 2022-03-31 SC592067 core:ParentEntities 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC592067

Land Technology Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Land Technology Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Land Technology Limited

Company Information

Directors

J J H Sives

C M Smith

Registered office




Registered number

31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

SC592067 (Scotland)

Accountants

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Land Technology Limited
for the Year Ended 31 March 2024

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 Technology Limited for the year ended 31 March 2024 as set out on pages 3 to 10 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Land Technology Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors for our work or for this report.

It is your duty to ensure that Land Technology Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Land Technology Limited. You consider that Land Technology 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 accounts of Land Technology 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 accounts.

......................................

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

20 September 2024

 

Land Technology Limited

(Registration number: SC592067)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

16,448

29,467

Current assets

 

Stock

6

10,000

12,694

Debtors

7

401,690

364,865

Cash at bank and in hand

 

13,872

50,002

 

425,562

427,561

Creditors: Amounts falling due within one year

8

(431,046)

(378,364)

Net current (liabilities)/assets

 

(5,484)

49,197

Total assets less current liabilities

 

10,964

78,664

Creditors: Amounts falling due after more than one year

8

-

(4,712)

Provisions for liabilities

(3,468)

(5,063)

Net assets

 

7,496

68,889

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

6,496

67,889

Shareholders' funds

 

7,496

68,889

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
C M Smith
Director

 

Land Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

The principal place of business is:
91B West Savile Terrace
Edinburgh
Lothian
EH9 3DP
UK

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentation currency is sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the total value of work done during the year on short term contracts, excluding value added tax and including retentions receivable on work done. Revenue is recognised as earned to the extent that the company obtains the right to consideration in exchange for its performance under those contracts. For incomplete contracts, an assessment is made of the extent to which revenue has been earned. Unbilled revenue at the year end is included in debtors and amounts billed in advance of revenue earned is included in creditors.

Tax

The tax expense for the period comprises current tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Land Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:

Motor vehicles - 25% per annum of cost
Plant and machinery - 25% per annum of cost

Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original contractual terms.

Stock

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Land Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet. The capital element of the future payments is treated as a liability. The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight-line basis. The assets are depreciated over their estimated useful lives.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

4

Taxation

The tax charge on the profit for the year was as follows:

2024
 £

2023
 £

Corporation tax charge

57,192

60,715

Deferred tax

(1,595)

(2,654)

 

55,597

58,061

 

Land Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

2,950

21,027

34,495

58,472

Additions

-

2,000

-

2,000

At 31 March 2024

2,950

23,027

34,495

60,472

Depreciation

At 1 April 2023

1,101

10,037

17,867

29,005

Charge for the year

738

5,657

8,624

15,019

At 31 March 2024

1,839

15,694

26,491

44,024

Carrying amount

At 31 March 2024

1,111

7,333

8,004

16,448

At 31 March 2023

1,849

10,990

16,628

29,467

Motor vehicles are held on hire purchase contracts.

6

Stock

2024
£

2023
£

Work in progress

10,000

12,694

7

Debtors

Current

2024
£

2023
£

Trade debtors

262,719

266,053

Prepayments

-

6,999

Other debtors

138,971

91,813

 

401,690

364,865

 

Land Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Hire purchase contracts

 

4,712

7,381

Trade creditors

 

97,283

101,722

Amounts owed to related companies

13

241,000

181,000

Taxation and social security

 

73,724

74,001

Accruals and deferred income

 

12,976

12,976

Other creditors

 

1,351

1,284

 

431,046

378,364

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Hire purchase contracts

-

4,712

 

9

Provision for liabilities

2024

2023

£

£

Deferred tax

3,468

5,063

Deferred tax

Balance at

1 April 2023

5,063

Charge / (credit) to P & L account during the year

(1,595)

Balance at

31 March 2024

3,468

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

200 A Ordinary shares of £1 each

200

200

200

200

800 D Oridnary shares of £1 each

800

800

800

800

1,000

1,000

1,000

1,000

 

Land Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

24,660

9,780

Later than one year and not later than five years

32,429

1,890

57,089

11,670

The amount of non-cancellable operating lease payments recognised as an expense during the year was £21,323 (2023 - £14,151).

12

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £275.00 (2023 - £225.00) per ordinary D share

 

220,000

 

180,000

         

13

Related party transactions

2024
£

2023
£

Balance due to related parties

241,000

181,000

Summary of transactions with other related parties

J. Sives Surfacing Limited, a company which is under the significant control of C Smith, director.
Greentech Enterprises Limited, a company which is under the significant control of J J H Sives, director.

 During the year the company paid administration service fees totalling £24,472 (2023:£15,760 ) to J. Sives Surfacing Limited.


 

Income and receivables from related parties

2024

Other related parties
£

Receipt of services

30,795

2023

Other related parties
£

Receipt of services

247,263

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

24,472

 

Land Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2023

Other related parties
£

Rendering of services

24,498

Loans to related parties

2023

Parent
£

Total
£

At start of period

24,000

24,000

Repaid

(24,000)

(24,000)

At end of period

-

-

Loans from related parties

2024

Parent
£

Other related parties
£

Total
£

At start of period

1,000

180,000

181,000

Advanced

100,000

-

100,000

Repaid

-

(40,000)

(40,000)

At end of period

101,000

140,000

241,000

2023

Parent
£

Key management
£

Other related parties
£

Total
£

At start of period

-

170,000

-

170,000

Advanced

216,000

-

180,000

396,000

Repaid

(215,000)

(170,000)

-

(385,000)

At end of period

1,000

-

180,000

181,000

Terms of loans from related parties

The loan from Sives Greenworld Limited, the parent, is interest free and repayable on demand.
 The balance due to J J H Sives, director is interest free and repayable on demand.
 The loan from Greentech Enterprises Limited is interest free and repayable on demand.