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Laing Securities Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 08368837

 

Laing Securities Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Laing Securities Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

16,633

7,718

Investment property

5

1,966,616

1,966,616

Investments

6

-

35

 

1,983,249

1,974,369

Current assets

 

Debtors

7

10,940

3,848

Cash at bank and in hand

 

353,502

379,843

 

364,442

383,691

Creditors: Amounts falling due within one year

8

(22,656)

(127,321)

Net current assets

 

341,786

256,370

Total assets less current liabilities

 

2,325,035

2,230,739

Provisions for liabilities

(40,213)

(42,142)

Net assets

 

2,284,822

2,188,597

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,284,722

2,188,497

Shareholders' funds

 

2,284,822

2,188,597

 

Laing Securities Limited

Balance Sheet

31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 November 2023
 

.........................................
M Laing
Director

   
     

Company Registration Number: 08368837

 

Laing Securities Limited

Notes to the Financial Statements

Year Ended 31 March 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:
Hill Cottage
Winspit Road
Worth Matravers
Swanage
Dorset
BH19 3LW

These financial statements were authorised for issue by the director on 28 November 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 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.

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.

Revenue recognition

Turnover represents amounts chargeable in respect of rents receivable.

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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax has been measured using a long-term corporation rate of 25%, as this was the last rate substantively enacted before the year end.

 

Laing Securities Limited

Notes to the Financial Statements

Year Ended 31 March 2023

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

Fixtures, Fittings and equipment

15% per annun reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. Changes in fair value are recognised in profit or loss.

Fixed asset Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

Laing Securities Limited

Notes to the Financial Statements

Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

9,080

9,080

Additions

11,850

11,850

At 31 March 2023

20,930

20,930

Depreciation

At 1 April 2022

1,362

1,362

Charge for the year

2,935

2,935

At 31 March 2023

4,297

4,297

Carrying amount

At 31 March 2023

16,633

16,633

At 31 March 2022

7,718

7,718

5

Investment properties

2023
£

At 1 April and 31 March

1,966,616

The director has valued the properties at 31 March 2023 at £1,996,616. The value of the investment properties determined on a historical cost basis is £1,805,765 (2022: £1,805,765).

 

Laing Securities Limited

Notes to the Financial Statements

Year Ended 31 March 2023

6

Investments

2023
£

2022
£

Investments in associates

-

35

7

Debtors

2023
£

2022
£

Prepayments

418

294

Other debtors

10,522

3,554

10,940

3,848

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Corporation tax

15,418

12,869

Other creditors

-

104,946

Accruals and deferred income

7,238

9,506

22,656

127,321

 

Laing Securities Limited

Notes to the Financial Statements

Year Ended 31 March 2023

9

Related party transactions

Other transactions with directors

At 31 March 2023 there was a loan of £4,355 to the director of the company which will be repaid by 31 December 2023.

Summary of transactions with other related parties

In 2021 an investment property addition of £496,601 related to the company's share of a property purchased by the director and his spouse which is in part held in trust for the company. A loan was taken out by the director and his spouse, which had a balance of £250,000 (2022: £366,000) at the balance sheet date is secured on the property.
 

10

Reserves

Included in profit and loss reserves is £120,638 (2022: £120,638) of non-distributable reserves.