X_Land_Limited - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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.

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

X Land Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents are basis financial assets and include cash in hand and deposits held at call with banks.

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The average monthly number of persons (including directors) employed by the company during the year was 0 (2016 - 0).

The company is controlled by Mr J Williams and Mr P Williams by virtue of their combined shareholdings.

Mr P Williams is a director and a material shareholder of Bankcourt Limited, Vinevalley Limited and Vinevalley Management Limited.

At 30 December 2017, the company was owed £13,947 (2016: £14,047) by Bankcourt Limited.

At 30 December 2017, the company was owed £387,779 (2016: £387,179) by Vinevalley Limited.

During the year, the company received payroll services amounting to £25,449 (2016: £104,805) from Vinevalley Management Limited. At 30 December 2017, the company was owed £38,026 (2016: £100,331) by Vinevalley Management Limited.

Mr J Williams is a director and a material shareholder of Landmast Limited.

At 30 December 2017, the company owed £781,484 (2016: £812,184) to Landmast Limited.

During the year, there were no transactions between the company and the director, J Williams. At 30 December 2017, the company owed £190 to J Williams (2016: £190).

During the year, there were transactions between the company and the director, P Williams. The director paid a commercial rate of interest amount to £nil (2016: £179) on the overdrawn balances during the year. The maximum overdrawn balance during the year was £nil (2016: £22,943). At 30 December 2017, the company owed £1,020,569 (2016: £428,157) to P Williams.