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COMPANY REGISTRATION NUMBER: 11000775
LANDSTROM GROUP LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2024
LANDSTROM GROUP LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
LANDSTROM GROUP LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr A J Allen
Mr S A Turner
Mr R C Ashdown
Mr M J Skinner
Registered office
8-9 Ship Street
Brighton
East Sussex
BN1 1AD
Accountants
UHY Hacker Young
Chartered accountants
168 Church Road
Hove
BN3 2DL
LANDSTROM GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,577
3,436
Investments
6
1
1
-------
-------
2,578
3,437
Current assets
Stocks
1,097,210
988,594
Debtors
7
371,165
8,616
Cash at bank and in hand
25,656
12,411
-------------
-------------
1,494,031
1,009,621
Creditors: amounts falling due within one year
8
2,994,655
1,938,274
-------------
-------------
Net current liabilities
1,500,624
928,653
-------------
----------
Total assets less current liabilities
( 1,498,046)
( 925,216)
-------------
----------
Net liabilities
( 1,498,046)
( 925,216)
-------------
----------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 1,499,046)
( 926,216)
-------------
----------
Shareholders deficit
( 1,498,046)
( 925,216)
-------------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LANDSTROM GROUP LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 2 May 2025 , and are signed on behalf of the board by:
Mr A J Allen
Director
Company registration number: 11000775
LANDSTROM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8-9 Ship Street, Brighton, East Sussex, BN1 1AD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the holding company.
If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 September 2023 and 31 August 2024
8,928
8,928
-------
-------
Depreciation
At 1 September 2023
5,492
5,492
Charge for the year
859
859
-------
-------
At 31 August 2024
6,351
6,351
-------
-------
Carrying amount
At 31 August 2024
2,577
2,577
-------
-------
At 31 August 2023
3,436
3,436
-------
-------
6. Investments
Shares in group undertakings
£
Cost
At 1 September 2023 and 31 August 2024
1
----
Impairment
At 1 September 2023 and 31 August 2024
----
Carrying amount
At 31 August 2024
1
----
At 31 August 2023
1
----
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
360,000
Other debtors
11,165
8,616
----------
-------
371,165
8,616
----------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,786
7,358
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,984,341
1,929,341
Other creditors
2,528
1,575
-------------
-------------
2,994,655
1,938,274
-------------
-------------
9. Related party transactions
The company was under the control of the directors throughout the current period. During the year the company received group funding of £1,055,000 from Oasthouse Ventures Limited. As at 31 August 2024 the company owed Oasthouse Ventures Limited £2,984,341 (2023: £1,929,341).
10. Controlling party
The company is under the control of Oasthouse Ventures Ltd. Oasthouse Ventures Ltd owned 77.5% of the shares.