Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAINDON HOLDINGS LIMITED
COMPANY INFORMATION
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LAINDON HOLDINGS LIMITED
CONTENTS
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LAINDON HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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.
The Company's key financial performance indicators during the year were as follows:
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LAINDON HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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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.
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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.
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).
The Directors who served during the year were:
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.
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LAINDON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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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.
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LAINDON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAINDON HOLDINGS LIMITED
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 policies. The 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).
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.
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.
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LAINDON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAINDON HOLDINGS LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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LAINDON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAINDON HOLDINGS LIMITED (CONTINUED)
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.
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 2006. Our 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.
for and on behalf of
Statutory Auditor
Colchester, United Kingdom
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LAINDON HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAINDON HOLDINGS LIMITED
REGISTERED NUMBER: 00332450
BALANCE SHEET
AS AT 31 DECEMBER 2024
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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:
The notes on pages 14 to 28 form part of these financial statements.
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LAINDON HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
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.
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.
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
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.
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Debtors (continued)
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
£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.
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Revaluation reserve
Profit and loss account
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LAINDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
The company has guaranteed the bank overdrafts of other group undertakings amounting to £3,425,882 (2023 - £3,820,827).
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