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REGISTERED NUMBER: 04135761 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Landbased Limited

Landbased Limited (Registered number: 04135761)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Landbased Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr Jatin L Kanani
Mrs Neela Kanani





SECRETARY: Mrs Neela Kanani





REGISTERED OFFICE: 11 Georgian Way
Harrow-on-the-Hill
Harrow
Middlesex
HA1 3LF





REGISTERED NUMBER: 04135761 (England and Wales)






Landbased Limited (Registered number: 04135761)

Abridged Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,414,273 1,404,216
1,414,273 1,404,216

CURRENT ASSETS
Stocks 349,853 312,251
Debtors 273,886 168,777
Cash at bank 88,263 316,304
712,002 797,332
CREDITORS
Amounts falling due within one year 551,881 465,495
NET CURRENT ASSETS 160,121 331,837
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,574,394

1,736,053

CREDITORS
Amounts falling due after more than one
year

-

(230,074

)

PROVISIONS FOR LIABILITIES (20,756 ) (18,297 )
NET ASSETS 1,553,638 1,487,682

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,553,636 1,487,680
SHAREHOLDERS' FUNDS 1,553,638 1,487,682

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Landbased Limited (Registered number: 04135761)

Abridged Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 January 2025 and were signed on its behalf by:




Mr Jatin L Kanani - Director



Mrs Neela Kanani - Director


Landbased Limited (Registered number: 04135761)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Landbased Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life.

The company previously amortised goodwill over a life of 20 years, however in order to comply with the adoption of FRS 102 Section 1a, the company has changed the amortisation period to a life of within 10 years.

Goodwill relates to the acquisition of business in 2002. The remaining amortisation period of goodwill was written-off during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - in accordance with the property
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Website development - 33% on cost
Computer equipment - 33% on cost

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first in first out method.

The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.


Landbased Limited (Registered number: 04135761)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 575,000
AMORTISATION
At 1 April 2023
and 31 March 2024 575,000
NET BOOK VALUE

At 31 March 2024 -
At 31 March 2023 -

Landbased Limited (Registered number: 04135761)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 2,083,136
Additions 43,345
At 31 March 2024 2,126,481
DEPRECIATION
At 1 April 2023 678,920
Charge for year 33,288
At 31 March 2024 712,208
NET BOOK VALUE
At 31 March 2024 1,414,273
At 31 March 2023 1,404,216

6. LEASING AGREEMENTS
As at 31 March 2024, the company had no future minimum lease payment commitments under non-cancellable operating leases. (2023: Nil)

7. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 230,002 348,037

The bank loan is for a term of 5 years from August 2019 bearing interest at the rate of 1.91% over base rate.

The loan is secured by first legal charge over the company's long leasehold property and floating charge covering all the property or undertaking of the company.

The loan was redeemed in November 2024.

8. ULTIMATE CONTROLLING PARTY

The controlling party is Mr Jatin L Kanani.