Lauriston Investments Limited 31/03/2021 iXBRL

Lauriston Investments Limited 31/03/2021 iXBRL

LAURISTON INVESTMENTS LTD - Company Information

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Company registration number: 07133212
Lauriston Investments Limited
Unaudited filleted financial statements
31 March 2021
Lauriston Investments Limited
Contents
Statement of financial position
Notes to the financial statements
Lauriston Investments Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Investments 5 7,705,069 6,254,055
_______ _______
7,705,069 6,254,055
Current assets
Debtors 6 2 2
Cash at bank and in hand 612,117 433,989
_______ _______
612,119 433,991
Creditors: amounts falling due
within one year 7 ( 290,350) ( 297,756)
_______ _______
Net current assets 321,769 136,235
_______ _______
Total assets less current liabilities 8,026,838 6,390,290
Provisions for liabilities ( 314,318) ( 34,462)
_______ _______
Net assets 7,712,520 6,355,828
_______ _______
Capital and reserves
Called up share capital 2 2
Fair value reserve 1,157,206 146,917
Profit and loss account 6,555,312 6,208,909
_______ _______
Shareholders funds 7,712,520 6,355,828
_______ _______
For the year ending 31 March 2021 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 14 December 2021 , and are signed on behalf of the board by:
T A McCurley
Director
Company registration number: 07133212
Lauriston Investments Limited
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 2nd Floor, 32-33 Gosfield St, Fitzrovia, London, W1W 6HL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: Nil).
The company had no employees other than the directors.
5. Investments
Loans to group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 April 2020 243,890 6,010,165 6,254,055
Additions 1,195 1,072,425 1,073,620
Disposals - ( 1,094,031) ( 1,094,031)
Other movements - 1,471,425 1,471,425
_______ _______ _______
At 31 March 2021 245,085 7,459,984 7,705,069
_______ _______ _______
Impairment
At 1 April 2020 and 31 March 2021 - - -
_______ _______ _______
Carrying amount
At 31 March 2021 245,085 7,459,984 7,705,069
_______ _______ _______
At 31 March 2020 243,890 6,010,165 6,254,055
_______ _______ _______
Listed investments are measured at fair value and changes are recognised in the profit & loss account.
6. Debtors
2021 2020
£ £
Other debtors 2 2
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Corporation tax 10,956 18,362
Other creditors 279,394 279,394
_______ _______
290,350 297,756
_______ _______
8. Related party transactions
Associated company - -
The company has made a loan to an associated company on which interest is charged at 0.5% per annum
9. Controlling party
The company was controlled by the directors throughout the year.