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REGISTERED NUMBER: 00277342 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

The Land Finance & Mortgage Corporation
Limited

The Land Finance & Mortgage Corporation
Limited (Registered number: 00277342)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Land Finance & Mortgage Corporation
Limited

Company Information
for the Year Ended 31 December 2023







Directors: N H Chaplin MRICS
R M Chaplin MRICS





Secretary: N H Chaplin MRICS





Registered office: 84 Market Place
Romford
Essex
RM1 3JE





Registered number: 00277342 (England and Wales)





Accountants: Pinkham Blair
Chartered Accountants
87a High Street
The Old Town
Hemel Hempstead
Hertfordshire
HP1 3AH

The Land Finance & Mortgage Corporation
Limited (Registered number: 00277342)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 50,306 20,936
Investment property 5 7,466,991 7,156,991
7,517,297 7,177,927

Current assets
Stocks 550 550
Debtors 6 3,369,669 3,412,162
Cash at bank 4,718 1,097
3,374,937 3,413,809
Creditors
Amounts falling due within one year 7 780,254 765,986
Net current assets 2,594,683 2,647,823
Total assets less current liabilities 10,111,980 9,825,750

Creditors
Amounts falling due after more than
one year

8

(1,108,230

)

(1,105,000

)

Provisions for liabilities (288,640 ) (288,640 )
Net assets 8,715,110 8,432,110

The Land Finance & Mortgage Corporation
Limited (Registered number: 00277342)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £ £ £ £
Capital and reserves
Called up share capital 11 34,828 34,828
Share premium 34,728 34,728
Other reserves 11,897 11,897
Retained earnings 8,633,657 8,350,657
Shareholders' funds 8,715,110 8,432,110

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





N H Chaplin MRICS - Director


The Land Finance & Mortgage Corporation
Limited (Registered number: 00277342)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. Statutory information

The Land Finance & Mortgage Corporation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provision of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The Financial statements have been prepared under the historical cost convention, as modified by revaluation of certain fixed assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents sales of development land and property and rents receivable on investment property. Property sales are recognised when there is an exchange of unconditional contracts. Rental income is recognised in the period to which the rent relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 25% on reducing balance

The assets' residual values, useful lives and deprecation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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.

Stocks
Stocks include work in progress and are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost of stock comprises land acquisition, construction, infrastructure and other development expenditure. No interest charges or other overheads are included in stocks.

The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

The Land Finance & Mortgage Corporation
Limited (Registered number: 00277342)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. Accounting policies - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The Land Finance & Mortgage Corporation
Limited (Registered number: 00277342)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. Employees and directors

The average number of employees during the year was 4 (2022 - 5 ) .

4. Tangible fixed assets
Plant and
machinery
etc
£
Cost
At 1 January 2023 53,434
Additions 53,990
Disposals (27,434 )
At 31 December 2023 79,990
Depreciation
At 1 January 2023 32,498
Charge for year 14,448
Eliminated on disposal (17,262 )
At 31 December 2023 29,684
Net book value
At 31 December 2023 50,306
At 31 December 2022 20,936

The Land Finance & Mortgage Corporation
Limited (Registered number: 00277342)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£
Cost
At 1 January 2023 27,434
Additions 53,990
Disposals (27,434 )
At 31 December 2023 53,990
Depreciation
At 1 January 2023 16,584
Charge for year 11,926
Eliminated on disposal (17,262 )
At 31 December 2023 11,248
Net book value
At 31 December 2023 42,742
At 31 December 2022 10,850

5. Investment property
Total
£
Fair value
At 1 January 2023 7,156,991
Revaluations 310,000
At 31 December 2023 7,466,991
Net book value
At 31 December 2023 7,466,991
At 31 December 2022 7,156,991


The Land Finance & Mortgage Corporation
Limited (Registered number: 00277342)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 124,953 209,152
Amounts owed by group undertakings 3,004,821 2,966,494
Other debtors 239,895 236,516
3,369,669 3,412,162

7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 30,000 30,000
Hire purchase contracts (see note 9)
3,376

-
Amounts owed to group undertakings 630,812 630,812
Taxation and social security 19,261 7,626
Other creditors 96,805 97,548
780,254 765,986

8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 1,075,000 1,105,000
Hire purchase contracts (see note 9)
33,230

-
1,108,230 1,105,000

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 3,376 -
Between one and five years 33,230 -
36,606 -

The Land Finance & Mortgage Corporation
Limited (Registered number: 00277342)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. Leasing agreements - continued

Non-cancellable
operating leases
2023 2022
£ £
Within one year 4,821 4,821
Between one and five years 4,018 8,839
8,839 13,660

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 1,105,000 1,135,000

The loan is supported by a first legal charge over specified properties held by the company and fellow subsidiaries and a debenture over the whole assets and undertakings of the company and fellow subsidiaries.

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
34,828 Ordinary £1 34,828 34,828

12. Contingent liabilities

The company's assets are subject to a legal charge and debenture in respect of a £1,300,000 bank loan held by the ultimate parent company.

13. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£ £
N H Chaplin MRICS
Balance outstanding at start of year 97,450 97,450
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 97,450 97,450

The Land Finance & Mortgage Corporation
Limited (Registered number: 00277342)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. Related party disclosures

The company was owed £78,920 (2022 : £77,920) by a company controlled by the directors.

15. Ultimate controlling party

The company is a subsidiary of Romford Construction Company Limited. The ultimate parent company is Maylands Green Limited. Both companies are registered in England and Wales. Group accounts are available from Companies House, Cardiff.


Registered Office:
84 Market Place,
Romford,
Essex,
RM1 3JE

16. Non-distributable reserves

Included in retained earnings at the balance sheet date is £5,451,390 which is non-distributable.