Laxfield Capital Limited - Period Ending 2017-03-31

Registration number: 06425762

Laxfield Capital Limited

Unaudited Financial Statements

Year Ended 31 March 2017

Laxfield Capital Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 5

Laxfield Capital Limited

Company Information

Directors	A Slater E Huepfl

Company secretary

E Huepfl

Registered office

22 Chancery Lane London WC2A 1LS

Page 1

Laxfield Capital Limited

(Registration number: 06425762)

Balance Sheet as at 31 March 2017

	Note	2017  £	2016  £
Current assets
Debtors	4	2,011,516	770,890
Cash at bank and in hand		316,095	688,909
		2,327,611	1,459,799
Creditors: Amounts falling due within one year	5	(1,092,541)	(413,188)
Net assets		1,235,070	1,046,611
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,234,970	1,046,511
Total equity		1,235,070	1,046,611

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 October 2017 and signed on its behalf by:
 

.........................................

A Slater

Director

The notes on pages 3 to 5 form an integral part of these financial statements.
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Laxfield Capital Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
22 Chancery Lane
London
WC2A 1LS

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The date of transition was 1 April 2015, and no adjustments arose on transition.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

The turnover shown in the profit and loss account represents amounts for fees raised for arranging loans which are recognised on the completion of each advance.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date without discounting.

Deferred tax assets in respect of such timing differences are recognised to the extent that they are regarded as being, more likely than not, recoverable in the short to medium term, and are not discounted.

Group relief

Charges for amounts payable in respect of losses surrendered to the company or credits in respect of amounts receivable for tax losses surrendered by the company and utilised by other group companies are recognised in the period to which they relate.

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Laxfield Capital Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2016 - 9).

4

Debtors

	Note	2017  £	2016  £
Amounts owed by group undertakings	6	1,748,910	743,770
Other debtors		262,606	27,120
		2,011,516	770,890

5

Creditors

	2017  £	2016  £
Due within one year
Trade creditors	3,863	220
Other creditors	1,088,678	412,968
	1,092,541	413,188

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Laxfield Capital Limited

Notes to the Financial Statements

Year Ended 31 March 2017

6	Related party transactions

Summary of transactions with other related parties

Laxfield Capital Limited received £30,000 (2016 - £101,994) of income on behalf of Laxfield Debt Advisory Limited, a company under common control. Laxfield Capital Limited also paid expenses totalling £6,393 (2016 - £6,365) on behalf of Laxfield Debt Advisory Limited. At the balance sheet date the amount due to Laxfield Debt Advisory Limited was £59,242 (2016 - £35,635). The balance is interest-free and repayable on demand.

Laxfield Capital Limited received £1,038,744 (2016 - £382,698) of income on behalf of Laxfield National Limited, a company under common control. Expenses totalling £398,703 (2016 - £6,365) were also paid by Laxfield Capital Limited on Laxfield National Limited's behalf. Laxfield Capital Limited additionally reimbursed £2,000 (2016 - £nil) to Laxfield National Limited in the year. At the balance sheet date the amount due to Laxfield National Limited was £1,014,374 (2016 - £376,333). The balance is interest-free and repayable on demand.
 

7	Parent and ultimate parent undertaking

The company's immediate parent is Laxfield Asset Management Limited, incorporated in England.

 The ultimate controlling party is Mr A Slater.

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