Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31true2true2022-04-01falseBuying and selling of own real estate2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02004546 2022-04-01 2023-03-31 02004546 2021-04-01 2022-03-31 02004546 2023-03-31 02004546 2022-03-31 02004546 c:Director1 2022-04-01 2023-03-31 02004546 c:Director2 2022-04-01 2023-03-31 02004546 c:RegisteredOffice 2022-04-01 2023-03-31 02004546 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 02004546 d:Buildings d:LongLeaseholdAssets 2023-03-31 02004546 d:Buildings d:LongLeaseholdAssets 2022-03-31 02004546 d:CurrentFinancialInstruments 2023-03-31 02004546 d:CurrentFinancialInstruments 2022-03-31 02004546 d:Non-currentFinancialInstruments 2023-03-31 02004546 d:Non-currentFinancialInstruments 2022-03-31 02004546 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02004546 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02004546 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02004546 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 02004546 d:ShareCapital 2023-03-31 02004546 d:ShareCapital 2022-03-31 02004546 d:RevaluationReserve 2023-03-31 02004546 d:RevaluationReserve 2022-03-31 02004546 d:RetainedEarningsAccumulatedLosses 2023-03-31 02004546 d:RetainedEarningsAccumulatedLosses 2022-03-31 02004546 c:OrdinaryShareClass1 2022-04-01 2023-03-31 02004546 c:OrdinaryShareClass1 2023-03-31 02004546 c:OrdinaryShareClass1 2022-03-31 02004546 c:FRS102 2022-04-01 2023-03-31 02004546 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02004546 c:FullAccounts 2022-04-01 2023-03-31 02004546 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02004546 d:Subsidiary1 2022-04-01 2023-03-31 02004546 d:Subsidiary1 1 2022-04-01 2023-03-31 02004546 2 2022-04-01 2023-03-31 02004546 6 2022-04-01 2023-03-31 02004546 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 02004546












LONDON & CENTRAL SECURITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

LONDON & CENTRAL SECURITIES LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 10


 

LONDON & CENTRAL SECURITIES LIMITED
 
COMPANY INFORMATION


Directors
R D Goldstein 
P E Goldstein 




Registered number
02004546



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:02004546
LONDON & CENTRAL SECURITIES LIMITED

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
5,980,000
6,895,000

Investments
 6 
128,042
128,042

  
6,108,042
7,023,042

Current assets
  

Stocks
 8 
991,924
991,924

Debtors
 9 
2,028,574
3,340,310

Cash at bank and in hand
  
497,494
191,497

  
3,517,992
4,523,731

Creditors: amounts falling due within one year
 10 
(1,891,893)
(2,418,393)

Net current assets
  
 
 
1,626,099
 
 
2,105,338

Total assets less current liabilities
  
7,734,141
9,128,380

Creditors: amounts falling due after more than one year
 11 
(24,098)
(33,984)

Provisions for liabilities
  

Deferred tax
  
(637,451)
(1,069,903)

Net assets
  
 
 
7,072,592
 
 
8,024,493


Capital and reserves
  

Called up share capital 
 12 
33,000
33,000

Revaluation reserve
  
2,123,383
3,444,566

Profit and loss account
  
4,916,209
4,546,927

Total equity
  
7,072,592
8,024,493


Page 2


 
REGISTERED NUMBER:02004546
LONDON & CENTRAL SECURITIES LIMITED
    
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 by: 




R D Goldstein
Director

Date: 26 February 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 

LONDON & CENTRAL SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

London & Central Securities Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH. Its principal place of business is 2-4 Noel Street, London, W1F 8GB.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
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 finnacial 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

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.4

Investment properties

Investment property is carried at fair value determined annually by the directors, or where available by external valuers. Valuations are 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.
The directors have elected to maintain an investment property reserve. At the end of each financial period the net amount of the investment property fair value adjustments and the related deferred tax liability are transferred to the reserve. 

 
2.5

Investments

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

Page 4

 

LONDON & CENTRAL SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Stocks

Trading properties are valued at the lower of cost and net realisable value.



 
2.7

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to thecontractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets 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. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
 
Page 5

 

LONDON & CENTRAL SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)


If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
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.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.9

Share capital

Ordinary shares are classified as equity.

 
2.10

Interest income

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

 
2.11

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.

 
2.12

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 6

 

LONDON & CENTRAL SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.

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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

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. Deferred tax  is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Valuation of investment property is a central component of the business. There is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 

LONDON & CENTRAL SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Investment property

£



Cost or valuation


At 1 April 2022
6,895,000


Additions
838,635


Revaluations
(1,753,635)



At 31 March 2023

5,980,000






Net book value



At 31 March 2023
5,980,000



At 31 March 2022
6,895,000

Investment properties consist of freehold land and buildings which were revalued at 31 March 2023 on the basis of an open market value for existing use by the directors.
The historical cost of the properties is £3,219,166 (2022: £2,380,531).


6.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Unlisted investments
Other fixed asset investments
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
2
40
100,000
28,000
128,042



At 31 March 2023
2
40
100,000
28,000
128,042





7.



Subsidiary undertaking





The following was a subsidiary undertaking of the company:

Name

Registered office

Principal activity

Class of shares

Holding

PFI Healthcare Limited
England
Dormant
Ordinary
100%

Page 8

 

LONDON & CENTRAL SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Stocks

2023
2022
£
£

Raw materials and consumables
991,924
991,924



9.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
63,036
71,169

Prepayments and accrued income
154,300
-

Due within one year

Trade debtors
47,639
28,964

Other debtors
1,749,858
3,219,610

Prepayments and accrued income
13,741
20,567

2,028,574
3,340,310



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,925
547,204

Other loans
510,993
1,371,000

Trade creditors
6,511
-

Amounts owed to associates
40
40

Corporation tax
91,443
37,366

Other taxation and social security
-
19,892

Other creditors
1,189,249
270,110

Accruals and deferred income
83,732
172,781

1,891,893
2,418,393



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,098
33,984


Page 9

 

LONDON & CENTRAL SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



33,000 (2022 - 33,000) Ordinary shares of £1.00 each
33,000
33,000


 
Page 10