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Registered number: 00332450










LAINDON HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LAINDON HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
P J Plant 
N D Rickwood 
J P Brook 
D T Martine 
I R Cain 
M E Briar 
S J Decelis 




Company secretary
N D Rickwood



Registered number
00332450



Registered office
Service House
West Mayne

Basildon

Essex

SS15 6RW




Independent auditor
MHA

Colchester Business Park

Colchester

Essex

CO4 9YQ





 
LAINDON HOLDINGS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 6
Independent Auditor's Report
7 - 9
Statement of Comprehensive Income
10
Balance Sheet
11 - 12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 28


 
LAINDON HOLDINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The principal activities of the Company in the year under review were those of a holding Company providing common services to its subsidiary undertakings and the provision and management of sheltered accommodation. The Directors do not anticipate any significant change in the principal activities of the Company.

Business review
 
2024 was a busy year for Laindon Holdings as it continues to undertake a strategic review of the property portfolio. 
During the year the company refurbished and developed a number of the properties from which subsidiary companies operate and purchased a new property to develop during 2025.
Property owned by Laindon Holdings continues to be fully occupied with no rent arrears.  
The profit for the year after taxation amounted to £5,895,075 (2023 - £424,622). The directors do not recommend the payment of any dividends (2023 - £nil). The significant increase in profit is largely due to the surplus on revaluation of investment property of £5,558,087.

Principal risks and uncertainties
 
The principal risks and uncertainties facing the Company are broadly grouped as competitive, legislative and financial instrument risk. From the perspective of the Company, these risks are integrated with those of the group and are not managed separately. Accordingly, for a comprehensive review of the risks and uncertainties facing the Company, please refer to the financial statements of MJT Securities Limited, the ultimate parent undertaking, which can be found on Companies House website.

Financial key performance indicators
 
The Company's key financial performance indicators during the year were as follows:
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Page 1

 
LAINDON HOLDINGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
When making decisions, the directors consider what is likely to lead to the success of the Company and to be of benefit to the members as a whole over the long term. When making such decisions, the directors also consider the interests of other key stakeholders and seek to arrive at conclusions which do not adversely impact those groups as a whole. For the purposes of decision making, the directors have identified key stakeholder groups, have evaluated their interests, and describe below how they have engaged with, and responded to, the interests of those stakeholders during the year. The areas below demonstrate the board's commitment to maintaining high standards of business conduct and professionalism.
Customers
- Dealing with a trustees organisation and maintaining a relationship over the longer term.
- Dealing with knowledgeable staff and receiving balanced advice when purchasing goods or services.
- Obtaining good value for money.
- Having clarity over the pricing of goods and services.
This is achieved by:
- Obtaining frequent customer satisfaction surveys.
- Monitoring customer complaints and addressing any common themes that may arise.
- Maintaining strong relationships with the Company's suppliers to deliver the best value for money to customers.
Employees
- Providing a safe working environment.
- Being part of a successful and secure organisation.
This is achieved by:
- Providing diversity within the workplace.
- Maintaining a friendly working environment, with organisation values and working policies.
- Providing adequate training to staff to ensure they are well equipped to fulfill their roles.
- Providing health and safety training to promote safe working practices.
Suppliers
- Prompt, clear and regular communication with suppliers.
- Developing an open and collaborative relationship.
This is achieved by:
- Maintaining strong relationships with major suppliers through regular meetings with senior management.
- Long term partnerships with major suppliers whose principles are aligned with our own.
Communities
- Delivery of employment opportunities.
This is achieved by:
- Providing direct employment to more than 300 employees and indirect employment to many more.
Funders
- Maintaining open, longstanding and strong relationships with funders.
This is achieved by:
- Maintaining strong relationships through regular meetings with senior management.
- Providing regular operational data.
- Strong day to day working relationships with operational staff.
Shareholders
- Strong return on investment and continued growth.
- Financial discipline and strong internal controls.
 
Page 2

 
LAINDON HOLDINGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This is achieved by:
- Regular board meetings where periodic financials are presented.
- Clear and transparent annual reporting.


This report was approved by the board and signed on its behalf.



................................................
N D Rickwood
Director

Date: 31 March 2025

Page 3

 
LAINDON HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Results and dividends

The profit for the year, after taxation, amounted to £4,505,553 (2023 - £424,622).

No dividends will be distributed for the year ended 31 December 2024 (2023 - £Nil).

Directors

The Directors who served during the year were:

P J Plant 
N D Rickwood 
J P Brook 
D T Martine 
I R Cain 
M E Briar 
S J Decelis 

Future developments

The directors are confident that the Company can continue as a going concern. The Board feels that the group structure, within which the Company operates, ensures a sound financial position to maximise any opportunities throughout the year, as it actively seeks to expand through organic growth.

Qualifying third party indemnity provisions

During the year and up to the date of this report, the Company maintained liability insurance and third party indemnification provisions for its directors, under which the Company has agreed to indemnify the directors to the extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, the execution of their powers, duties and responsibilities as directors of the Company.

Page 4

 
LAINDON HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 5

 
LAINDON HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board and signed on its behalf.
 





................................................
N D Rickwood
Director

Date: 31 March 2025

Page 6

 
LAINDON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAINDON HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Laindon Holdings Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
LAINDON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAINDON HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
LAINDON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAINDON HOLDINGS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management, those charged with governance around actual and potential litigation and claims;
- Enquiry of staff to identify any instances of non-compliance with laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Cara Miller ACCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
Colchester, United Kingdom

31 March 2025
Page 9

 
LAINDON HOLDINGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
5,920,272
4,973,828

Gross profit
  
5,920,272
4,973,828

Administrative expenses
  
(3,701,024)
(2,433,443)

Surplus on revaluation of investment property
 5 
5,558,087
-

Operating profit
  
7,777,335
2,540,385

Interest receivable and similar income
 8 
71,978
77,200

Interest payable and similar expenses
 9 
(1,869,733)
(1,843,753)

Profit before tax
  
5,979,580
773,832

Tax on profit
 10 
(1,474,027)
(349,210)

Profit for the financial year
  
4,505,553
424,622

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
LAINDON HOLDINGS LIMITED
REGISTERED NUMBER: 00332450

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
257,579
-

Investments
 12 
608,507
608,507

Investment property
 13 
101,382,498
87,936,582

  
102,248,584
88,545,089

Current assets
  

Debtors: amounts falling due within one year
 14 
2,770,705
944,316

Cash at bank and in hand
 15 
105,386
113,820

  
2,876,091
1,058,136

Creditors: amounts falling due within one year
 16 
(44,112,021)
(40,098,976)

Net current liabilities
  
 
 
(41,235,930)
 
 
(39,040,840)

Total assets less current liabilities
  
61,012,654
49,504,249

Creditors: amounts falling due after more than one year
 17 
(27,315,334)
(21,754,800)

Provisions for liabilities
  

Deferred tax
 19 
(7,739,384)
(6,297,066)

  
 
 
(7,739,384)
 
 
(6,297,066)

Net assets
  
25,957,936
21,452,383


Capital and reserves
  

Called up share capital 
 20 
9,000
9,000

Revaluation reserve
 21 
19,758,123
15,589,558

Profit and loss account
 21 
6,190,813
5,853,825

  
25,957,936
21,452,383


Page 11

 
LAINDON HOLDINGS LIMITED
REGISTERED NUMBER: 00332450
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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




................................................
S J Decelis
Director

Date: 31 March 2025

The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
LAINDON HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
9,000
15,589,558
5,429,203
21,027,761


Comprehensive income for the year

Profit for the year
-
-
424,622
424,622



At 1 January 2024
9,000
15,589,558
5,853,825
21,452,383


Comprehensive income for the year

Profit for the year
-
-
4,505,553
4,505,553

Surplus on revaluation of investment property
-
5,558,087
(5,558,087)
-

Deferred tax on revaluation of investment property
-
(1,389,522)
1,389,522
-


At 31 December 2024
9,000
19,758,123
6,190,813
25,957,936


The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Laindon Holdings Limited is a private Company, incorporated in England, limited by shares and registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).
The principal activities of the Company in the year under review were those of a holding Company providing common services to its subsidiary undertakings and the provision and management of sheltered accommodation. The directors do not anticipate any significant change in the principal activities 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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. 
This judgement has been reached having produced budgets, reviewed positive post year end trading and reviewed the financing facilities available to the group.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

  
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows;
• the requirement of paragraph 3.17(d);
• the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
• the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
• the requirement of paragraph 33.7.

Page 14

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental income
All rental income is recognised on a straight line basis over the period of the lease.
Sale and buy-back
Retirement properties are leased to tenants and subsequently repurchased by the Company for a predetermined sum defined in the lease. The significant risks and rewards are deemed not to have transferred outside the Company and consequently no sale is recognised. The initial amounts received in consideration from the lessees are held as deferred income and taken to profit on a straight line basis in line with the residual buy back value.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the term of the lease
Motor vehicles
-
over the term of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 16

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Investment property

Investment property is shown at the fair value at each reporting date and is regularly revalued by third party professionals, competent to undertake such valuations. Where individual properties have not been professionally revalued during the current accounting period, the directors assess fair value using current rental yields and comparisons with similar properties in the locality. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

The carrying value of investments are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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.

Page 17

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. The directors consider the valuation of investment property to be a critical estimate and judgement applicable to the financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale and buy-back
273,584
189,008

Rental and leasing
5,646,688
4,784,820

5,920,272
4,973,828


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Surplus on revaluation of investment property
5,558,087
-

5,558,087
-


Page 18

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
470,377
462,762

Social security costs
50,968
54,445

Cost of defined contribution scheme
1,764
4,188

523,109
521,395


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management staff
5
6

Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,764 (2023 - £4,188). Contributions totaling £343 (2023 - £343) were payable to the fund at the reporting date.


7.


Directors' remuneration

2024
2023
£
£

Directors' remuneration
470,377
432,762

Company contributions to defined contribution pension schemes
1,764
1,764

472,141
434,526


During the year retirement benefits were accruing to 2 Directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £168,000 (2023 - £168,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £1,321 (2023 - £1,321).

Page 19

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Interest receivable

2024
2023
£
£


Bank interest receivable
71,978
77,200

71,978
77,200


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
58,207
9,851

Mortgage interest payable
1,811,526
1,833,902

1,869,733
1,843,753


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
15,510
120,659

Adjustments in respect of previous periods
16,199
(11,126)


Total current tax
31,709
109,533

Deferred tax


Origination and reversal of timing differences
1,442,318
239,677

Total deferred tax
1,442,318
239,677


Tax on profit
1,474,027
349,210
Page 20

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,979,580
773,832


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
1,494,895
180,982

Effects of:


Expenses not deductible for tax purposes
(1,386,008)
6,228

Fixed asset differences
4,600
-

Adjustments to tax charge in respect of prior periods
16,199
(11,126)

Unrecognised deferred tax on revaluation gains
1,389,522
158,943

Group relief
(45,181)
-

Change in deferred tax rate
-
14,183

Total tax charge for the year
1,474,027
349,210


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tangible fixed assets





Long-term leasehold property

£



Cost or valuation


Additions
275,977



At 31 December 2024

275,977



Depreciation


Charge for the year on owned assets
18,398



At 31 December 2024

18,398



Net book value



At 31 December 2024
257,579



At 31 December 2023
-


12.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2024
608,308
199
608,507



At 31 December 2024
608,308
199
608,507




Page 22

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Holding

Toomey Nissan Limited
Non trading
100%
Laindon Credit Services Limited
Leasing Company
100%
Toomey Retirement Apartments Limited
Non trading
100%
Unit Export Limited
Export of aid related merchandise
100%
George Martin Limited
Builders
100%
Toomey Renno Limited
Non trading
100%
Toomey Leasing Group Limited
Contract hire and leasing
100%
Toomey Motor Group Limited
Retail motor dealers
100%
Toomey Sitron (Southend) Limited
Non trading
100%
Toomey Nissan (Southend) Limited
Non trading
100%
Toomey MG Limited
Non trading
100%
Toomey Pershow Limited
Non trading
100%
Toomey (Southend) Limited
Non trading
100%
Toomey Pershow (Southend) Limited
Non trading
100%
Toomey Renno (Southend) Limited
Non trading
100%
Toomey Sitron Limited
Non trading
100%


13.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
87,936,582


Additions at cost
8,543,606


Disposals
(655,777)


Surplus on revaluation
5,558,087



At 31 December 2024
101,382,498

The Company's portfolio of properties have been revalued by experienced, independent valuers who hold recognised and relevant professional qualifications. All valuations were carried out on the basis of market value and were undertaken between January 2017 and October 2024. The directors have concluded that there has been no material change in the value of these properties since the date of the last full valuation. The original cost and net book value of these properties was £79,294,198.







14.


Debtors

2024
2023
Page 23

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.Debtors (continued)

£
£


Trade debtors
45,414
36,517

Amounts owed by group undertakings
672,693
731,818

Other debtors
1,458,292
-

Prepayments and accrued income
545,331
175,981

Tax recoverable
48,975
-

2,770,705
944,316



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
105,386
113,820

Less: bank overdrafts
(15,494,905)
(11,717,801)

(15,389,519)
(11,603,981)


Page 24

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
15,494,905
11,717,801

Other loans
2,796,672
5,160,790

Trade creditors
700,975
432,513

Amounts owed to group undertakings
24,438,871
22,315,279

Corporation tax
-
40,689

Other taxation and social security
15,666
174,350

Accruals and deferred income
664,932
257,554

44,112,021
40,098,976


The following liabilities were secured:

2024
2023
£
£



Bank overdrafts
15,494,905
11,717,801

Other loans
2,796,672
5,160,790

18,291,577
16,878,591

Details of security provided:

The bank overdraft of £15,494,905 (2023 - £11,717,801) is secured on the freehold land and buildings of the group.
£2,796,672 (2023 - £5,160,790) of amounts owed to finance companies and banks is repayable in monthly installments between 2023 and 2032 at rates as follows:
Between sonia plus 2.7% and sonia plus 3%
Between base plus 2.37% and base plus 2.9%
Fixed at 8%

The loans are secured on the freehold land and buildings of the company.

Page 25

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
24,168,730
18,007,948

Accruals and deferred income
3,146,604
3,746,852

27,315,334
21,754,800


The following liabilities were secured:

2024
2023
£
£



Other loans
24,168,730
18,007,948

24,168,730
18,007,948

Details of security provided:

£24,168,730 (2023 - £18,007,948) of amounts owed to finance companies and banks is repayable in monthly installments between 2023 and 2032 at rates as follows:
Between sonia plus 2.7% and sonia plus 3%
Between base plus 2.37% and base plus 2.9%
Fixed at 8%

The loans are secured on the freehold land and buildings of the company.


18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
2,796,672
5,160,790


Amounts falling due 2-5 years

Other loans
12,207,598
10,130,019

Amounts falling due after more than 5 years

Other loans
11,961,132
7,877,929

26,965,402
23,168,738


Page 26

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Deferred taxation




2024


£






At beginning of year
6,297,066


Charged to profit or loss
(1,442,318)



At end of year
7,739,384

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(514,229)
(567,026)

Short term timing differences
(37)
(36)

Capital gains
8,253,650
6,864,128

7,739,384
6,297,066


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



9,000 (2023 - 9,000) Ordinary shares of £1.00 each
9,000
9,000

Share capital represents the nominal value of shares issued. Shares carry voting rights and an entitlement to dividends.



21.


Reserves

Revaluation reserve

The revaluation reserve includes all current and prior period unrealised surpluses on revaluation of properties, net of any potential taxation liability.

Profit and loss account

Retained earnings include all current and prior period retained profits and losses.

Page 27

 
LAINDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Related party transactions

The directors have taken advantage of the exemptions conferred by section 33.1A Financial Reporting Standard 102 and accordingly no disclosure has been made of transactions between group companies.
Amounts owed by/to group undertakings are classified between; trade accounts which are subject to monthly repayment terms, and other accounts, which reflect short-term inter-group funding requirements and are usually payable/repayable on demand. They are unsecured and interest free.


23.


Ultimate parent company

The immediate and ultimate parent undertaking of Laindon Holdings Limited is MJT Securities Limited. MJT Securities Limited is the parent undertaking of the smallest and largest group of which the company is a member and for which group financial statements are prepared. Copies of the parent's consolidated financial statements, which include the company, are available from its registered office: Service House, West Mayne, Basildon, Essex, SS15 6RW.


24.


Controlling party

The directors consider that there is no single ultimate controlling party of the group.
Whilst the ordinary share capital in MJT is held by the Joseph Toomey Charitable Foundation, the charity does not have the power to govern and direct the financial or operational activities of MJT Securities Limited under any statute or agreement. The operational policies of MJT Securities Limited are determined and directed by the Directors of MJT Securities Limited.


25.


Contingent liabilities

The company has guaranteed the bank overdrafts of other group undertakings amounting to £3,425,882 (2023 - £3,820,827).

Page 28