James Laurence Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04105682 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

JAMES LAURENCE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N A C Laurence

J D Fawcett

SECRETARY:

N A C Laurence

REGISTERED OFFICE:

10 London Mews

Paddington

LONDON

W2 1HY

REGISTERED NUMBER:

04105682 (England and Wales)

ACCOUNTANTS:

Stein Richards

Chartered Accountants

10 London Mews

London

W21HY

FIXED ASSETS

Investment property

4

2,160,400

2,155,000

CURRENT ASSETS

Debtors

5

1,145,781

1,392,423

Cash at bank

133

2,252

1,145,914

1,394,675

CREDITORS

Amounts falling due within one year

6

20,779

192,915

NET CURRENT ASSETS

1,125,135

1,201,760

TOTAL ASSETS LESS CURRENT LIABILITIES

3,285,535

3,356,760

CREDITORS

Amounts falling due after more than one year

7

(808,389

)

(889,320

)

PROVISIONS FOR LIABILITIES

(230,248

)

(170,238

)

NET ASSETS

2,246,898

2,297,202

CAPITAL AND RESERVES

Called up share capital

9

134

134

Capital redemption reserve

66

66

Retained earnings

2,246,698

2,297,002

SHAREHOLDERS' FUNDS

2,246,898

2,297,202

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:

J D Fawcett - Director

N A C Laurence - Director

1.	STATUTORY INFORMATION

James Laurence 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

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

Turnover

Turnover represents rents receivable on properties.

Investment property

In accordance with FRS102, Section 1A, the company's properties are held for long-term investment and are included in the Balance Sheet at their open market values. The surplus or deficit on annual revaluation of such properties are transferred to the profit and loss account.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties.

The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

2,155,000

Additions

5,400

At 31 March 2023

2,160,400

NET BOOK VALUE

At 31 March 2023

2,160,400

At 31 March 2022

2,155,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2008

2,109,490

Valuation in 2010

1,077,450

Valuation in 2011

(93,863

)

Valuation in 2012

45,000

Valuation in 2013

(311,287

)

Valuation in 2014

(40,700

)

Valuation in 2015

(1,050,095

)

Valuation in 2017

340,000

Valuation in 2018

(556,572

)

Valuation in 2019

(229,672

)

Cost

870,649

2,160,400

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other debtors

1,145,781

1,392,423

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

5,043

2,284

Taxation and social security

3,013

5,308

Other creditors

12,723

185,323

20,779

192,915

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

808,389

889,320

31.3.23

31.3.22

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

808,389

889,320

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

808,389

889,320

Newcastle Building Society hold legal charges over the various properties held by the company.

9.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

134

Ordinary

£1

134

134

10.	RELATED PARTY DISCLOSURES