Company registration number 02158524 (England and Wales)
LANDMARK SYSTEMS LIMITED
Financial Statements
For The Year Ended 30 June 2024
Pages For Filing With Registrar
Landmark Systems Limited
LANDMARK SYSTEMS LIMITED
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
Landmark Systems Limited
LANDMARK SYSTEMS LIMITED
Balance Sheet
As At 30 June 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
2,728
43,776
Tangible assets
6
77,617
42,605
80,345
86,381
Current assets
Stocks
500
500
Debtors
7
1,484,787
1,483,511
Cash at bank and in hand
1,041,274
1,244,112
2,526,561
2,728,123
Creditors: amounts falling due within one year
8
(2,166,510)
(2,022,167)
Net current assets
360,051
705,956
Net assets
440,396
792,337
Capital and reserves
Called up share capital
191
191
Share premium account
102,701
102,701
Capital redemption reserve
20
20
Profit and loss reserves
337,484
689,425
Total equity
440,396
792,337
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.
The financial statements were approved by the board of directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
Mr Scott Graham
Director
Company registration number 02158524 (England and Wales)
Landmark Systems Limited
LANDMARK SYSTEMS LIMITED
Statement Of Changes In Equity
For The Year Ended 30 June 2024
- 2 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
191
102,701
20
593,192
696,104
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
273,133
273,133
Dividends
-
-
-
(176,900)
(176,900)
Balance at 30 June 2023
191
102,701
20
689,425
792,337
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
248,059
248,059
Dividends
-
-
-
(600,000)
(600,000)
Balance at 30 June 2024
191
102,701
20
337,484
440,396
Landmark Systems Limited
LANDMARK SYSTEMS LIMITED
Notes To The Financial Statements
For The Year Ended 30 June 2024
- 3 -
1
Accounting policies
Company information
Landmark Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Swan Court, Station Road, Pulborough, West Sussex, England, RH20 1RL.
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 £.
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.
Software support revenue is deferred and released to the profit and loss account over the period of the software support contract.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
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.
Landmark Systems Limited
LANDMARK SYSTEMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
1
Accounting policies
(Continued)
- 4 -
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life should not exceed ten years.
Computer software rights acquired from third parties are capitalised as intangible fixed assets and amortised over three to five years on a straight line basis.
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:
Software
3-5 years straight line basis
1.5
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:
Fixtures and fittings
25% reducing balance basis
Motor vehicles
25% straight line basis
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Landmark Systems Limited
LANDMARK SYSTEMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
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.
1.9
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Landmark Systems Limited
LANDMARK SYSTEMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
1
Accounting policies
(Continued)
- 6 -
1.10
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.
1.11
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Landmark Systems Limited
LANDMARK SYSTEMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
1
Accounting policies
(Continued)
- 7 -
1.14
Leases
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.
2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
55
50
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
27,451
45,514
Adjustments in respect of prior periods
9,687
(18,681)
Total current tax
37,138
26,833
Deferred tax
Origination and reversal of timing differences
(1,516)
(24,086)
Total tax charge
35,622
2,747
Landmark Systems Limited
LANDMARK SYSTEMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
- 8 -
5
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
50,001
253,278
303,279
Amortisation and impairment
At 1 July 2023
42,273
217,230
259,503
Amortisation charged for the year
5,000
36,048
41,048
At 30 June 2024
47,273
253,278
300,551
Carrying amount
At 30 June 2024
2,728
2,728
At 30 June 2023
7,728
36,048
43,776
6
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
11,829
139,074
150,903
Additions
3,374
55,066
58,440
Disposals
(21,449)
(21,449)
At 30 June 2024
15,203
172,691
187,894
Depreciation and impairment
At 1 July 2023
10,268
98,030
108,298
Depreciation charged in the year
1,093
22,335
23,428
Eliminated in respect of disposals
(21,449)
(21,449)
At 30 June 2024
11,361
98,916
110,277
Carrying amount
At 30 June 2024
3,842
73,775
77,617
At 30 June 2023
1,561
41,044
42,605
Landmark Systems Limited
LANDMARK SYSTEMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
- 9 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
483,879
421,862
Corporation tax recoverable
47,726
36,147
Other debtors
951,666
1,025,502
1,483,271
1,483,511
Deferred tax asset
1,516
1,484,787
1,483,511
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
117,165
81,998
Corporation tax
27,451
28,794
Other taxation and social security
172,742
184,632
Other creditors
1,849,152
1,726,743
2,166,510
2,022,167
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 unqualified.
Senior Statutory Auditor:
Iain D Morris FCA
Statutory Auditor:
Chavereys Audit Limited
Date of audit report:
21 November 2024
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
£
£
273,949
302,863
Landmark Systems Limited
LANDMARK SYSTEMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
- 10 -
12
Parent company
The company is a wholly owned subsidiary of ISAGRI SAS, a company registered in France. The ultimate controlling holding company is GROUPE ISA SAS, a company registered in France. GROUPE ISA SAS is controlled by JM Savalle and members of his family.