Registered number
07599185
The Family Office London Limited
Filleted Accounts
31 March 2023
The Family Office London Limited
Registered number: 07599185
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 11,752 14,082
Current assets
Debtors 5 - 5,472
Investments held as current assets 6 1,056,578 707,177
Cash at bank and in hand 500,463 373,089
1,557,041 1,085,738
Creditors: amounts falling due within one year 7 (259,623) (643,816)
Net current assets 1,297,418 441,922
Total assets less current liabilities 1,309,170 456,004
Provisions for liabilities (3,849) (46,403)
Net assets 1,305,321 409,601
Capital and reserves
Called up share capital 10 10
Profit and loss account 1,305,311 409,591
Shareholder's funds 1,305,321 409,601
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sebastian Lyle
Director
Approved by the board on 19 October 2023
The Family Office London Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 33% Straight line
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Taxation 2023 2022
£ £
UK Corporation 219,287 623,504
Deferred tax (42,877) (285,300)
Corporation tax - prior year adjustments 5,510 -
181,920 338,204
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 2
4 Tangible fixed assets
Computer Equipments Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 9,792 400 20,000 30,192
Additions 2,510 - - 2,510
At 31 March 2023 12,302 400 20,000 32,702
Depreciation
At 1 April 2022 8,522 400 7,188 16,110
Charge for the year 1,637 - 3,203 4,840
At 31 March 2023 10,159 400 10,391 20,950
Net book value
At 31 March 2023 2,143 - 9,609 11,752
At 31 March 2022 1,270 - 12,812 14,082
5 Debtors 2023 2022
£ £
Corporation tax Refundable - 5,472
6 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 1,056,578 707,177
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 17,548 241,174
7 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 219,287 623,504
Director's current account 31,554 15,677
Company Credit Card 3,215 217
Accruals 1,920 960
Other taxes and social security 2,934 3,035
Pension 713 423
259,623 643,816
8 Related party transactions
Amount owed from the company by the director at the end of the year was 2023: £31,554(2022: £15,677).
9 Controlling party
The company was ultimately controlled throughout the current period by its director, Mr Sebastian Lyle by virtue of the fact that he owned majority of the ordinary share capital of the company.
10 Other information
The Family Office London Limited is a private company limited by shares and incorporated in England. Its registered office is:
Senator House
85 Queen Victoria Street
London
England
EC4V 4DP
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