Company Registration No. 10621292 (England and Wales)
LANDMARK VENTURES (GX) LIMITED
Unaudited accounts
for the year ended 28 February 2021
LANDMARK VENTURES (GX) LIMITED
Unaudited accounts
Contents
LANDMARK VENTURES (GX) LIMITED
Statement of financial position
as at 28 February 2021
Debtors
16,584,920
13,386,605
Cash at bank and in hand
1,116
4,874
Creditors: amounts falling due within one year
(16,887,786)
(13,687,112)
Net current liabilities
(301,750)
(295,633)
Net liabilities
(237,158)
(231,041)
Called up share capital
100
100
Profit and loss account
(237,258)
(231,141)
Shareholders' funds
(237,158)
(231,041)
For the year ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2022 and were signed on its behalf by
D S Sandhu
Director
Company Registration No. 10621292
LANDMARK VENTURES (GX) LIMITED
Notes to the Accounts
for the year ended 28 February 2021
LANDMARK VENTURES (GX) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10621292. The registered office is THE PILLARS, SLADE OAK LANE, GERRARDS CROSS, BUCKINGHAMSHIRE, SL9 0QE, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the sale of developed properties.
Turnover is recognised on the day that legally binding contracts for the sale of the property are exchanged.
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company . Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Stocks represent property developments either in progress or completed but not yet sold.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and labour costs that have been incurred in bringing the stocks to their present condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
LANDMARK VENTURES (GX) LIMITED
Notes to the Accounts
for the year ended 28 February 2021
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
4
Investments
Subsidiary undertakings
Valuation at 1 March 2020
64,592
Valuation at 28 February 2021
64,592
5
Debtors: amounts falling due within one year
2021
2020
Amounts due from group undertakings etc.
16,584,920
13,371,605
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
9,733,461
7,091,162
Other creditors
7,154,325
6,595,950
7
Transactions with related parties
The company has taken advantage of the exemption in FRS 102 section 33 from the requirement to disclose transactions with 100% owned group companies.
8
Average number of employees
During the year the average number of employees was 2 (2020: 2).
