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Registration number: 03902330

Prepared for the registrar

Landmark (Broadway) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Landmark (Broadway) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Landmark (Broadway) Limited

Company Information

Directors

M M C Aspinall

A N Lockstone

L M Gregory

P J Derrett

E A Higgins

Company secretary

M M C Aspinall

Registered office

45 High Street
Broadway
WR12 7DP

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Landmark (Broadway) Limited

(Registration number: 03902330)
Balance Sheet as at 31 January 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

4

1,037,159

1,094,590

Tangible assets

5

757,994

504,761

 

1,795,153

1,599,351

Current assets

 

Stocks

2,098,132

2,352,199

Debtors

6

344,879

300,429

Cash at bank and in hand

 

391,039

670,537

 

2,834,050

3,323,165

Creditors: Amounts falling due within one year

7

(1,681,919)

(957,286)

Net current assets

 

1,152,131

2,365,879

Total assets less current liabilities

 

2,947,284

3,965,230

Creditors: Amounts falling due after more than one year

7

(305,411)

(104,167)

Deferred tax liabilities

9

(126,766)

(82,725)

Net assets

 

2,515,107

3,778,338

Capital and reserves

 

Called up share capital

1,999

1,999

Share premium reserve

1,999,001

1,999,001

Profit and loss account

514,107

1,777,338

Total equity

 

2,515,107

3,778,338

For the financial year ending 31 January 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 June 2024 and signed on its behalf by:
 

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

P J Derrett

Director

 

Landmark (Broadway) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
45 High Street
Broadway
WR12 7DP

 

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 except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

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

The current income 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.

 

Landmark (Broadway) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

15% on reducing balance

Fixtures, fittings & equipment

15% / 25% on reducing balance

Motor vehicles

20% on reducing balance

Website

20% on cost

Goodwill

Goodwill is capitalised and written off in equal annual instalments over 20 years. The directors believe this is a reasonable estimate of its useful economic life due to the long established reputation of its brand and shops.


Intangible fixed assets and amortisation
Lease premium costs are written off over the remaining life of the lease.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of stock 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, stocks are assessed for impairment. If stocks are 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. Trade creditors 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Landmark (Broadway) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Leases

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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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

A defined contribution plan is a pension 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.

 

Landmark (Broadway) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was as follows:

 

Landmark (Broadway) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

4

Intangible assets

Goodwill
 £

Lease premium
£

Total
£

Cost

At 1 February 2023

1,070,099

62,703

1,132,802

At 31 January 2024

1,070,099

62,703

1,132,802

Amortisation

At 1 February 2023

-

38,212

38,212

Amortisation charge

53,505

3,926

57,431

At 31 January 2024

53,505

42,138

95,643

Carrying amount

At 31 January 2024

1,016,594

20,565

1,037,159

At 31 January 2023

1,070,099

24,491

1,094,590

 

Landmark (Broadway) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

5

Tangible assets

Leasehold property improvements
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Website
 £

Total
£

Cost

At 1 February 2023

139,485

1,188,146

24,870

33,252

1,385,753

Additions

32,627

255,316

40,165

20,210

348,318

Disposals

(19,906)

(76,224)

-

-

(96,130)

At 31 January 2024

152,206

1,367,238

65,035

53,462

1,637,941

Depreciation

At 1 February 2023

117,337

707,402

23,001

33,252

880,992

Charge for the year

8,216

73,326

4,390

4,042

89,974

Eliminated on disposal

(19,432)

(71,587)

-

-

(91,019)

At 31 January 2024

106,121

709,141

27,391

37,294

879,947

Carrying amount

At 31 January 2024

46,085

658,097

37,644

16,168

757,994

At 31 January 2023

22,148

480,744

1,869

-

504,761

 

6

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

10,183

-

Amounts owed by related parties

10

86,854

115,011

Other debtors

 

40,210

14,661

Prepayments

 

207,632

170,757

   

344,879

300,429

 

Landmark (Broadway) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

128,736

97,595

Trade creditors

 

910,348

433,823

Amounts due to related parties

10

252,671

27,618

Social security and other taxes

 

354,696

271,723

Outstanding defined contribution pension costs

 

-

1,890

Other creditors

 

11,420

8,075

Accrued expenses

 

20,642

19,372

Corporation tax liability

3,406

97,190

 

1,681,919

957,286

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

305,411

104,167

 

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

120,330

97,358

HP and finance lease liabilities

8,033

-

Other borrowings

373

237

128,736

97,595

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

277,296

104,167

HP and finance lease liabilities

28,115

-

305,411

104,167

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

126,766

2023

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

82,725

 

Landmark (Broadway) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

10

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

M M C Aspinall

Interest charged at HMRC's official rate

17,432

195

(18,000)

(373)

         
       

A N Lockstone

No interest charged

50,352

62,623

(98,200)

14,775

         
       

L M Gregory

No interest charged

(237)

1,125

-

888

         
       

E A Higgins

No interest charged

-

6,600

-

6,600

         
       

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

M M C Aspinall

Interest charged at HMRC's official rate

9,169

68,263

(60,000)

17,432

         
       

A N Lockstone

No interest charged

30,073

100,739

(80,460)

50,352

         
       

L M Gregory

No interest charged

(237)

13,500

(13,500)

(237)

         
       

 

Summary of transactions with parent

During the year the company loaned £24,623 to a parent company (2023 - £40,856). At the balance sheet date the amount due from the parent company was £65,479 (2023 - £40,856). The loan is interest free and repayable on demand.

Summary of transactions with other related parties

During the year the company received £11,487 from a related party (2023 - £3,395). At the balance sheet date the amount due to the related party was £5,116 (2023 - £6,371 was due from the related party). Interest of £Nil (2023 - £1,336) has been charged and the loan is repayable on demand.

During the year the company received £219,937 from a related party (2023 - £27,618). At the balance sheet date the amount due from the related party was £247,555 (2023 - £27,618). The loan is interest free and repayable on demand.

 

11

Operating leases

The total of future minimum lease payments is as follows:

2024
 £

2023
 £

Not later than one year

382,195

509,653

Later than one year and not later than five years

908,032

1,143,799

Later than five years

1,381,036

1,833,714

2,671,263

3,487,166