Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false2true2023-03-012trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08230732 2023-03-01 2024-02-29 08230732 2022-03-01 2023-02-28 08230732 2024-02-29 08230732 2023-02-28 08230732 c:Director1 2023-03-01 2024-02-29 08230732 d:FreeholdInvestmentProperty 2023-03-01 2024-02-29 08230732 d:FreeholdInvestmentProperty 2024-02-29 08230732 d:FreeholdInvestmentProperty 2023-02-28 08230732 d:FreeholdInvestmentProperty 2 2023-03-01 2024-02-29 08230732 d:CurrentFinancialInstruments 2024-02-29 08230732 d:CurrentFinancialInstruments 2023-02-28 08230732 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 08230732 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08230732 d:ShareCapital 2024-02-29 08230732 d:ShareCapital 2023-02-28 08230732 d:RevaluationReserve 2024-02-29 08230732 d:RevaluationReserve 2023-02-28 08230732 d:RetainedEarningsAccumulatedLosses 2024-02-29 08230732 d:RetainedEarningsAccumulatedLosses 2023-02-28 08230732 c:OrdinaryShareClass1 2023-03-01 2024-02-29 08230732 c:OrdinaryShareClass1 2024-02-29 08230732 c:FRS102 2023-03-01 2024-02-29 08230732 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 08230732 c:FullAccounts 2023-03-01 2024-02-29 08230732 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08230732 4 2023-03-01 2024-02-29 08230732 f:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 08230732









LANDSTONE INVESTMENTS LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
LANDSTONE INVESTMENTS LTD
REGISTERED NUMBER: 08230732

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
811,000
1,180,000

Current assets
  

Debtors due within 1 year
  
179,594
697

Cash at bank and in hand
  
472,641
235,214

  
652,235
235,911

Creditors: amounts falling due within one year
 6 
(1,817,916)
(1,828,316)

Net current liabilities
  
 
 
(1,165,681)
 
 
(1,592,405)

Net liabilities
  
(354,681)
(412,405)


Capital and reserves
  

Called up share capital 
 7 
1
1

Revaluation reserve
  
61,000
55,000

Profit and loss account
  
(415,682)
(467,406)

  
(354,681)
(412,405)


Page 1

 
LANDSTONE INVESTMENTS LTD
REGISTERED NUMBER: 08230732

BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R L Shah
Director

Date: 26 February 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
LANDSTONE INVESTMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Landstone Investments Ltd is a private company, limited by shares, and is incorporated in England and Wales.  The address of its registered office is 24 Old Bond Street, London, W1S 4AP.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company's financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future. This is on the basis that ongoing support will continue to be available from the company’s parent undertaking, which is the material creditor of the company, in the form that the present loans and other advances provided to the company shall continue to be made available.
The directors of the parent company are reliant on informal borrowing and have received a demand for payment from this creditor, and have entered into subsequent correpondence with that party.  Due to this as at the date of the approval of these financial statements the directors of the parent undertaking have not received formal assurance from their material creditor regarding their intentions to providing ongoing support.
Furthermore, following a board meeting in September 2022 the directors noted that the company was in the process of disposing of it’s investment properties and they directed that funds arising from these disposals are first allocated to repay the parent company’s shareholder loans and once these have been repaid in full any surplus will be applied to interest and other payables due to the shareholders.
As a result, there is a material uncertainty regarding the company’s ability to continue operating as a going concern though the directors consider at the present time despite this uncertainty the company remains a going concern.
Based upon this conclusion the financial statements have been prepared on the going concern basis and the financial statements do not include any adjustments should this basis not be appropriate

 
2.3

Revenue

Turnover represents rents receivable during the year from investment properties.
Rental income from investment properties is accrued on a time apportioned basis under the term of lease.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
LANDSTONE INVESTMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 4

 
LANDSTONE INVESTMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
LANDSTONE INVESTMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
1,180,000


Disposals
(415,000)


Surplus on revaluation
46,000



At 29 February 2024
811,000

The 2024 valuations were made by the directors, on a fair value for existing use basis.

The historical cost of the freehold investment properties at the balance sheet date amounted to £750,000 (2023 - £1,125,000)





5.


Debtors

29 February
28 February
2024
2023
£
£



Other debtors
178,748
158

Prepayments and accrued income
846
539

179,594
697



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
189
3,789

Amounts owed to group undertakings
1,804,947
1,819,947

Accruals and deferred income
12,780
4,580

1,817,916
1,828,316


Page 6

 
LANDSTONE INVESTMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1



8.


Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
At 29 February 2024 a material shareholder of the parent undertaking owed the company £178,050 (2023 - £NIL).


9.


Ultimate parent undertaking

The immediate parent company is Landstone Limited, a company registered in England and Wales. The address of its registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4BH.
The ultimate parent company is Parkhill Limited, a company incorporated in the Isle of Man. 


Page 7