Company registration number 08448171 (England and Wales)
LAND AND POWER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LAND AND POWER LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
LAND AND POWER LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAND AND POWER LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Land and Power Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Land and Power Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Land and Power Limited and state those matters that we have agreed to state to the board of directors of Land and Power Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Land and Power Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Land and Power Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Land and Power Limited. You consider that Land and Power Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Land and Power Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
28 March 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
LAND AND POWER LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
712,999
734,590
Current assets
Stocks
47,500
47,500
Debtors
4
418,287
305,991
Cash at bank and in hand
2,501
-
0
468,288
353,491
Creditors: amounts falling due within one year
5
(906,335)
(991,362)
Net current liabilities
(438,047)
(637,871)
Total assets less current liabilities
274,952
96,719
Creditors: amounts falling due after more than one year
6
(518,476)
(271,007)
Provisions for liabilities
(13,900)
(31,200)
Net liabilities
(257,424)
(205,488)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(257,524)
(205,588)
Total equity
(257,424)
(205,488)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 and signed by the director and authorised for issue on 28 March 2025
Mr B Hogan
Director
Company Registration No. 08448171
LAND AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Land and Power Limited is a private company limited by shares incorporated in England and Wales. The registered office is Truleigh Manor Farm, Edburton Road, Henfield, West Sussex, BN5 9LL.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. true

 

While the company is currently in a net negative position, management has developed projections demonstrating promising profitability for the next financial year in excess of £200,000. Furthermore, the company has significantly reduced its trade creditor balance from £447,336 in current year to circa £150,000 in the next financial year based on management reports, demonstrating improved cash flow management.

 

The company is reliant on the support of its bank creditors and has been meeting their liabilities as they arise. The financial statements do not include any adjustments that would result from a withdrawal of their support.

 

Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

1.3
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.

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:

Leasehold improvements
25% p.a diminishing balance
Plant and machinery
10% p.a diminishing balance
Fixtures, fittings & equipment
25% p.a diminishing balance
Computer equipment
33% p.a straight line
Motor vehicles
10% p.a diminishing balance
LAND AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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.

The director has reviewed the depreciation policy for the company and the rates applied to plant and machinery and motor vehicles were deemed excessive. The rates of depreciation have been reduced to 10% per annum diminishing balance for both asset categories from 25% per annum diminishing balance.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

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.

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.

1.8
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.

1.9
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.

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.

1.10
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.

LAND AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 10 (2023 - 10).

3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
21,789
1,004,287
58,997
9,362
479,010
1,573,445
Additions
-
0
-
0
-
0
-
0
62,345
62,345
Disposals
-
0
(3,000)
-
0
-
0
-
0
(3,000)
At 31 March 2024
21,789
1,001,287
58,997
9,362
541,355
1,632,790
Depreciation and impairment
At 1 April 2023
17,818
513,329
49,627
9,224
248,857
838,855
Depreciation charged in the year
993
49,252
2,343
138
28,210
80,936
At 31 March 2024
18,811
562,581
51,970
9,362
277,067
919,791
Carrying amount
At 31 March 2024
2,978
438,706
7,027
-
0
264,288
712,999
At 31 March 2023
3,971
490,958
9,370
138
230,153
734,590
LAND AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
33,221
62,078
Other debtors
385,066
243,913
418,287
305,991
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
142,648
133,575
Trade creditors
447,336
409,610
Taxation and social security
265,193
306,362
Other creditors
51,158
141,815
906,335
991,362

Included within other creditors above is £47,406 (2023 - £84,148) relating to hire purchase contracts; these are secured over the assets they relate to, capitalised within fixed assets in the balance sheet.

 

Bank loans are secured over the assets of the company.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
197,512
105,000
Other creditors
320,964
166,007
518,476
271,007

Other creditors above include £70,964 (2023 - £56,694) which relates to hire purchase contracts; these are secured over the assets they relate to, capitalised within fixed assets in the balance sheet.

 

Bank loans are secured over the assets of the company.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
LAND AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Related party transactions
Transactions with related parties

Included within other debtors is £180,834 (2023 - £151,327) owed by Land & Power Electrical Contracting Limited, a company under common control of the director.

 

9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's loan
-
-
22,938
22,938
-
22,938
22,938
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