Company registration number 04004050 (England and Wales)
LAIRD ASSESSORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
LAIRD ASSESSORS LIMITED
COMPANY INFORMATION
Director
E N Ellis
Company number
04004050
Registered office
Whitfield Buildings
192-200 Pensby Road
Heswall
Wirral
CH60 7RJ
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
Business address
Whitfield Buildings
192 - 200 Pensby Road
Heswall
Wirral
CH60 7RJ
LAIRD ASSESSORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LAIRD ASSESSORS LIMITED
BALANCE SHEET
AS AT
30 OCTOBER 2022
30 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
24,456
14,688
Tangible assets
4
40,179
26,276
64,635
40,964
Current assets
Debtors
5
1,143,554
1,099,121
Cash at bank and in hand
6,697
7,250
1,150,251
1,106,371
Creditors: amounts falling due within one year
6
(616,403)
(652,902)
Net current assets
533,848
453,469
Total assets less current liabilities
598,483
494,433
Creditors: amounts falling due after more than one year
7
(267,412)
(38,333)
Provisions for liabilities
(3,740)
(5,389)
Net assets
327,331
450,711
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
327,231
450,611
Total equity
327,331
450,711
LAIRD ASSESSORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 OCTOBER 2022
30 October 2022
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 October 2023
E N Ellis
Director
Company Registration No. 04004050
LAIRD ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2022
- 3 -
1
Accounting policies
Company information
Laird Assessors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Whitfield Buildings, 192-200 Pensby Road, Heswall, Wirral, CH60 7RJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis where specified in the accounting policies below.
1.2
Going concern
There has been a downturn in insurance referral cases due to COVID-19 restrictions reducing travel. The anticipated impact to the Company will reduce annual turnover.
The directors have carefully considered the above and continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The company raises fee advice notes at the point the work is commissioned as is the norm in the accident management industry. The fee advice note can ultimately be waived at any point depending on if the case is unsuccessful, therefore it is only certain when it has been paid. Revenue is therefore recognised at the point where monies are received. Revenue received after the balance sheet date, up to and including the date of approval of the accounts, relating to the year end is recognised as accrued income at the year end.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
3 years straight line
LAIRD ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the life of the lease
Fixtures, fittings & equipment
25 - 33% straight line basis
Computer equipment
25 - 33% straight line basis
Motor vehicles
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transaction cost and not amortised as they are either receivable or payable within one year.
Creditors payable after one year constitutes a commercial business loan with a market rate of interest being applied. This is recognised in full.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LAIRD ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
LAIRD ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
40
40
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 November 2021
5,000
18,360
23,360
Additions
-
16,800
16,800
At 30 October 2022
5,000
35,160
40,160
Amortisation and impairment
At 1 November 2021
5,000
3,672
8,672
Amortisation charged for the year
7,032
7,032
At 30 October 2022
5,000
10,704
15,704
Carrying amount
At 30 October 2022
24,456
24,456
At 31 October 2021
14,688
14,688
LAIRD ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2021
11,864
117,150
129,014
Additions
27,295
27,295
At 30 October 2022
11,864
144,445
156,309
Depreciation and impairment
At 1 November 2021
9,755
92,984
102,739
Depreciation charged in the year
1,483
11,908
13,391
At 30 October 2022
11,238
104,892
116,130
Carrying amount
At 30 October 2022
626
39,553
40,179
At 31 October 2021
2,109
24,167
26,276
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
56,999
67,912
Other debtors
1,086,555
1,031,209
1,143,554
1,099,121
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
34,698
10,000
Trade creditors
64,178
99,361
Taxation and social security
204,191
228,267
Other creditors
313,336
315,274
616,403
652,902
Included in other creditors is the amount of £194,049 (2021 - £188,814) for which security has been given by a fixed and floating charge over the assets of the company.
In addition, a cross-company guarantee has been given in respect of Hashtag Office Limited.
LAIRD ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
- 8 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
252,422
38,333
Other creditors
14,990
267,412
38,333
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
LAIRD ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
- 9 -
9
Related party transactions
During the year the company operated a loan account with Merelda Limited, a group undertaking. At the balance sheet date, the amount due from Merelda Limited was £56,999 (2021: £67,912).
During the year the company operated a loan account with Hashtag Office Ltd, a director related entity. At the balance sheet date, the amount due from Hashtag Office Ltd was £352,644 (2021: £331,710).
During the year the company operated a loan account with Revolution 4.0 Ltd, a director related entity. At the balance sheet date, the amount due from Revolution 4.0 Ltd was £113,137 (2021: £94,579).
Due to the uncertainty of the future trade of the Revolution 4.0 Ltd, the loan has been written down at the end the year to NIL.
During the year the company operated a loan account with Lacuna Recruitment Limited, a director related entity. At the balance sheet date, the amount due from Lacuna Recruitment Limited was £9,056 (2021: £9,056).