Company registration number 10362597 (England and Wales)
LANDEX HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
LANDEX HOLDINGS LIMITED
COMPANY INFORMATION
Directors
T G Davies
D J Davies
Mrs B E Davies
Secretary
J Smith
Company number
10362597
Registered office
19 Holywells Road
Ipswich
Suffolk
IP3 0DL
Auditor
Sumer Auditco Limited
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
Business address
19 Holywells Road
Ipswich
Suffolk
IP3 0DL
LANDEX HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
3
Directors' responsibilities statement
2
Independent auditor's report
4 - 6
Profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 26
LANDEX HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Fair review of the business

During the financial year the business activities of the company continued with policies and objectives consistent with the previous year.

 

The operating profit for the year before interest and tax was £1,402,821 (2023: £4,170,904). The profit for the year, after taxation amounted to £1,045,626 (2023: £3,225,400).

 

The directors are pleased with the results of the company for the year.

Principal risks and uncertainties

Price Risk

Prices of items purchased are regularly reviewed and any potential risks are mitigated as soon as foreseen.

 

Credit risk

Investments of cash surpluses are only made through banks and companies whose credit rating is considered to be satisfactory by the directors.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

 

Liquidity risk and cash flow

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of the business.

 

Financial Instruments

The directors regularly review and manage the financial risk management objectives and policies associated with the company’s activities. The company’s principal financial instruments do not include instruments to manage currency risks as none arise from the company’s operations. In accordance with the company’s treasury policy, financial instruments are not entered into for speculative purposes.

 

The directors continue to manage these risks and are proactive in maintaining and ensuring the continued success of the company.

 

Future development and performance

Management will continue to run the business in the same way, and to seek additional revenue opportunities when they are identified.

Key performance indicators

The directors consider that profit before tax provides them with relevant information from which to review the company’s performance.

By order of the board

J Smith
Secretary
11 April 2025
LANDEX HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

LANDEX HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the parent company is that of a holding company, and the group principal activities continued to be that of the construction of domestic buildings.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

T G Davies
D J Davies
Mrs B E Davies
Future developments

These are disclosed in the strategic report.

Auditor

Sumer Auditco Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

By order of the board
J Smith
Secretary
11 April 2025
LANDEX HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANDEX HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Landex Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Profit and loss account, Statement of comprehensive income, Balance sheet, Statement of changes in Equity and notes to the financial statements, 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).

In our opinion, the financial statements:

 

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 UK, including the FRC’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 entity'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.

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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

LANDEX HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANDEX HOLDINGS LIMITED
- 5 -
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:

 

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 2 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.

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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the company's regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

LANDEX HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANDEX HOLDINGS LIMITED
- 6 -

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosure in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: building regualtions, health and safety, employment law and GDPR compliance. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of any relevant legal documentation, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 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.

Luke Morris (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
2 May 2025
Statutory Auditor
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
LANDEX HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
5
6,781,207
15,153,549
Cost of sales
(5,154,289)
(10,696,446)
Gross profit
1,626,918
4,457,103
Administrative expenses
(916,348)
(1,012,905)
Other operating income
173,396
174,660
Operating profit
6
883,966
3,618,858
Interest receivable and similar income
9
858,084
966,230
Interest payable and similar expenses
11
(339,228)
(414,184)
Profit before taxation
1,402,822
4,170,904
Tax on profit
12
(357,914)
(945,504)
Profit for the financial year
1,044,908
3,225,400
Profit for the financial year is all attributable to the owners of the parent company.

There are no recognised gains and losses other than those passing through the profit and loss account.

 

There was no other comprehensive income for 2024 (2023:£NIL).

 

The notes on pages 14 to 26 form part of these financial statements.

 

LANDEX HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
2,406,172
2,293,875
Current assets
Stocks
16
21,682,469
16,276,199
Debtors
17
3,761,457
7,884,038
Cash at bank and in hand
8,561,766
9,268,990
34,005,692
33,429,227
Creditors: amounts falling due within one year
18
(9,477,497)
(9,867,836)
Net current assets
24,528,195
23,561,391
Total assets less current liabilities
26,934,367
25,855,266
Provisions for liabilities
Deferred tax liability
19
386,235
352,042
(386,235)
(352,042)
Net assets
26,548,132
25,503,224
Capital and reserves
Called up share capital
21
4,000,000
4,000,000
Profit and loss reserves
22,548,132
21,503,224
Total equity
26,548,132
25,503,224
The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
11 April 2025
T G Davies
Director
The notes on pages 14 to 26 form part of these financial statements.
Company registration number 10362597 (England and Wales)
LANDEX HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
5,500,000
5,500,000
Current assets
Debtors
17
13,989,474
12,998,270
Cash at bank and in hand
13,151
129,826
14,002,625
13,128,096
Creditors: amounts falling due within one year
18
(8,653,665)
(8,602,330)
Net current assets
5,348,960
4,525,766
Net assets
10,848,960
10,025,766
Capital and reserves
Called up share capital
21
4,000,000
5,500,000
Reduction in share capital
-
0
(1,500,000)
Profit and loss reserves brought forward
6,025,766
4,524,990
Retained profit for the year
823,194
1,500,776
Total equity
10,848,960
10,025,766
The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
11 April 2025
T G Davies
Director
The notes on pages 14 to 26 form part of these financial statements.
Company registration number 10362597 (England and Wales)
LANDEX HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
4,000,000
18,277,824
22,277,824
Year ended 30 September 2023:
Profit and total comprehensive income
-
3,225,400
3,225,400
Balance at 30 September 2023
4,000,000
21,503,224
25,503,224
Year ended 30 September 2024:
Profit and total comprehensive income
-
1,044,908
1,044,908
Balance at 30 September 2024
4,000,000
22,548,132
26,548,132

There are no recognised gains and losses other than those passing through the profit and loss account.

 

There was no other comprehensive income for 2024 (2023:£NIL).

 

The notes on pages 14 to 26 form part of these financial statements.

 

LANDEX HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
4,000,000
4,524,990
8,524,990
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
1,500,776
1,500,776
Balance at 30 September 2023
4,000,000
6,025,766
10,025,766
Year ended 30 September 2024:
Profit and total comprehensive income
-
823,194
823,194
Balance at 30 September 2024
4,000,000
6,848,960
10,848,960

There are no recognised gains and losses other than those passing through the profit and loss account.

 

There was no other comprehensive income for 2024 (2023:£NIL).

 

The notes on pages 14 to 26 form part of these financial statements.

 

LANDEX HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
106,084
905,376
Interest paid
(339,228)
(414,184)
Income taxes paid
(919,633)
(478,296)
Net cash (outflow)/inflow from operating activities
(1,152,777)
12,896
Investing activities
Purchase of tangible fixed assets
(514,282)
(994,260)
Proceeds from disposal of tangible fixed assets
101,101
362,500
Repayment of loans
650
-
Interest received
414,019
193,034
Other income received from investments
444,065
773,196
Net cash generated from investing activities
445,553
334,470
Financing activities
Repayment of bank loans
-
(209,080)
Net cash used in financing activities
-
(209,080)
Net (decrease)/increase in cash and cash equivalents
(707,224)
138,286
Cash and cash equivalents at beginning of year
9,268,990
9,130,704
Cash and cash equivalents at end of year
8,561,766
9,268,990
LANDEX HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
1
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,044,908
3,225,400
Adjustments for:
Taxation charged
357,914
945,504
Finance costs
339,228
414,184
Investment income
(858,084)
(966,230)
Gain on disposal of tangible fixed assets
(56,931)
(60,828)
Depreciation and impairment of tangible fixed assets
357,815
306,587
Movements in working capital:
Increase in stocks
(5,406,270)
(1,181,469)
Decrease in debtors
4,238,338
1,551,066
Increase/(decrease) in creditors
89,166
(3,328,838)
Cash generated from operations
106,084
905,376
2
Analysis of changes in net debt - group
2024
£
Opening net funds
Cash and cash equivalents
9,268,990
Changes in net debt arising from:
Cash flows of the entity
(707,224)
Closing net funds as analysed below
8,561,766
Closing net funds
Cash and cash equivalents
8,561,766
LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
3
Accounting policies
Company information

Landex Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 19 Holywells Road, Ipswich, Suffolk, IP3 0DL.

 

The group consists of Landex Holdings Limited and all of its subsidiaries.

3.1
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.

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 £.

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

3.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

3.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Landex Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Accounting policies
(Continued)
- 15 -
3.4
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future. The directors are not aware of any material uncertainties which may cause doubt on the group's ability to continue as a going concern.

3.5
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover represents the value of house sales and other invoiced work excluding discounts, value added tax and other sales taxes. A house sale is recognised when the build is complete and contracts have been exchanged.

3.6
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:

Freehold land and buildings
25% straight line on buildings / 2% straight line on buildings / 10 years straight line
Fixtures and fittings
25% reducing balance
Computers
33.3% reducing balance
Motor vehicles
25% reducing balance
Other fixed assets
25% reducing balance or 12.5% reducing balance

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 recognised in the profit and loss account.

3.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Accounting policies
(Continued)
- 16 -
3.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

3.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

3.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Accounting policies
(Continued)
- 17 -
3.11
Financial instruments

The group 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.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Accounting policies
(Continued)
- 18 -
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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

3.12
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

3.13
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Accounting policies
(Continued)
- 19 -
3.14
Retirement benefits

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

4
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recognition of profit on sale of properties and joint ventures

Costs and profit on property sales and joint ventures is recognised as plots are sold, based on the total expected outcome of the site. This estimation is updated as the economic outlook changes, including the prices of the houses and the costs of materials and wages.

5
Turnover and other revenue

The whole of the turnover is attributable to the company's principal activity being the construction of domestic buildings.

 

All turnover arose within the United Kingdom.

2024
2023
£
£
Turnover analysed by class of business
Management Fees
1,057,639
143,073
Project Fees
-
1,750,000
House Sales
5,502,378
11,126,903
Other sales
221,190
2,133,573
6,781,207
15,153,549
2024
2023
£
£
Other revenue
Interest income
414,019
193,034
Commissions received
161,948
157,140
Income from participating interests - joint ventures
444,065
773,196
LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
6
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
357,815
306,587
Profit on disposal of tangible fixed assets
(56,931)
(60,828)
7
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,225
14,500
For other services
All other non-audit services
10,225
9,700
8
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
42
40
5
5

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,823,149
1,863,179
293,709
285,870
Social security costs
203,980
210,349
36,767
35,949
Pension costs
258,516
84,129
113,232
40,578
2,285,645
2,157,657
443,708
362,397
LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
414,019
193,034
Income from fixed asset investments
Income from participating interests - joint ventures
444,065
773,196
Total income
858,084
966,230
10
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
293,710
285,871
Company pension contributions to defined contribution schemes
9,975
9,582
303,685
295,453
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
109,347
98,468
Company pension contributions to defined contribution schemes
2,920
2,786

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

11
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
255
5,237
Other interest
338,973
408,947
Total finance costs
339,228
414,184
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
323,721
844,180
LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
34,193
90,841
Adjustment in respect of prior periods
-
(1,866)
Effect of changes in tax rates
-
12,349
Total deferred tax
34,193
101,324
Total tax charge
357,914
945,504

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,402,822
4,170,904
Tax on profit at Standard UK rate of 25.00% (2023: 22.01%)
350,348
918,087
Expenses not deductible
7,347
30,143
Income not taxable
-
(13,623)
Gains / Rollover relief etc
413
Adjstment from previous periods
-
(1,866)
Tax rate changes
1
12,349
Roundings
1
1
Taxation charge for the year
357,697
945,504

Factors that may affect future tax charges

 

There were no factors that may affect future tax changes.

 

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
5,500,000
5,500,000
LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
5,500,000
Carrying amount
At 30 September 2024
5,500,000
At 30 September 2023
5,500,000
14
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Landex Limited
19 Holywells Road, Ipswich Suffolk, IP3 0LD
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Landex Limited
21,199,716
222,258
LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
15
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Other fixed assets
Total
£
£
£
£
£
£
Cost
At 1 October 2023
987,106
35,699
59,123
1,038,716
1,134,802
3,255,446
Additions
44,479
-
0
10,596
188,084
271,123
514,282
Disposals
-
0
-
0
-
0
(153,230)
(10,000)
(163,230)
At 30 September 2024
1,031,585
35,699
69,719
1,073,570
1,395,925
3,606,498
Depreciation and impairment
At 1 October 2023
139,395
28,956
37,904
299,748
455,568
961,571
Depreciation charged in the year
20,628
1,180
15,252
167,705
153,050
357,815
Eliminated in respect of disposals
-
0
-
0
-
0
(109,985)
(9,075)
(119,060)
At 30 September 2024
160,023
30,136
53,156
357,468
599,543
1,200,326
Carrying amount
At 30 September 2024
871,562
5,563
16,563
716,102
796,382
2,406,172
At 30 September 2023
847,711
6,743
21,219
738,968
679,234
2,293,875
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
Included within Freehold land and buildings is freehold land with a historical cost of £70,783 (2023 - £70,783), which is not being depreciated.
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
21,682,469
16,276,199
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
76,600
378,323
40,713
43,564
Corporation tax recoverable
116,407
-
0
-
0
-
0
Other debtors
2,611,076
6,423,616
13,948,526
12,954,211
Prepayments and accrued income
957,374
1,082,099
235
495
3,761,457
7,884,038
13,989,474
12,998,270
LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
303,523
753,237
-
0
-
0
Corporation tax payable
136,739
616,244
136,739
423,684
Other taxation and social security
87,482
92,581
38,311
38,090
Other creditors
8,596,760
8,049,849
8,386,431
8,048,001
Accruals and deferred income
352,993
355,925
92,184
92,555
9,477,497
9,867,836
8,653,665
8,602,330
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
387,131
352,889
Other short term timing differences
(896)
(847)
386,235
352,042
The company has no deferred tax assets or liabilities.
2024
2023
Movements in the year:
£
£
Provision at start of period
352,042
250,718
Adjustment in respect of prior periods
-
(1,866)
Deferred tax charge to income statement for the period
34,193
103,190
Liability at 30 September 2024
386,235
352,042
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
258,516
84,129
LANDEX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
20
Retirement benefit schemes
(Continued)
- 26 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The pension creditor payable (included within accruals) as at 30 September 2024 is £8,709 (2023: £8,280).

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary £1 Shares
-
-
3
3
Ordinary £1 A Shares
-
-
3,999,997
3,999,997
-
-
4,000,000
4,000,000
22
Ultimate controlling party

The ultimate controlling party of the company is Mr T. G Davies by virtue of his shareholdings in the ultimate parent undertaking, Landex Holdings Limited.

23
Related party transactions

As at the year ended 30 September 2024, the group owed related party Landex Commercial Property Limited £4,825,465 (2023 - £4,775,465).

 

The group was owed £400,874 by related party Holywells Residential Lettings Limited as at the year-end (2023 - £177,245).

 

The sales to Holywells Residential Lettings Limited during the year totalled £193,736 (2023: £92,019) and also purchases from Holywells Residential Lettings Limited during the year of £591,611 (2023: £846).

 

There are loans of £756,875 (2023: £375,000) to a related party under common ownership. These loans have a rate of interest of 7.5% - 8% and are to be paid within 1 year.

 

The group employs two family members of one of the directors. The total gross wages cost in the year for these two employees totalled £104,689 (2023: £121,949).

 

There are balances due to the directors at the end of the year totalling £642,178 (2023: £353,682).

2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.100T G DaviesD J DaviesMrs B E DaviesJ Smithfalse10362597bus:Consolidated2023-10-012024-09-30103625972023-10-012024-09-3010362597bus:Director12023-10-012024-09-3010362597bus:Director22023-10-012024-09-3010362597bus:Director32023-10-012024-09-3010362597bus:CompanySecretary12023-10-012024-09-3010362597bus:RegisteredOffice2023-10-012024-09-3010362597bus:CompanySecretary1bus:Consolidated2023-10-012024-09-3010362597bus:Consolidated2024-09-30103625972024-09-3010362597bus:Consolidated2022-10-012023-09-30103625972022-10-012023-09-3010362597bus:Consolidated2023-09-3010362597core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-09-3010362597core:FurnitureFittingsbus:Consolidated2024-09-3010362597core:ComputerEquipmentbus:Consolidated2024-09-3010362597core:MotorVehiclesbus:Consolidated2024-09-3010362597core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-09-3010362597core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-3010362597core:FurnitureFittingsbus:Consolidated2023-09-3010362597core:ComputerEquipmentbus:Consolidated2023-09-3010362597core:MotorVehiclesbus:Consolidated2023-09-3010362597core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-09-30103625972023-09-3010362597core:ShareCapitalbus:Consolidated2024-09-3010362597core:ShareCapitalbus:Consolidated2023-09-3010362597core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-09-3010362597core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-3010362597core:ShareCapital2024-09-3010362597core:OtherMiscellaneousReserve2024-09-3010362597core:ShareCapitalbus:Consolidated2022-09-3010362597core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-09-3010362597bus:Consolidated2022-09-3010362597core:ShareCapital2022-09-3010362597core:RetainedEarningsAccumulatedLosses2022-09-3010362597core:ShareCapital2023-09-3010362597core:RetainedEarningsAccumulatedLosses2023-09-3010362597core:RetainedEarningsAccumulatedLosses2024-09-3010362597bus:Consolidated12023-10-012024-09-3010362597bus:Consolidated12022-10-012023-09-3010362597core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-012024-09-3010362597core:FurnitureFittings2023-10-012024-09-3010362597core:ComputerEquipment2023-10-012024-09-3010362597core:MotorVehicles2023-10-012024-09-3010362597core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-10-012024-09-3010362597core:Subsidiary12023-10-012024-09-3010362597core:Subsidiary112023-10-012024-09-3010362597core:Subsidiary12024-09-3010362597core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-3010362597core:FurnitureFittingsbus:Consolidated2023-09-3010362597core:ComputerEquipmentbus:Consolidated2023-09-3010362597core:MotorVehiclesbus:Consolidated2023-09-3010362597core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-09-3010362597bus:Consolidated2023-09-3010362597core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-10-012024-09-3010362597core:FurnitureFittingsbus:Consolidated2023-10-012024-09-3010362597core:ComputerEquipmentbus:Consolidated2023-10-012024-09-3010362597core:MotorVehiclesbus:Consolidated2023-10-012024-09-3010362597core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-10-012024-09-3010362597core:CurrentFinancialInstruments2024-09-3010362597core:CurrentFinancialInstruments2023-09-3010362597core:CurrentFinancialInstrumentsbus:Consolidated2024-09-3010362597core:CurrentFinancialInstrumentsbus:Consolidated2023-09-3010362597core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-09-3010362597core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-09-3010362597core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3010362597core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3010362597bus:PrivateLimitedCompanyLtd2023-10-012024-09-3010362597bus:FRS1022023-10-012024-09-3010362597bus:Audited2023-10-012024-09-3010362597bus:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3010362597bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP