Land & Satellite Surveys Ltd
Registered number: 07795195
Statement of Financial Position
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 102,121 85,058
Current assets
Debtors 4 54,479 67,265
Cash at bank and in hand 113,167 90,920
167,646 158,185
Creditors: amounts falling due within one year 5 (79,181) (57,504)
Net current assets 88,465 100,681
Total assets less current liabilities 190,586 185,739
Creditors: amounts falling due after more than one year 6 (16,336) (15,738)
Provisions for liabilities (22,543) (15,140)
Net assets 151,707 154,861
Capital and reserves
Called up share capital 100 100
Profit and loss account 151,607 154,761
Shareholders' funds 151,707 154,861
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Humphrey
Director
Approved by the board on 20 March 2025
Land & Satellite Surveys Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Land and buildings 10 years straight line
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2023 20,763 208,349 229,112
Additions - 67,113 67,113
Disposals - (35,633) (35,633)
At 31 October 2024 20,763 239,829 260,592
Depreciation
At 1 November 2023 15,388 128,666 144,054
Charge for the year 2,076 32,941 35,017
On disposals - (20,600) (20,600)
At 31 October 2024 17,464 141,007 158,471
Net book value
At 31 October 2024 3,299 98,822 102,121
At 31 October 2023 5,375 79,683 85,058
4 Debtors 2024 2023
£ £
Trade debtors 45,950 54,912
Prepayments 3,310 2,697
Accrued income 4,255 8,785
Other debtors 964 871
54,479 67,265
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,149 5,042
Obligations under finance lease and hire purchase contracts 14,127 11,531
Trade creditors 17,342 2,237
Accruals 1,470 1,410
Corporation tax 23,143 29,615
Other taxes and social security costs 17,950 7,669
79,181 57,504
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,040 8,190
Obligations under finance lease and hire purchase contracts 13,296 7,548
16,336 15,738
7 Other information
Land & Satellite Surveys Ltd is a private company limited by shares and incorporated in England. Its registered office is:
52 Hawkesworth Drive
Bagshot
Surrey
GU19 5QZ
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