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Company Registration No: 02049091 (England and Wales)

Landwork Limited

trading as Boroughbridge Brick & Tile Company

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Landwork Limited

trading as Boroughbridge Brick & Tile Company

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Landwork Limited

trading as Boroughbridge Brick & Tile Company

(Registration number: 02049091)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

222,390

209,723

Current assets

 

Stocks

5

860,506

792,470

Debtors

6

401,139

293,021

Cash at bank and in hand

 

216,699

344,624

 

1,478,344

1,430,115

Creditors: Amounts falling due within one year

7

(418,380)

(266,110)

Net current assets

 

1,059,964

1,164,005

Total assets less current liabilities

 

1,282,354

1,373,728

Creditors: Amounts falling due after more than one year

7

(26,705)

(38,254)

Provisions for liabilities

(44,511)

(37,456)

Net assets

 

1,211,138

1,298,018

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,210,138

1,297,018

Shareholders' funds

 

1,211,138

1,298,018

 

Landwork Limited

trading as Boroughbridge Brick & Tile Company

(Registration number: 02049091)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 June 2025 and signed on its behalf by:
 

.........................................
Mr B J Young
Company secretary and director

 

Landwork Limited

trading as Boroughbridge Brick & Tile Company

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
74 High Street
Northallerton
North Yorkshire
DL7 8EG
England

The principal place of business is:
Blockmere House
The Old Station, Milby Lane
Boroughbridge
North Yorkshire
YO51 9BL

These financial statements were authorised for issue by the Board on 24 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Landwork Limited

trading as Boroughbridge Brick & Tile Company

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Long leasehold

10% reducing balance

Fixtures and fittings

10% reducing balance

 

Landwork Limited

trading as Boroughbridge Brick & Tile Company

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Defibrillator (included in fixtures and fittings)

20% straight line

Computer equipment

33.3% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable those overheads that have been incurred in bringing the stock to its present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Landwork Limited

trading as Boroughbridge Brick & Tile Company

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Landwork Limited

trading as Boroughbridge Brick & Tile Company

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

51,498

47,027

135,964

163,884

398,373

Additions

-

5,605

-

73,239

78,844

Disposals

-

-

-

(27,740)

(27,740)

At 30 September 2024

51,498

52,632

135,964

209,383

449,477

Depreciation

At 1 October 2023

42,402

15,234

53,311

77,703

188,650

Charge for the year

877

4,614

20,663

21,614

47,768

Eliminated on disposal

-

-

-

(9,331)

(9,331)

At 30 September 2024

43,279

19,848

73,974

89,986

227,087

Carrying amount

At 30 September 2024

8,219

32,784

61,990

119,397

222,390

At 30 September 2023

9,096

31,793

82,653

86,181

209,723

Included within the net book value of land and buildings above is £8,219 (2023 - £9,097) in respect of long leasehold land and buildings.
 

 

Landwork Limited

trading as Boroughbridge Brick & Tile Company

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Stocks

2024
£

2023
£

Other inventories

860,506

792,470

6

Debtors

Current

2024
£

2023
£

Trade debtors

398,611

290,637

Prepayments

2,528

2,186

Other debtors

-

198

 

401,139

293,021

 

Landwork Limited

trading as Boroughbridge Brick & Tile Company

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

39,328

25,741

Trade creditors

 

235,784

98,132

Taxation and social security

 

103,468

96,658

Accruals and deferred income

 

19,737

9,142

Other creditors

 

20,063

36,437

 

418,380

266,110

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

26,705

38,254

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

19,665

20,884

Other borrowings

7,040

17,370

26,705

38,254

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

28,996

15,663

Other borrowings

10,332

10,078

39,328

25,741

Other borrowings

The bank borrowing is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 4 June 2026. The carrying amount at year end is £17,371 (2023 - £27,447).

Security for the loan is a debenture held by HSBC UK Bank PLC.

 

Landwork Limited

trading as Boroughbridge Brick & Tile Company

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £398,406 (2023 - £589). The total relates to total future minimum operating lease payments.

10

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

During the year, the company made loans to Directors. Interest was charged on the loans at the HMRC official rate.

(763)

184,972

(188,000)

(3,791)

 

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

During the year, the company made loans to Directors. Interest was charged on the loans at the HMRC official rate.

(5,007)

102,952

(98,709)

(763)