London Land Bromley Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 13776741

LONDON LAND BROMLEY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

LONDON LAND BROMLEY LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4		349		1,743

CURRENT ASSETS

Stocks		9,100,583	8,235,965
Debtors	5	52,048	18,412
Cash at bank and in hand		64,114	226,975
		------------	------------
		9,216,745	8,481,352

CREDITORS: amounts falling due within one year	6	6,817,829		52,862
		------------		------------
NET CURRENT ASSETS			2,398,916		8,428,490
			------------		------------
TOTAL ASSETS LESS CURRENT LIABILITIES			2,399,265		8,430,233

CREDITORS: amounts falling due after more than one year	7	4,360,000	9,247,289
		------------	------------
NET LIABILITIES		( 1,960,735)	( 817,056)
		------------	------------

CAPITAL AND RESERVES

Called up share capital fully paid	100	100
Other reserves	–	209,608
Profit and loss account	( 1,960,835)	( 1,026,764)
	------------	------------
SHAREHOLDERS DEFICIT	( 1,960,735)	( 817,056)
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;

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

LONDON LAND BROMLEY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr M L Balducci

Director

Company registration number: 13776741

LONDON LAND BROMLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 38 Seymour Street, London, W1H 7BP.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company currently meets its working capital requirements through loan facilities from related companies and other creditors. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Interest rate used to discount loans to present value in the prior year The company used a market rate of interest of 2.5% when discounting loans received from associated companies to their present value. The directors considered this judgement to be the most appropriate rate to apply to the loans.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Stocks

Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the work in progress to its present location and condition. Borrowing costs are expensed as incurred.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

4. TANGIBLE ASSETS

	Equipment
	£
Cost
At 1 January 2024 and 31 December 2024	4,183
	-------
Depreciation
At 1 January 2024	2,440
Charge for the year	1,394
	-------
At 31 December 2024	3,834
	-------
Carrying amount
At 31 December 2024	349
	-------
At 31 December 2023	1,743
	-------

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

5. DEBTORS

	2024	2023
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	13,295	13,295
Other debtors	38,753	5,117
	--------	--------
	52,048	18,412
	--------	--------

6. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	241,098	46,662
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	4,200
Loans	6,574,731	–
Other creditors	2,000	2,000
	------------	--------
	6,817,829	52,862
	------------	--------

7. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Loans	4,360,000	9,247,289
	------------	------------

Included within loans in the comparative year were non-market rate loans from associates totalling £4,350,000. These loans were deemed to be basic instruments which are covered by section 11 of Financial Reporting Standard 102. The accounting standard provides that a loan should be initially recognised at its cost and subsequently at its net present value. In accordance with this provision an amount of £209,608 was treated as a capital contribution in order to revalue the loan to its net present value at the balance sheet date. Deemed interest on these loans totalled £100,985 for the comparative period.

Loans totalling £4,360,000 (2023 - £5,106,898) are secured via fixed and floating charges over the development land and property owned by the company.

8. RELATED PARTY TRANSACTIONS

The company has received loans from associated companies. As at 31 December 2024 the amount owing was £6,574,732 (2023 - £4,350,000).

9. GOING CONCERN

The directors have considered the period to 31 December 2026 when assessing the company's ability to continue as a going concern. It is believed that the company will be able to satisfy its liabilities as these become payable.