REGISTERED NUMBER: 00277342 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

The Land Finance & Mortgage Corporation

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

N H Chaplin MRICS

R M Chaplin MRICS

Secretary:

N H Chaplin MRICS

Registered office:

84 Market Place

Romford

Essex

RM1 3JE

Registered number:

00277342 (England and Wales)

Accountants:

Pinkham Blair

Chartered Accountants

87a High Street

The Old Town

Hemel Hempstead

Hertfordshire

HP1 3AH

Fixed assets

Tangible assets

4

242,350

50,306

Investment property

5

8,191,991

7,466,991

8,434,341

7,517,297

Current assets

Stocks

550

550

Debtors

6

3,200,304

3,369,669

Cash at bank

26,518

4,718

3,227,372

3,374,937

Creditors

Amounts falling due within one year

7

1,765,370

780,254

Net current assets

1,462,002

2,594,683

Total assets less current liabilities

9,896,343

10,111,980

Creditors

Amounts falling due after more than one year

8

(210,878

)

(1,108,230

)

Provisions for liabilities

(530,675

)

(288,640

)

Net assets

9,154,790

8,715,110

Capital and reserves

Called up share capital

11

34,828

34,828

Share premium

34,728

34,728

Other reserves

11,897

11,897

Retained earnings

9,073,337

8,633,657

Shareholders' funds

9,154,790

8,715,110

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

N H Chaplin MRICS - Director

1.	Statutory information

The Land Finance & Mortgage Corporation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provision of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The Financial statements have been prepared under the historical cost convention, as modified by revaluation of certain fixed assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents sales of development land and property and rents receivable on investment property. Property sales are recognised when there is an exchange of unconditional contracts. Rental income is recognised in the period to which the rent relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost and 25% on reducing balance

The assets' residual values, useful lives and deprecation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks include work in progress and are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost of stock comprises land acquisition, construction, infrastructure and other development expenditure. No interest charges or other overheads are included in stocks.

The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 4 (2023 - 4 ) .

4.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 January 2024

79,990

Additions

232,481

At 31 December 2024

312,471

Depreciation

At 1 January 2024

29,684

Charge for year

40,437

At 31 December 2024

70,121

Net book value

At 31 December 2024

242,350

At 31 December 2023

50,306

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

Cost

At 1 January 2024

53,990

Additions

232,481

At 31 December 2024

286,471

Depreciation

At 1 January 2024

11,248

Charge for year

38,546

At 31 December 2024

49,794

Net book value

At 31 December 2024

236,677

At 31 December 2023

42,742

5.	Investment property

Total

£

Fair value

At 1 January 2024

7,466,991

Revaluations

725,000

At 31 December 2024

8,191,991

Net book value

At 31 December 2024

8,191,991

At 31 December 2023

7,466,991

6.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

6,471

124,953

Amounts owed by group undertakings

2,949,971

3,004,821

Other debtors

243,862

239,895

3,200,304

3,369,669

7.

Creditors: amounts falling due within one year

2024

2023

£

£

Bank loans and overdrafts

1,075,000

30,000

Hire purchase contracts (see note 9)

25,495

3,376

Amounts owed to group undertakings

632,912

630,812

Taxation and social security

16,389

19,261

Other creditors

15,574

96,805

1,765,370

780,254

8.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Bank loans

-

1,075,000

Hire purchase contracts (see note 9)

210,878

33,230

210,878

1,108,230

9.	Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

25,495

3,376

Between one and five years

210,878

33,230

236,373

36,606

Non-cancellable

operating leases

2024

2023

£

£

Within one year

4,018

4,821

Between one and five years

-

4,018

4,018

8,839

10.	Secured debts

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

1,075,000

1,105,000

The loan is supported by a first legal charge over specified properties held by the company and fellow subsidiaries and a debenture over the whole assets and undertakings of the company and fellow subsidiaries.

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

34,828

Ordinary

£1

34,828

34,828

12.	Contingent liabilities

The company's assets are subject to a legal charge and debenture in respect of a £1,300,000 bank loan held by the ultimate parent company.

13.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

N H Chaplin MRICS

Balance outstanding at start of year

97,450

97,450

Amounts advanced

1,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

98,450

97,450

14.	Related party disclosures

The company was owed £82,145 (2023 : £78,920) by a company controlled by the directors.

15.	Ultimate controlling party

The company is a subsidiary of Romford Construction Company Limited. The ultimate parent company is Maylands Green Limited. Both companies are registered in England and Wales. Group accounts are available from Companies House, Cardiff.

Registered Office:

84 Market Place,

Romford,

Essex,

RM1 3JE

16.	Non-distributable reserves

Included in retained earnings at the balance sheet date is £5,934,355 which is non-distributable.