REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
LANDSTAR GROUP LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
LANDSTAR GROUP LTD |
LANDSTAR GROUP LTD (REGISTERED NUMBER: 10830507) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LANDSTAR GROUP LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
20 Harcourt Street |
London |
W1H 4HG |
LANDSTAR GROUP LTD (REGISTERED NUMBER: 10830507) |
BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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 were approved by the director and authorised for issue on |
LANDSTAR GROUP LTD (REGISTERED NUMBER: 10830507) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Landstar Group Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
LANDSTAR GROUP LTD (REGISTERED NUMBER: 10830507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Included in other debtors is £281,324.14 (2023 - £281,324.14) corporation tax paid on the loan to the director. This tax is recoverable on repayment of the directors loan. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 101 | 101 |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The amount advanced of £358,755 includes an interest charge of £18,755. |
The Director Mr PJH Walters repaid this sum of £852,158 after the year end date. |
LANDSTAR GROUP LTD (REGISTERED NUMBER: 10830507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
9. | RELATED PARTY DISCLOSURES |
Other debtors include loans and advances as follows: |
(i) During the year the company made advances to 119C Ltd in the amount of £50,000. The balance outstanding at 31 May 2024 amounted to £1,165,250. (31 May 2023 - £1,115,250). This loan is unsecured, repayable on demand and interest free. |
(ii) During the year, the company made no advances to 119 Ltd. The balance outstanding at 31 May 2024 amounted to £1,217,037 (31 May 2023: outstanding balance £1,217,037). This loan is unsecured, repayable on demand and interest free. Mr P.J.H. Walters is a director of 119 Ltd. |
(iii) During the year the company received repayments from 219 Ltd, a company controlled by Mr and Mrs P.J.H. Walters in the amount of £705,000. The balance outstanding as at 31 May 2024 amounted to £386,943 (31 May 2022: Outstanding balance £1,091,943). This loan is unsecured, repayable on demand and interest free. This loan was repaid in full after the year end date. |
(iv) During the year the company received net repayment from PMG Walters Ltd of £190,000. The balance outstanding as at 31 May 2024 amounted to £2,058,003. (31 May 2023 - £2,146,983). This loan is unsecured, repayable on demand and interest is being charged at 5% per annum. Landstar Group owns 50% of the share capital of PMG Walters Ltd. |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is P J H Walters. |
Mr PJH Walters is the controlling shareholder of Landstar Group Ltd. |