| REGISTERED NUMBER: 11074650 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 January 2025 |
| for |
| Landmark Financial Group Limited |
| REGISTERED NUMBER: 11074650 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 January 2025 |
| for |
| Landmark Financial Group Limited |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 January 2025 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Statement of Comprehensive Income | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 11 |
| Consolidated Statement of Changes in Equity | 12 |
| Company Statement of Changes in Equity | 13 |
| Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Financial Statements | 16 |
| Landmark Financial Group Limited |
| Company Information |
| for the Year Ended 31 January 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Lakeview House |
| 4 Woodbrook Crescent |
| Billericay |
| Essex |
| CM12 0EQ |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Group Strategic Report |
| for the Year Ended 31 January 2025 |
| The directors present their strategic report of the company and the group for the year ended 31 January 2025. |
| REVIEW OF BUSINESS |
| The Company, through its ownership of Landmark IFA Ltd, continues to offer independent financial advice to private clients and businesses. Fees are generated for providing such advice, which is delivered by qualified advisers. The firm took the decision to cease discretionary fund management activities in March 2025. |
| KEY PERFORMANCE INDICATORS |
| Gross revenue, client numbers and adviser numbers are key performance indicators for the business. All KPIs demonstrate a robust and realistic business plan. |
| FUTURE DEVELOPMENTS |
| Due to an increasing regulatory burden, many small firms will need to consider joining larger firms in the near future. Landmark is particularly well placed to take advantage of this circumstance and the business will continue to seek high quality firms for acquisition. In April 2025, Landmark completed the acquisition of BBI Financial Planning Ltd. Recruitment of advisers working presently in restricted advice firms will become an area of focus. Several acquisition targets and recruitment opportunities are currently in the pipeline. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Business performance is contingent on the confidence shown by our investors in the advice and service we provide, as much as it is in their confidence that investment markets will continue to offer value. If this confidence was eroded, then business performance could suffer. |
| Reputational damage caused by large (national) firms' failure to deliver ongoing service, and potential redress fees of £400m plus, cause great scrutiny to be placed on all regulated firms, which could result in a lack of confidence in financial advice more widely. Firms will need to provide evidence that an ongoing service is justified and is being delivered, otherwise they may face regulatory scrutiny and loss of client confidence. |
| Potential new, low cost entrants, such as tech giants with a loyal client base, and automated advice, supported by artificial intelligence, could see traditional firms' margins reduced in order to compete with these potential new entrants. |
| SECTION 172(1) STATEMENT |
| The Landmark Board have considered the requirements of Section 172(1) reporting in the preparation of these financial statements. In making any key decision, the Board will always take into consideration the following factors: |
| a) | the likely consequences of any decision in the short, mid and long term, |
| b) | the interests of the company's employees are measured and considered, |
| c) | the need to foster the company's business relationships with suppliers, clients, and any interaction with third party business partners, |
| d) | the impact of the company's operations on the local community and general environment, |
| e) | the desirability of the company and its officers maintaining a strong reputation for high standards of business conduct and ethics, |
| f) | the need to act fairly and without favour, and to be seen to do so, with all employees. |
| The Board consider key decisions in the context of the above areas and record how these decisions have been made. Key decisions are defined as those listed as principal agenda items at Landmark Board meetings. |
| The Landmark Board meet regularly throughout the year, both in person when appropriate, but also by zoom meeting. Therefore, all decisions are discussed in depth and considerations and conclusions recorded in the minutes. Landmark will continue to operate within all regulatory guidelines. |
| The following are some examples of the Landmark Board engagements that have taken place during the current financial year: |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Group Strategic Report |
| for the Year Ended 31 January 2025 |
| Our People |
| Our team are critical to the delivery of a positive client experience across all aspects of our business. This has been recognised for a long period of time but has been brought more into focus because of the pandemic. The business has significantly increased engagement with team members, through multiple communications channels, frequent business updates and through regular team meetings. Wherein not only are business decisions influenced, but where the contribution of each team member is recognised and encouraged. The cascading of business plans and initiatives are tabled, and increased value of 'listening sessions' are at the forefront to focus on increased health and wellbeing support for team members. |
| Our Directors |
| Our Directors have been associated with the Landmark Group and business for over 20 years and their experience and industry knowledge are critical to shaping the future of their company. Their views are of paramount importance and value in all decision making. The initiatives and considerations are tabled to the Landmark Board and create the backbone for all future strategic and directional decision making. Our previous Compliance and Ops director retired and was replaced in that role by an existing director. A further appointment to the board was made on 11 November 2024. |
| Shareholders |
| From 28 July 2023 the Landmark Group Employee Ownership Trust (the 'EOT') holds all of the issued share capital of the company. The shares are held for the benefit of the employees of the group. The EOT is dependent on the company making gifts to it to enable it to settle the liability to the former shareholders. The arrangement is more fully explained in note 2 to the accounts. |
| Employee participation |
| All employees have an interest in the ownership of the company by virtue of the fact that the company is wholly owned by an EOT. |
| Our Clients |
| Our clients show great confidence in allowing the firm to manage their wealth, which can be substantial. We fully understand the importance of open, honest and transparent dealings with our investor clients. |
| Premises |
| Landmark continues to operate form Warden's House. |
| ON BEHALF OF THE BOARD: |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Report of the Directors |
| for the Year Ended 31 January 2025 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 January 2025. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 January 2025. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Report of the Directors |
| for the Year Ended 31 January 2025 |
| AUDITORS |
| The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Opinion |
| We have audited the financial statements of Landmark Financial Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - | enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims; |
| - | enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
| - | reviewing minutes of meetings of those charged with governance; |
| - | reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable 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. |
| 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 Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Landmark Financial Group Limited (Registered number: 11074650) |
| 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 a Report of the Auditors 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 |
| Lakeview House |
| 4 Woodbrook Crescent |
| Billericay |
| Essex |
| CM12 0EQ |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Consolidated |
| Statement of Comprehensive |
| Income |
| for the Year Ended 31 January 2025 |
| 31.1.25 | 31.1.24 |
| Notes | £ | £ |
| TURNOVER | 6,191,030 | 5,747,524 |
| Cost of sales | 4,960,036 | 4,692,813 |
| GROSS PROFIT | 1,230,994 | 1,054,711 |
| Administrative expenses | 1,071,027 | 945,597 |
| OPERATING PROFIT | 4 | 159,967 | 109,114 |
| Interest receivable and similar income | 10,583 | 3,814 |
| 170,550 | 112,928 |
| Interest payable and similar expenses | 5 | 39,878 | 28,728 |
| PROFIT BEFORE TAXATION | 130,672 | 84,200 |
| Tax on profit | 6 | 33,023 | 21,193 |
| PROFIT FOR THE FINANCIAL YEAR |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Consolidated Balance Sheet |
| 31 January 2025 |
| 31.1.25 | 31.1.24 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 | 41,597 | 45,319 |
| Investments | 9 | - | - |
| 41,597 | 45,319 |
| CURRENT ASSETS |
| Debtors | 10 | 1,411,539 | 846,355 |
| Cash at bank | 373,766 | 665,769 |
| 1,785,305 | 1,512,124 |
| CREDITORS |
| Amounts falling due within one year | 11 | 1,263,356 | 914,167 |
| NET CURRENT ASSETS | 521,949 | 597,957 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
563,546 |
643,276 |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
(69,517 |
) |
(96,154 |
) |
| PROVISIONS FOR LIABILITIES | 16 | (9,541 | ) | (10,283 | ) |
| NET ASSETS | 484,488 | 536,839 |
| CAPITAL AND RESERVES |
| Called up share capital | 17 | 2,262 | 2,262 |
| Capital redemption reserve | 18 | 443 | 443 |
| Merger reserve | 18 | 381,324 | 381,324 |
| Retained earnings | 18 | 100,459 | 152,810 |
| SHAREHOLDERS' FUNDS | 484,488 | 536,839 |
| The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by: |
| K A Mullins - Director |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Company Balance Sheet |
| 31 January 2025 |
| 31.1.25 | 31.1.24 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| Investments | 9 |
| CURRENT ASSETS |
| Debtors | 10 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Capital redemption reserve | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 141,739 | 331,634 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 January 2025 |
| Called up | Capital |
| share | Retained | redemption | Merger | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 February 2023 | 2,262 | 421,418 | 443 | 381,324 | 805,447 |
| Changes in equity |
| Total comprehensive income | - | 63,007 | - | - | 63,007 |
| Gift to EOT | - | (331,615 | ) | - | - | (331,615 | ) |
| Balance at 31 January 2024 | 2,262 | 152,810 | 443 | 381,324 | 536,839 |
| Changes in equity |
| Total comprehensive income | - | 97,649 | - | - | 97,649 |
| Gift to EOT | - | (150,000 | ) | - | - | (150,000 | ) |
| Balance at 31 January 2025 | 2,262 | 100,459 | 443 | 381,324 | 484,488 |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 January 2025 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 February 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Gift to EOT | - | (331,615 | ) | - | (331,615 | ) |
| Balance at 31 January 2024 |
| Changes in equity |
| Total comprehensive income | - |
| Gift to EOT | - | (150,000 | ) | - | (150,000 | ) |
| Balance at 31 January 2025 |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 January 2025 |
| 31.1.25 | 31.1.24 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 70,098 | 341,678 |
| Interest paid | (39,878 | ) | (28,728 | ) |
| Tax paid | (20,479 | ) | (50,409 | ) |
| Net cash from operating activities | 9,741 | 262,541 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (8,605 | ) | (2,147 | ) |
| Interest received | 10,583 | 3,814 |
| Net cash from investing activities | 1,978 | 1,667 |
| Cash flows from financing activities |
| New loans in year | - | 100,000 |
| Loan repayments in year | (24,562 | ) | (14,904 | ) |
| Amount introduced by directors | - | 249,592 |
| Amount withdrawn by directors | (129,160 | ) | - |
| Gift to EOT | (150,000 | ) | (331,615 | ) |
| Net cash from financing activities | (303,722 | ) | 3,073 |
| (Decrease)/increase in cash and cash equivalents | (292,003 | ) | 267,281 |
| Cash and cash equivalents at beginning of year |
2 |
665,769 |
398,488 |
| Cash and cash equivalents at end of year | 2 | 373,766 | 665,769 |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 January 2025 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Profit before taxation | 130,672 | 84,200 |
| Depreciation charges | 12,327 | 12,304 |
| Loss on disposal of fixed assets | - | 87 |
| Finance costs | 39,878 | 28,728 |
| Finance income | (10,583 | ) | (3,814 | ) |
| 172,294 | 121,505 |
| (Increase)/decrease in trade and other debtors | (436,024 | ) | 161,785 |
| Increase in trade and other creditors | 333,828 | 58,388 |
| Cash generated from operations | 70,098 | 341,678 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 January 2025 |
| 31.1.25 | 1.2.24 |
| £ | £ |
| Cash and cash equivalents | 373,766 | 665,769 |
| Year ended 31 January 2024 |
| 31.1.24 | 1.2.23 |
| £ | £ |
| Cash and cash equivalents | 665,769 | 398,488 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.2.24 | Cash flow | At 31.1.25 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 665,769 | (292,003 | ) | 373,766 |
| 665,769 | (292,003 | ) | 373,766 |
| Debt |
| Debts falling due within 1 year | (24,592 | ) | (2,075 | ) | (26,667 | ) |
| Debts falling due after 1 year | (96,154 | ) | 26,637 | (69,517 | ) |
| (120,746 | ) | 24,562 | (96,184 | ) |
| Total | 545,023 | (267,441 | ) | 277,582 |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 January 2025 |
| 1. | STATUTORY INFORMATION |
| Landmark Financial Group Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Gifts to Employee Ownership Trust (EOT) |
| The company's entire issued share capital is owned by Landmark Group Employee Ownership Trust (the 'EOT'). The EOT exists for the benefit of the employees of the group from time to time. |
| An initial gift was made to the EOT during the year, being the first in a series of annual gifts. The gifts are made to enable the EOT to settle the consideration for the shares. |
| The gifts are accounted for as distributions as and when they are made. Future gifts are not recognised as liabilities prior to their being made. |
| Turnover |
| Turnover represents the fair value of net commissions and fees, received on the sale of wealth management policies, excluding value added tax. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Wages and salaries | 626,319 | 523,610 |
| Social security costs | 45,158 | 36,752 |
| Other pension costs | 29,942 | 58,232 |
| 701,419 | 618,594 |
| The average number of employees during the year was as follows: |
| 31.1.25 | 31.1.24 |
| Management | 5 | 5 |
| Admin | 22 | 21 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 27 (2024 - 26 ) . |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Directors' remuneration | 44,639 | 46,388 |
| Directors' pension contributions to money purchase schemes | 12,875 | 44,875 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Other operating leases | 14,550 | 18,000 |
| Depreciation - owned assets | 12,327 | 12,304 |
| Loss on disposal of fixed assets | - | 87 |
| Auditors' remuneration | 10,000 | 14,520 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Loan interest | 39,878 | 28,728 |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Current tax: |
| UK corporation tax | 33,765 | 20,496 |
| Deferred tax | (742 | ) | 697 |
| Tax on profit | 33,023 | 21,193 |
| UK corporation tax was charged at 24.03 %) in 2024. |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Profit before tax | 130,672 | 84,200 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 24.030 %) |
32,668 |
20,233 |
| Effects of: |
| Expenses not deductible for tax purposes | 390 | - |
| Depreciation in excess of capital allowances | - | 2,938 |
| Adjustments to tax charge in respect of previous periods | (35 | ) | (19 | ) |
| Marginal relief | - | (1,959 | ) |
| Total tax charge | 33,023 | 21,193 |
| 7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 8. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 February 2024 | - | 79,437 | 5,659 | 85,096 |
| Additions | 4,464 | - | 4,141 | 8,605 |
| At 31 January 2025 | 4,464 | 79,437 | 9,800 | 93,701 |
| DEPRECIATION |
| At 1 February 2024 | - | 36,749 | 3,028 | 39,777 |
| Charge for year | 1,116 | 7,944 | 3,267 | 12,327 |
| At 31 January 2025 | 1,116 | 44,693 | 6,295 | 52,104 |
| NET BOOK VALUE |
| At 31 January 2025 | 3,348 | 34,744 | 3,505 | 41,597 |
| At 31 January 2024 | - | 42,688 | 2,631 | 45,319 |
| 9. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1 February 2024 |
| and 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 10. | DEBTORS |
| Group | Company |
| 31.1.25 | 31.1.24 | 31.1.25 | 31.1.24 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 20,371 | 19,449 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 215,013 | 98,456 |
| Directors' current accounts | 228,029 | 98,869 | - | - |
| Prepayments and accrued income | 948,126 | 495,557 |
| 1,411,539 | 712,331 |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 10. | DEBTORS - continued |
| Group | Company |
| 31.1.25 | 31.1.24 | 31.1.25 | 31.1.24 |
| £ | £ | £ | £ |
| Amounts falling due after more than one | year: |
| Other debtors | - | 134,024 | - | - |
| Aggregate amounts | 1,411,539 | 846,355 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.1.25 | 31.1.24 | 31.1.25 | 31.1.24 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 13) | 10,375 | 10,119 |
| Other loans (see note 13) | 16,292 | 14,473 |
| Trade creditors | 11,631 | 15,872 |
| Amounts owed to group undertakings | - | - |
| Tax | 33,800 | 20,515 |
| Social security and other taxes | 11,973 | 9,342 |
| Other creditors | 647,235 | 345,049 |
| Pension creditor | 3,524 | 2,785 | - | - |
| Accruals and deferred income | 528,526 | 496,012 |
| 1,263,356 | 914,167 |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans (see note 13) | 5,225 | 15,570 |
| Other loans (see note 13) | 64,292 | 80,584 |
| 69,517 | 96,154 |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 10,375 | 10,119 |
| Funding Circle loan < 1yr | 16,292 | 14,473 |
| 26,667 | 24,592 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 5,225 | 10,375 |
| Funding Circle loan - 1-2yrs | 18,341 | 16,292 |
| 23,566 | 26,667 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | - | 5,195 |
| Funding Circle loan - 2-5yrs | 45,951 | 64,292 |
| 45,951 | 69,487 |
| Included within Creditors are the following loan balances: |
| Bank loan under Coronavirus Business Interruption Loan Scheme (CBILS) with a total balance due at the balance sheet date of £15,600 (2024: £25,689). The loan term amounts to six years with a maturity date of 20 July 2026. The annual interest rate applied to the loan is 2.5%. |
| Other loan is Funding Circle Business Loan Scheme (with a total balance due at the balance sheet date of £80,584 (2024: £95,057). The loan term amounts to six years with a maturity date of 01 February 2029. The annual interest rate applied to the loan is 12%. |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating | leases |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Within one year | 18,000 | 18,000 |
| Between one and five years | 90,000 | 90,000 |
| In more than five years | 8,250 | 26,250 |
| 116,250 | 134,250 |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 15. | FINANCIAL INSTRUMENTS |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Carrying amount of financial assets |
| Debt instruments measured at amortised cost | 1,411,539 | 846,355 |
| Carrying amount of financial liabilities |
| Debt instruments measured at amortised cost | 662,390 | 363,706 |
| 16. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Deferred tax | 9,541 | 10,283 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 February 2024 | 10,283 |
| Credit to Statement of Comprehensive Income during year | (742 | ) |
| Balance at 31 January 2025 | 9,541 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.1.25 | 31.1.24 |
| value: | £ | £ |
| Ordinary | £1 | 2,262 | 2,262 |
| 18. | RESERVES |
| Group |
| Capital |
| Retained | redemption | Merger |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 February 2024 | 152,810 | 443 | 381,324 | 534,577 |
| Profit for the year | 97,649 | 97,649 |
| Gift to EOT | (150,000 | ) | - | - | (150,000 | ) |
| At 31 January 2025 | 100,459 | 443 | 381,324 | 482,226 |
| Landmark Financial Group Limited (Registered number: 11074650) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 18. | RESERVES - continued |
| Company |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 February 2024 | 57,036 |
| Profit for the year |
| Gift to EOT | (150,000 | ) | - | (150,000 | ) |
| At 31 January 2025 | 48,775 |
| 19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 January 2025 and 31 January 2024: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| R C Martin |
| Balance outstanding at start of year | 1,427 | 10,128 |
| Amounts advanced | - | 1,427 |
| Amounts repaid | (1,427 | ) | (10,128 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | 1,427 |
| K A Mullins |
| Balance outstanding at start of year | 97,442 | 338,333 |
| Amounts advanced | 228,029 | 97,442 |
| Amounts repaid | (97,442 | ) | (338,333 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 228,029 | 97,442 |
| No interest was charged on the balance of £228,029 advanced to K A Mullins as at 31 January 2025. |
| 20. | RELATED PARTY DISCLOSURES |
| During the year, a total of key management personnel compensation of £ 58,996 (2024 - £ 92,254 ) was paid. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The Group's ultimate controlling party is Landmark Group Employee Ownership Trust, which holds 100% of issued share capital of Landmark Financial Group Limited. |