Registration number: 10876751

Laws Properties Limited

Contents

Company Information	1
Accountants' Report	2
Abridged Balance Sheet	3 to 4
Notes to the Unaudited Abridged Financial Statements	5 to 9

Laws Properties Limited

Company Information

Directors

Mr IS Laws Mrs SE Laws

Registered office

Trevone 47 Falmouth Road Truro Cornwall TR1 2HL

Accountants

Harland Accountants Ground Floor, Unit 3 Southview House St Austell Enterprise Park Carclaze Down St Austell Cornwall PL25 4EJ

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Laws Properties Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Laws Properties Limited for the year ended 31 July 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Laws Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Laws Properties Limited and state those matters that we have agreed to state to the Board of Directors of Laws Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laws Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Laws Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Laws Properties Limited. You consider that Laws Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Laws Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Harland Accountants
Ground Floor, Unit 3 Southview House
St Austell Enterprise Park
Carclaze Down
St Austell
Cornwall
PL25 4EJ

31 August 2023

Laws Properties Limited

(Registration number: 10876751)
Abridged Balance Sheet as at 31 July 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	5	2,128	2,159
Investment property		350,000	300,000
		352,128	302,159
Current assets
Cash at bank and in hand		22,716	18,512
Creditors: Amounts falling due within one year		(253,998)	(253,651)
Net current liabilities		(231,282)	(235,139)
Total assets less current liabilities		120,846	67,020
Provisions for liabilities		(21,995)	(12,501)
Accruals and deferred income		(546)	(510)
Net assets		98,305	54,009
Capital and reserves
Called up share capital	6	100	100
Revaluation reserve		92,046	51,546
Retained earnings		6,159	2,363
Shareholders' funds		98,305	54,009

For the financial year ending 31 July 2023 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.

Laws Properties Limited

(Registration number: 10876751)
Abridged Balance Sheet as at 31 July 2023

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 31 August 2023 and signed on its behalf by:
 

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

Mr IS Laws

Director

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

Mrs SE Laws

Director

Laws Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1	General information

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

The address of its registered office is:
Trevone
47 Falmouth Road
Truro
Cornwall
TR1 2HL

These financial statements were authorised for issue by the Board on 31 August 2023.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in existence for the foreseeable future. The validity of this assumption depends upon the continued support of the company's directors, who have loaned the company funds. The directors have confirmed that they will not request repayment unless the company has the funds available to meet the request.

Laws Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income 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 recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% NBV
Fixtures and fittings	15% NBV

Laws Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate.

The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

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. Accounts payable 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

Laws Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

4	Profit before tax

Arrived at after charging/(crediting)

	2023 £	2022 £
Depreciation expense	410	396

5	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 August 2022	3,649	380	4,029
Additions	-	379	379
At 31 July 2023	3,649	759	4,408
Depreciation
At 1 August 2022	1,685	185	1,870
Charge for the year	295	115	410
At 31 July 2023	1,980	300	2,280
Carrying amount
At 31 July 2023	1,669	459	2,128
At 31 July 2022	1,964	195	2,159

Investment properties

	2023 £
At 1 August	300,000
Fair value adjustments	50,000
At 31 July	350,000

There has been no valuation of investment property by an independent valuer.

Laws Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

6	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

	Revaluation reserve £	Retained earnings £
Surplus/deficit on property, plant and equipment revaluation	40,500	(40,500)