Laven (Consulting) Limited - Limited company accounts 18.2

REGISTERED NUMBER: 10918441 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 30th April 2019

for

Laven (Consulting) Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8

DIRECTORS:

J A de Lavenere Lussan

L Guo

REGISTERED OFFICE:

7th Floor (North)

11 Old Jewry

London

EC2R 8DU

REGISTERED NUMBER:

10918441 (England and Wales)

AUDITORS:

Meyer Williams

Chartered Accountants

& Statutory Auditors

Stag House

Old London Road

Hertford

Hertfordshire

SG13 7LA

The directors present their report with the financial statements of the company for the year ended 30th April 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of consultancy services.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st May 2018 to the date of this report.

J A de Lavenere Lussan

L Guo

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken

as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

AUDITORS

The auditors, Meyer Williams, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

L Guo - Director

31st January 2020

Opinion

We have audited the financial statements of Laven (Consulting) Limited (the 'company') for the year ended

30th April 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in

Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial

reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting

Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and

Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30th April 2019 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the company in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,

and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit

evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of

the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or

apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

statements or a material misstatement of the other information. If, based on the work we have performed, we conclude

that there is a material misstatement of this other information, we are required to report that fact. We have nothing to

report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit,

we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible

for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the directors determine necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic

alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs

(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

S Heaney (Senior Statutory Auditor)

for and on behalf of Meyer Williams

Chartered Accountants

& Statutory Auditors

Stag House

Old London Road

Hertford

Hertfordshire

SG13 7LA

31st January 2020

TURNOVER

3

1,092,213

153,077

Administrative expenses

945,978

150,582

OPERATING PROFIT

5

146,235

2,495

Income from shares in group undertakings

537,255

125,976

PROFIT BEFORE TAXATION

683,490

128,471

Tax on profit

6

-

-

PROFIT FOR THE FINANCIAL YEAR

683,490

128,471

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

683,490

128,471

FIXED ASSETS

Investments

7

5,000

5,000

CURRENT ASSETS

Debtors

8

1,277,195

280,025

Cash at bank

64,726

-

1,341,921

280,025

CREDITORS

Amounts falling due within one year

9

534,860

156,454

NET CURRENT ASSETS

807,061

123,571

TOTAL ASSETS LESS CURRENT LIABILITIES

812,061

128,571

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

811,961

128,471

SHAREHOLDERS' FUNDS

812,061

128,571

The financial statements were authorised for issue and approved by the Board of Directors on 31st January 2020 and were signed on its behalf by:

L Guo - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

128,471

128,471

Balance at 30th April 2018

100

128,471

128,571

Changes in equity

Total comprehensive income

-

683,490

683,490

Balance at 30th April 2019

100

811,961

812,061

1.	STATUTORY INFORMATION

Laven (Consulting) 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 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.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the

company has the adequate resources to continue in operational existence for the foreseeable future. The company

therefore continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements,

as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Laven (Consulting) Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company is exempt under Section

400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its

subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent,

Laven Partners Limited, 7th Floor (North), 11 Old Jewry, London, EC2R DU.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions

that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for

revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from

those estimates. The following significant judgements have had to be made by management in preparing these

financial statements:

-

The directors make estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, the factors considered include the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Turnover

Turnover comprises amounts recognised by the group in respect of services supplied during the year, exclusive

of value added tax. Turnover is recognised in accordance with the terms of the agreements established between

the company and its clients, with fees being recognised on a monthly basis as services are provided.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of

the future payments, and subsequently at amortised cost using the effective interest method; Debt instruments

that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and

subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a

trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in

case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and

subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt

instrument.

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 the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is

the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between

an asset's carrying amount and the best estimate, which is an approximation, of the amount that the group would

receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive

Income, 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.

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.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period

16.8.17

Year Ended

to

30.4.19

30.4.18

£

£

United Kingdom

828,001

105,698

Europe

218,712

47,379

United States of America

20,500

-

Asia

25,000

-

1,092,213

153,077

All turnover was attributable to the company's principal activity.

4.	EMPLOYEES AND DIRECTORS

Period

16.8.17

Year Ended

to

30.4.19

30.4.18

£

£

Wages and salaries

373,612

35,499

Social security costs

41,532

3,849

Other pension costs

6,177

700

421,321

40,048

The average number of employees during the year was as follows:

Period

16.8.17

Year Ended

to

30.4.19

30.4.18

Sales and consultancy staff

8

5

Period

16.8.17

Year Ended

to

30.4.19

30.4.18

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

Period

16.8.17

Year Ended

to

30.4.19

30.4.18

£

£

Auditors' remuneration

5,150

1,500

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 30th April 2019 nor for the period ended

30th April 2018.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is

explained below:

Period

16.8.17

Year Ended

to

30.4.19

30.4.18

£

£

Profit before tax

683,490

128,471

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2018 - 19%)

129,863

24,409

Effects of:

Expenses not deductible for tax purposes

388

-

Group relief

(116,760

)

(24,409

)

Enhanced research and development deduction

(13,491

)

-

Total tax charge

-

-

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st May 2018

and 30th April 2019

5,000

NET BOOK VALUE

At 30th April 2019

5,000

At 30th April 2018

5,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Laven Advisors LLP

Registered office: 7th Floor (North), 11 Old Jewry, London, EC2R 8DU

Nature of business: Consultancy and advice

%

Class of shares:

holding

Member capital

90.00

30.4.19

30.4.18

£

£

Aggregate capital and reserves

181,911

192,527

Profit for the year/period

596,950

517,611

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

144,451

153,949

Amounts owed by group undertakings

1,000,504

126,076

Other debtors

55,000

-

Prepayments and accrued income

77,240

-

1,277,195

280,025

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade creditors

5,672

736

Amounts owed to group undertakings

-

73,789

Social security and other taxes

27,647

28,788

Other creditors

63,045

51,291

Accruals and deferred income

438,496

1,850

534,860

156,454

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1st May 2018

128,471

Profit for the year

683,490

At 30th April 2019

811,961

12.	PARENT AND ULTIMATE PARENT COMPANY

The immediate parent company is Laven Partners Limited. The results of the company are included in the

consolidated financial statements of the parent company.

The ultimate parent company is Laven Holdings Limited, a company incorporated in the British Virgin Islands.

13.	RELATED PARTY DISCLOSURES

The following information relates to transactions and balances as defined by FRS 102:

30.04.19

30.04.18

£

£

Included in debtors

137,294

125,976

Income from group undertakings

537,255

125,976