Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truefalse2022-04-01No description of principal activity44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00955789 2022-04-01 2023-03-31 00955789 2021-04-01 2022-03-31 00955789 2023-03-31 00955789 2022-03-31 00955789 2021-04-01 00955789 1 2022-04-01 2023-03-31 00955789 3 2022-04-01 2023-03-31 00955789 3 2021-04-01 2022-03-31 00955789 d:Director1 2022-04-01 2023-03-31 00955789 e:FurnitureFittings 2022-04-01 2023-03-31 00955789 e:FurnitureFittings 2023-03-31 00955789 e:FurnitureFittings 2022-03-31 00955789 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00955789 e:FreeholdInvestmentProperty 2023-03-31 00955789 e:FreeholdInvestmentProperty 2022-03-31 00955789 e:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 00955789 e:CurrentFinancialInstruments 2023-03-31 00955789 e:CurrentFinancialInstruments 2022-03-31 00955789 e:Non-currentFinancialInstruments 2023-03-31 00955789 e:Non-currentFinancialInstruments 2022-03-31 00955789 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00955789 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 00955789 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 00955789 e:Non-currentFinancialInstruments e:AfterOneYear 2022-03-31 00955789 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-03-31 00955789 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2022-03-31 00955789 e:ShareCapital 2023-03-31 00955789 e:ShareCapital 2022-03-31 00955789 e:ShareCapital 2021-04-01 00955789 e:OtherMiscellaneousReserve 2023-03-31 00955789 e:OtherMiscellaneousReserve 1 2022-04-01 2023-03-31 00955789 e:OtherMiscellaneousReserve 3 2022-04-01 2023-03-31 00955789 e:OtherMiscellaneousReserve 2022-03-31 00955789 e:OtherMiscellaneousReserve 2021-04-01 00955789 e:OtherMiscellaneousReserve 3 2021-04-01 2022-03-31 00955789 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00955789 e:RetainedEarningsAccumulatedLosses 2023-03-31 00955789 e:RetainedEarningsAccumulatedLosses 1 2022-04-01 2023-03-31 00955789 e:RetainedEarningsAccumulatedLosses 3 2022-04-01 2023-03-31 00955789 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 00955789 e:RetainedEarningsAccumulatedLosses 2022-03-31 00955789 e:RetainedEarningsAccumulatedLosses 2021-04-01 00955789 e:RetainedEarningsAccumulatedLosses 3 2021-04-01 2022-03-31 00955789 e:OtherDeferredTax 2023-03-31 00955789 e:OtherDeferredTax 2022-03-31 00955789 d:FRS102 2022-04-01 2023-03-31 00955789 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00955789 d:FullAccounts 2022-04-01 2023-03-31 00955789 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00955789 2 2022-04-01 2023-03-31 00955789 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 00955789










LANCER INVESTMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
LANCER INVESTMENTS LIMITED
REGISTERED NUMBER: 00955789

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
37
44

Investments
 5 
10,050
10,050

Investment property
 6 
7,250,000
6,750,000

  
7,260,087
6,760,094

Current assets
  

Stocks
 7 
1,458,572
1,458,572

Debtors
 8 
1,450,784
1,333,155

  
2,909,356
2,791,727

Creditors: amounts falling due within one year
 10 
(935,794)
(893,948)

Net current assets
  
 
 
1,973,562
 
 
1,897,779

Total assets less current liabilities
  
9,233,649
8,657,873

Creditors: amounts falling due after more than one year
 11 
(1,000,000)
(1,000,000)

Provisions for liabilities
  

Deferred tax
 13 
(921,400)
(796,400)

  
 
 
(921,400)
 
 
(796,400)

Net assets
  
7,312,249
6,861,473


Capital and reserves
  

Called up share capital 
  
6,000
6,000

Other reserves
  
4,789,499
4,414,499

Profit and loss account
  
2,516,750
2,440,974

  
7,312,249
6,861,473


Page 1

 
LANCER INVESTMENTS LIMITED
REGISTERED NUMBER: 00955789
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 November 2023.




Mr H J Sage
Director

The notes on pages 5 to 12 form part of these financial statements.

Page 2

 
LANCER INVESTMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
6,000
4,414,499
2,440,974
6,861,473



Profit for the year
-
-
850,776
850,776

Fair value movement
-
500,000
(500,000)
-

Deferred tax movement
-
(125,000)
125,000
-

Dividends: Equity capital
-
-
(400,000)
(400,000)


At 31 March 2023
6,000
4,789,499
2,516,750
7,312,249


Page 3

 
LANCER INVESTMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 April 2021
6,000
4,605,635
2,403,269
7,014,904



Profit for the year
-
-
246,569
246,569

Deferred tax movement
-
(191,136)
191,136
-

Dividends: Equity capital
-
-
(400,000)
(400,000)


At 31 March 2022
6,000
4,414,499
2,440,974
6,861,473


Page 4

 
LANCER INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Lancer Investments Limited is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is 14th Floor, 33 Cavendish Square, London W1G 0PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents amounts receivable from sale of properties and rental income. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rental income is recognised in the period it relates to. Revenue from the sale of properties is recognised when all the conditions have been met, as from exchange of contracts.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
LANCER INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 6

 
LANCER INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stocks

Stock of properties are valued at the lower of cost or net realisable value.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 7

 
LANCER INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2022
2,550



At 31 March 2023

2,550



Depreciation


At 1 April 2022
2,506


Charge for the year on owned assets
7



At 31 March 2023

2,513



Net book value



At 31 March 2023
37



At 31 March 2022
44

Page 8

 
LANCER INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
10,050



At 31 March 2023
10,050





6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
6,750,000


Surplus on revaluation
500,000



At 31 March 2023
7,250,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.







7.


Stocks

2023
2022
£
£

Stock of properties
1,458,572
1,458,572


Page 9

 
LANCER INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
1,000,000
1,000,000

1,000,000
1,000,000

Due within one year

Trade debtors
66,437
84,843

Amounts owed by group undertakings
134,580
59,820

Other debtors
249,767
188,492

1,450,784
1,333,155



9.


Cash and cash equivalents

2023
2022
£
£

Less: bank overdrafts
(457,544)
(315,795)

(457,544)
(315,795)



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
457,544
315,795

Trade creditors
12,732
9,802

Amounts owed to group undertakings
-
38,880

Corporation tax
-
42,020

Other taxation and social security
40,452
46,706

Other creditors
23,124
23,124

Accruals and deferred income
401,942
417,621

935,794
893,948


The bank overdraft of £457,544 (2022: £315,795) is secured on properties held in stock.

Page 10

 
LANCER INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,000,000
1,000,000


The bank loan of £1,000,000 (2022: £1,000,000) is secured on properties held in stock.


12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
1,000,000
1,000,000

1,000,000
1,000,000



13.


Deferred taxation




2023


£






At beginning of year
(796,400)


Charged to profit or loss
(125,000)



At end of year
(921,400)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value uplift on investment properties
(921,400)
(796,400)

(921,400)
(796,400)

Page 11

 
LANCER INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Related party transactions

The company has taken advantage of the exemption available in Financial Reporting Standard 102, whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
Included in creditors is a loan of £23,124 (2022: £23,124) due to a company controlled by a connected party.

 
Page 12