ACCOUNTS - Final Accounts

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-03-312021-03-31true2020-04-01false22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07105153 2020-04-01 2021-03-31 07105153 2019-04-01 2020-03-31 07105153 2021-03-31 07105153 2020-03-31 07105153 c:Director1 2020-04-01 2021-03-31 07105153 d:OfficeEquipment 2020-04-01 2021-03-31 07105153 d:OfficeEquipment 2021-03-31 07105153 d:OfficeEquipment 2020-03-31 07105153 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-04-01 2021-03-31 07105153 d:CurrentFinancialInstruments 2021-03-31 07105153 d:CurrentFinancialInstruments 2020-03-31 07105153 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 07105153 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 07105153 d:ShareCapital 2021-03-31 07105153 d:ShareCapital 2020-03-31 07105153 d:RetainedEarningsAccumulatedLosses 2021-03-31 07105153 d:RetainedEarningsAccumulatedLosses 2020-03-31 07105153 c:OrdinaryShareClass1 2020-04-01 2021-03-31 07105153 c:OrdinaryShareClass1 2021-03-31 07105153 c:OrdinaryShareClass1 2020-03-31 07105153 c:OrdinaryShareClass2 2020-04-01 2021-03-31 07105153 c:OrdinaryShareClass2 2021-03-31 07105153 c:OrdinaryShareClass2 2020-03-31 07105153 c:FRS102 2020-04-01 2021-03-31 07105153 c:AuditExempt-NoAccountantsReport 2020-04-01 2021-03-31 07105153 c:FullAccounts 2020-04-01 2021-03-31 07105153 c:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 07105153 6 2020-04-01 2021-03-31 07105153 d:AcceleratedTaxDepreciationDeferredTax 2021-03-31 07105153 d:AcceleratedTaxDepreciationDeferredTax 2020-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07105153

LBWP LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

LBWP LIMITED

REGISTERED NUMBER: 07105153

BALANCE SHEET

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		380		-
Investments	5		54,335		54,335
			54,715		54,335
Current assets
Debtors: amounts falling due within one year	6	49,740		7,665
Cash at bank and in hand		460,223		450,004
		509,963		457,669
Creditors: amounts falling due within one year	7	(44,919)		(95,814)
Net current assets			465,044		361,855
Total assets less current liabilities			519,759		416,190
Provisions for liabilities
Deferred tax		(72)		-
			(72)		-
Net assets			519,687		416,190

Capital and reserves
Called up share capital	9	100	100
Profit and loss account		519,587	416,090
		519,687	416,190

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LBWP LIMITED

REGISTERED NUMBER: 07105153

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 January 2022.

Mr A N Palfrey

Director

The notes on pages 3 to 8 form part of these financial statements.

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LBWP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

LBWP Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these accounts. The principal activity of the company continued to be that of business consultancy services for the IT industry. The company is not part of a group.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'.

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LBWP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Expenses

Expenses represent amounts payable for goods and services provided to the business.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.6

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of

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LBWP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.8

Financial instruments (continued)

financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 at market rate or in the case of an out-right short term loan not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

2.9

Creditors

Short term creditors are measured at the transaction price.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified as interest payable.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

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LBWP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	475
	At 31 March 2021	475
	Depreciation
	Charge for the year on owned assets	95
	At 31 March 2021	95
	Net book value
	At 31 March 2021	380
	At 31 March 2020	-

5.	Fixed asset investments

		Investments in associates
		£
	Cost or valuation
	At 1 April 2020	54,335
	At 31 March 2021	54,335

	Net book value
	At 31 March 2021	54,335
	At 31 March 2020	54,335

The net assets of THIS Partners LLP at 31 March 2021 were £418,604 (2020 £406,520) and the profit for the period was £845,686 (2020 £579,622). The investment represents a 31.3% (2020 31.3%) share in THIS Partners LLP at 31 March 2021.

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LBWP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Debtors

					2021	2020
					£	£


Amounts owed by undertakings in which the company has a participating interest	40,283	-
Other debtors	9,275	7,517
Prepayments and accrued income	182	148
	49,740	7,665

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Amounts owed to undertakings in which the company has a participating interest	-	73,098
Corporation tax	40,515	4,558
Other taxation and social security	1,758	-
Other creditors	-	13,849
Accruals and deferred income	2,646	4,309
	44,919	95,814

8.	Deferred taxation

		2021
		£

	Charged to profit or loss	(72)
	At end of year	(72)

The deferred taxation balance is made up as follows:
	2021	2020
	£	£

	Accelerated capital allowances	(72)	-
		(72)	-

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LBWP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

9.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

51 (2020 - 51) Ordinary "A" shares of £1.00 each	51	51
49 (2020 - 49) Ordinary "B" shares of £1.00 each	49	49

	100	100

10.

Related party transactions

During the year the company made dividend payments of £71,400 (2020 £135,150) to Mr A N Palfrey, a director.
During the year the company made dividend payments of £19,992 (2020 £22,050) to Mrs W C Palfrey, a director.
During the year the company had £253,855 (2020 £70,353) of profit available for distribution from THIS Partners LLP. The company received an amount of £NIL (2020 £27,887) as a repayment of investment during the year. The company withdrew £140,474 (2020 £191,076) in the year. A Palfrey paid for expenses totalling £NIL (2020 £6,789) on behalf of THIS Partners LLP during the year. THIS Partners LLP is a partnership which this company is a corporate member of.
The amount due from THIS Partners LLP at the year end was £40,283 (2020 £73,098 due to THIS Partners LLP).
The company made a repayment of £13,849 (2020 £9,742) to Mr A N Palfrey during the year. The company made a payment of £1,758 on behalf of Mr A N Palfrey during the year.
The amount due from him at the year end was £1,758 (2020 £13,849 due to him).

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