Lawlor Property Management Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 04149008 (England and Wales)
Lawlor Property Management Limited
Company Information
Director
J Lawlor
Secretary
C Tustin
Company number
04149008
Registered office
12th Floor
The Broadgate Tower
20 Primrose Street
London
EC2A 2EW
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
United Kingdom
Bankers
National Westminter Bank PLC
132 High Street
Southend on Sea
Essex
SS1 1BA
Lawlor Property Management Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Lawlor Property Management Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
234,050
313,248
Investment properties
4
465,000
465,000
699,050
778,248
Current assets
Debtors
5
1,452
Cash at bank and in hand
44,507
31,798
45,959
31,798
Creditors: amounts falling due within one year
6
(257,729)
(177,922)
Net current liabilities
(211,770)
(146,124)
Total assets less current liabilities
487,280
632,124
Creditors: amounts falling due after more than one year
7
(349,116)
(348,793)
Provisions for liabilities
8
(23,747)
(32,202)
Net assets
114,417
251,129
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
114,317
251,029
Total equity
114,417
251,129
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
Lawlor Property Management Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 22 July 2024
J Lawlor
Director
Company Registration No. 04149008
Lawlor Property Management Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
Lawlor Property Management Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 12th Floor, The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving truethe financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of VAT. The business income stream is primarily rental and lettings commission income.
Gross rentals and commissions are recognised as they fall due.
1.4
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:
Leasehold improvements
Amortised over 10 years
Fixtures, fittings & equipment
25% - reducing balance
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Lawlor Property Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments at fair value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
Lawlor Property Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
Lawlor Property Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
787,726
21,931
809,657
Depreciation and impairment
At 1 January 2023
476,177
20,232
496,409
Depreciation charged in the year
78,773
425
79,198
At 31 December 2023
554,950
20,657
575,607
Carrying amount
At 31 December 2023
232,776
1,274
234,050
At 31 December 2022
311,549
1,699
313,248
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
465,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,452
-
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,839
9,998
Corporation tax
7,662
Other taxation and social security
6,216
Other creditors
105,707
137,375
Accruals and deferred income
147,183
16,671
257,729
177,922
Lawlor Property Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,823
27,500
Other creditors
321,293
321,293
349,116
348,793
A loan with a year end balance owed of £321,293 is secured by a fixed charge over the investment property. The loan is an interest only 25 year term loan repayable on 24 April 2045.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
8,468
-
Payable other than by instalments
321,293
321,293
329,761
321,293
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
23,747
32,202
9
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
10
Directors' transactions
An interest free loan has been granted by the director to the company. The balance at the start of the year was £137,375 and at the end of the year it had decreased to £105,707.
11
Controlling party
The company is controlled by J Lawlor by virtue of her majority shareholding.