REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
The Land Finance & Mortgage Corporation |
Limited |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
Investment property | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
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 |
Share premium |
Other reserves |
Retained earnings |
Shareholders' funds |
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. |
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 |
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 |
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 |
Plant and machinery etc | - |
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. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 January 2023 |
Revaluations | 310,000 |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
9. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
Between one and five years |
10. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
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: | £ | £ |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |