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Registration number: SC281776

Land and Utility Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Land and Utility Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Land and Utility Limited

Company Information

Directors

Mr B B Curran

Mrs S B Curran

Company secretary

Mrs S B Curran

Registered office

 

Davidde
Gavieside
West Calder
West Lothian
EH55 8PT

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Land and Utility Limited

(Registration number: SC281776)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

124,951

150,862

Current assets

 

Stocks

6

48,917

37,463

Debtors

7

237,557

164,893

Cash at bank and in hand

 

1,750

2,762

 

288,224

205,118

Creditors: Amounts falling due within one year

8

(361,526)

(302,031)

Net current liabilities

 

(73,302)

(96,913)

Total assets less current liabilities

 

51,649

53,949

Creditors: Amounts falling due after more than one year

8

(15,576)

(10,546)

Provisions for liabilities

(32,101)

(23,843)

Net assets

 

3,972

19,560

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

3,872

19,460

Shareholders' funds

 

3,972

19,560

For the financial year ending 30 September 2023 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.

 

Land and Utility Limited

(Registration number: SC281776)
Balance Sheet as at 30 September 2023

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 7 October 2024 and signed on its behalf by:
 

.........................................
Mr B B Curran
Director

 

Land and Utility Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
Davidde
Gavieside
West Calder
West Lothian
EH55 8PT

These financial statements were authorised for issue by the Board on 7 October 2024.

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 the provisions 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. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration derived from providing landscaping services. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Land and Utility Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

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.

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.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

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

Motor Vehicles

25% reducing balance

Plant and Machinery

20% straight line

 

Land and Utility Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

33% straight line

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 finished goods and 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, 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.

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 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.

 

Land and Utility Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

Financial instruments

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 in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 16 (2022 - 16).

 

Land and Utility Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2022

7,719

7,719

At 30 September 2023

7,719

7,719

Amortisation

At 1 October 2022

7,719

7,719

At 30 September 2023

7,719

7,719

Carrying amount

At 30 September 2023

-

-

5

Tangible assets

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 October 2022

235,075

149,593

384,668

At 30 September 2023

235,075

149,593

384,668

Depreciation

At 1 October 2022

165,522

94,195

259,717

At 30 September 2023

165,522

94,195

259,717

Carrying amount

At 30 September 2023

69,553

55,398

124,951

At 30 September 2022

67,921

82,941

150,862

 

Land and Utility Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Stocks

2023
£

2022
£

Work in progress

11,454

30,556

Stock

37,463

6,907

48,917

37,463

7

Debtors

2023
£

2022
£

Trade debtors

90,901

112,466

Prepayments

2,412

593

Other debtors

144,244

51,834

237,557

164,893

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

85,476

75,895

Trade creditors

 

48,347

113,158

Taxation and social security

 

98,726

21,022

Other creditors

 

128,977

91,956

 

361,526

302,031

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

15,576

10,546

 

Land and Utility Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

15,576

10,546

The bank has a bond and floating charge over the assets of the company. There is also a personal guarantee from Mr B Curran and Mrs S Curran for all outstanding liabilities to the Royal Bank of Scotland.

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

14,185

Bank overdrafts

53,107

55,076

Hire purchase contracts

32,369

6,634

85,476

75,895

The finance lease/hire purchase liabilities are secured over the assets concerned.

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

11

Dividends

2023

2022

£

£

Interim dividend of £3,900.00 (2022 - £Nil) per ordinary share

39,000

-

 

 
 

Land and Utility Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

12

Related party transactions

The company operates a loan account with Curran and Curran Limited, the parent company.
During the year, Land and Utility received loans totalling £3,637 from Curran and Curran Limited. At the year end, the balance due to Curran and Curran Limited was £124,575 (2022 - £89,212). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with Five Sisters Zoo Limited, a company controlled by Curran and Curran Limited.
During the year, Land and Utility Limited advanced loans totalling £43,639 to Five Sisters Zoo Limited. At the year end, the balance due from Five Sisters Zoo Limited was £88,401 (2022 - £44,762). This loan is unsecured, interest free and has no fixed repayment terms.

 

13

Parent and ultimate parent undertaking

The ultimate controlling party is Mr B B Curran and Mrs S B Curran.