Company Registration No. 05672024 (England and Wales)
LANDGUARD SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
BH23 1EF
LANDGUARD SYSTEMS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
LANDGUARD SYSTEMS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A. Stearne
Mr S. Matthews
Mr S. Middlemiss
Company number
05672024
Registered office
Semaphore House
Fareham Heights
Standard Way
Fareham
Hampshire
United Kingdom
PO16 8XT
Auditor
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
LANDGUARD SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
220
220
Tangible assets
4
203,532
223,057
203,752
223,277
Current assets
Stocks
5
1,161,425
1,761,254
Debtors
6
3,263,752
2,405,051
Cash at bank and in hand
641,363
738,023
5,066,540
4,904,328
Creditors: amounts falling due within one year
7
(1,253,019)
(568,766)
Net current assets
3,813,521
4,335,562
Total assets less current liabilities
4,017,273
4,558,839
Provisions for liabilities
(49,366)
(53,936)
Net assets
3,967,907
4,504,903
Capital and reserves
Called up share capital
8
616
616
Capital redemption reserve
504
504
Profit and loss reserves
3,966,787
4,503,783
Total equity
3,967,907
4,504,903
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LANDGUARD SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
Mr A. Stearne
Director
Company Registration No. 05672024
LANDGUARD SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Landguard Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Semaphore House, Fareham Heights, Standard Way, Fareham, Hampshire, United Kingdom, PO16 8XT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when dispatched, except where the production contract is for more than 6 months in duration or for a value in excess of £300,000. In these instances revenue is recognised based upon the stage of completion of the overall contract in accordance with the policy regarding contracts for the provision of long-term projects.
Revenue from contracts for the provision of long-term projects is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
LANDGUARD SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intellectual property
10 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
25% Reducing Balance
Plant and machinery
25% Reducing Balance
Computer equipment
33.3% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, components and, where applicable, subcontract and other attributable costs that have been incurred in bringing the stocks to their present location and condition.
1.6
Work in progress
Where the outcome of a design contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
LANDGUARD SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
LANDGUARD SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
45
40
3
Intangible fixed assets
Intellectual property
£
Cost
At 1 February 2023 and 31 January 2024
220
Amortisation and impairment
At 1 February 2023 and 31 January 2024
Carrying amount
At 31 January 2024
220
At 31 January 2023
220
LANDGUARD SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 February 2023
84,125
302,419
267,980
654,524
Additions
911
44,704
22,380
67,995
Transfers
1,010
(573)
(437)
At 31 January 2024
86,046
346,550
289,923
722,519
Depreciation and impairment
At 1 February 2023
63,258
217,022
151,187
431,467
Depreciation charged in the year
5,522
38,670
43,328
87,520
Transfers
115
(115)
At 31 January 2024
68,895
255,577
194,515
518,987
Carrying amount
At 31 January 2024
17,151
90,973
95,408
203,532
At 31 January 2023
20,867
85,397
116,793
223,057
The brought forward cost and depreciation of certain asset groups have been amended from the prior year to correct historic errors. There is no change to the previously stated net book value of the assets due to this adjustment.
5
Stocks
2024
2023
£
£
Raw materials and consumables
1,047,134
1,077,705
Work in progress
114,291
683,549
1,161,425
1,761,254
LANDGUARD SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
989,135
225,486
Amounts owed by group undertakings
2,153,494
2,079,107
Other debtors
26,149
26,149
Prepayments and accrued income
94,974
74,309
3,263,752
2,405,051
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
157,036
242,377
Amounts owed to group undertakings
496,947
Taxation and social security
196,508
17,944
Other creditors
225,675
247,250
Accruals and deferred income
176,853
61,195
1,253,019
568,766
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
504
504
504
504
B Ordinary of £1 each
112
112
112
112
616
616
616
616
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was qualified and the auditor reported as follows:
LANDGUARD SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
9
Audit report information
(Continued)
- 10 -
We have audited the financial statements of Landguard Systems Limited (the 'company') for the year ended 31 January 2024 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were not appointed as auditor of the company until after 31 January 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £1,077,705 held at 31 January 2023 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 January 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 January 2024.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Senior Statutory Auditor:
Dean Pullen FCCA
Statutory Auditor:
TC Group
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
173,188
276,268
LANDGUARD SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
11
Related party transactions
The company has applied the exemptions available with Section 33.1A of FRS 102 not to disclose transactions with fellow wholly owned members of the group headed by Heligan Investments LLP.
The company has applied Secton 1AC.35 of FRS 102 in respect of transactions with other related parties. The director has reviewed the transactions with related parties and concluded that there were none which were transacted outside of normal market conditions.
2024-01-312023-02-01false29 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr A. StearneMr S. MatthewsMr S. MiddlemissMr Richard M Bachfalsefalse056720242023-02-012024-01-3105672024bus:Director12023-02-012024-01-3105672024bus:Director22023-02-012024-01-3105672024bus:Director32023-02-012024-01-3105672024bus:Director42023-02-012024-01-3105672024bus:RegisteredOffice2023-02-012024-01-31056720242024-01-31056720242023-01-3105672024core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-3105672024core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3105672024core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-01-3105672024core:PlantMachinery2024-01-3105672024core:ComputerEquipment2024-01-3105672024core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-3105672024core:PlantMachinery2023-01-3105672024core:ComputerEquipment2023-01-3105672024core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3105672024core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3105672024core:CurrentFinancialInstruments2024-01-3105672024core:CurrentFinancialInstruments2023-01-3105672024core:ShareCapital2024-01-3105672024core:ShareCapital2023-01-3105672024core:CapitalRedemptionReserve2024-01-3105672024core:CapitalRedemptionReserve2023-01-3105672024core:RetainedEarningsAccumulatedLosses2024-01-3105672024core:RetainedEarningsAccumulatedLosses2023-01-3105672024core:ShareCapitalOrdinaryShares2024-01-3105672024core:ShareCapitalOrdinaryShares2023-01-3105672024core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3105672024core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-02-012024-01-3105672024core:PlantMachinery2023-02-012024-01-3105672024core:ComputerEquipment2023-02-012024-01-31056720242022-02-012023-01-3105672024core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3105672024core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-3105672024core:PlantMachinery2023-01-3105672024core:ComputerEquipment2023-01-31056720242023-01-3105672024bus:PrivateLimitedCompanyLtd2023-02-012024-01-3105672024bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3105672024bus:FRS1022023-02-012024-01-3105672024bus:Audited2023-02-012024-01-3105672024bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP