Registration number:
Prepared for the registrar
for the
Year Ended 31 December 2023
Llandow Trading Estate Limited
(Registration number: 04817681)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investments |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Provisions |
(392,500) |
(392,500) |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
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.
Approved and authorised by the
Company secretary and director
Llandow Trading Estate Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 Pound 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.
Group accounts not prepared
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the Company will have sufficient resources to enable it to continue operating as a going concern.
The Company is now a non-trading parent company to its only subsidiary company Robert Thomas Investments Limited. It has no ongoing obligations and its only source of funds is dividends and loans from its subsidiary company, which owns an investment property.
In 2019 the Company’s bankers waived the amount outstanding on a loan. It has however been agreed that the bank will be paid 50% of the value of any disposals of the Subsidiary Company's property in excess of £500,000 to a maximum of £785,000. There is therefore no immediate obligation to repay any further funds to the bank and any commitment to repay is entirely contingent on the subsidiary realising the property.
The company therefore is now reliant only upon the ongoing support of its director. The director has indicated his willingness to continue to provide such support. The financial statements are prepared on the going concern basis on the assumption that such support will continue.
Llandow Trading Estate Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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.
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Llandow Trading Estate Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 January 2023 |
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At 31 December 2023 |
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Provision |
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At 1 January 2023 |
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Increase in provision for impairment |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Windsor House
England and Wales |
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The aggregate amount of capital and reserves of Robert Thomas (Investments) Limited at the end of the period was £1,196,446.
Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Accrued expenses |
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Llandow Trading Estate Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Provisions |
Other provisions |
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At 1 January 2023 and 31 December 2023 |
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A provision for amounts payable to the Company’s bankers in respect of debt waived in 2019 in the event that the Company’s subsidiary company realises its freehold property at the value stated in that Company’s balance sheet at 31 December 2022 plus 50% of the cumulative proceeds from part disposals already made since the debt waiver.
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Director's loan account |
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Related party transactions |
Summary of transactions with other related parties
At 31 December 2023, the Company owed £Nil (2022: £Nil) to Robert Thomas (Investments) Limited, the Company's wholly owned subsidiary. During the year, a loan of £39,300 (2022: £1,256,930) was written off in full.
At 31 December 2023, the Company owed C M Hague, a director of the Company £1,608,316 (2022: £1,643,316). This loan is interest free and repayable upon demand.