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Registration number: 03672831

Landmark PT Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Landmark PT Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Landmark PT Ltd

(Registration number: 03672831)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

385,421

376,539

Investment property

5

668,795

225,000

 

1,054,216

601,539

Current assets

 

Debtors

6

74,544

59,004

Cash at bank and in hand

 

36

38,606

 

74,580

97,610

Creditors: Amounts falling due within one year

7

(219,511)

(142,996)

Net current liabilities

 

(144,931)

(45,386)

Total assets less current liabilities

 

909,285

556,153

Creditors: Amounts falling due after more than one year

7

(499,730)

(261,782)

Provisions for liabilities

(16,742)

(18,530)

Net assets

 

392,813

275,841

Capital and reserves

 

Called up share capital

100

100

Retained earnings

392,713

275,741

Shareholders' funds

 

392,813

275,841

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

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 August 2025
 

Mr J D Potts
Director

   
     
 

Landmark PT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
3 Monmouth Place
Bath
BA1 2AT

These financial statements were authorised for issue by the director on 25 August 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.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. As at the date of signing the financial statements, the director confirms that the company is in a position to meet its liabilities for a period of 12 months and that there are no foreseeable events which may give rise to liabilities which exceeds the company’s ability to pay.

 

Landmark PT Ltd

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

Revenue recognition

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

The company recognises revenue for the sale of goods when all the following conditions are satisfied:
a) the significant risks and rewards of ownership have been transferred to the buyer;
b) the group retains no continuing involvement or control over the goods;
c) the amount of revenue can be reliably measured;
d) it is probable that future economic benefits will flow to the company; and
e) specific criteria have been met for each of the groups activities.

The company recognises revenue from the provision of services in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the company;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.
 

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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:

 

Landmark PT Ltd

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

Asset class

Depreciation method and rate

Leasehold land and buildings

Nil

Fixtures, fittings & equipment

15% reducing balance

Motor vehicles

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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 and work in progress 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. 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Landmark PT Ltd

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

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.

Leases

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 the director) during the year was 3 (2023 - 4).

 

Landmark PT Ltd

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

4

Tangible assets

Long leasehold land and buildings
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

335,806

38,799

50,307

424,912

Additions

16,521

-

-

16,521

At 30 November 2024

352,327

38,799

50,307

441,433

Depreciation

At 1 December 2023

-

28,653

19,720

48,373

Charge for the year

-

1,522

6,117

7,639

At 30 November 2024

-

30,175

25,837

56,012

Carrying amount

At 30 November 2024

352,327

8,624

24,470

385,421

At 30 November 2023

335,806

10,146

30,587

376,539

Included within the net book value of land and buildings above is £352,327 (2023 - £335,806) in respect of long leasehold land and buildings.
 

5

Investment properties

2024
£

At 1 December

225,000

Additions

443,795

At 30 November

668,795

There has been no valuation of investment property by an independent valuer.

 

Landmark PT Ltd

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

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

49,214

48,800

Amounts owed by related parties

10

15,168

-

Other debtors

 

75

-

Prepayments

 

8,687

9,104

Accrued income

 

1,400

1,100

 

74,544

59,004

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

80,299

34,562

Trade creditors

 

24,759

18,304

Amounts due to related parties

 

-

183

Social security and other taxes

 

108,952

85,222

Other creditors

 

3,451

561

Accruals

 

2,050

4,164

 

219,511

142,996

Due after one year

 

Loans and borrowings

8

499,730

261,782

 

Landmark PT Ltd

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

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

68,541

27,902

Bank overdrafts

5,098

-

Hire purchase contracts

6,660

6,660

80,299

34,562

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

490,161

245,553

Hire purchase contracts

9,569

16,229

499,730

261,782

Hire purchase contracts are secured against the assets to which they relate.

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 £21,250 (2023 - £Nil).

10

Related party transactions

Transactions with the director

2024

At 1 December 2023
£

Advances to director
£

Repayments by director
£

At 30 November 2024
£

Transactions during the year

(183)

22,114

(6,763)

15,168

 

During the year the company provided the director with a loan. This loan is repayable on demand and receives interest at the HMRC approved rate.