LADAS & PARRY LONDON LIMITED |
Registered Number:00960783 |
For the year ended 31 December 2023
England and Wales
Audited Financial Statements
For the year ended 31 December 2023
LADAS & PARRY LONDON LIMITED
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
LADAS & PARRY LONDON LIMITED
Statement of Financial Position
2022
2023
Property, plant and equipment |
1,217
1,217
2
1,217
1,217
Trade and other receivables |
1,468,456
1,459,440
3
7,682
Cash and cash equivalents |
14,600
1,474,040
1,476,138
Trade and other payables: amounts falling due within one |
year |
(1,940,948)
(1,934,764)
4
(464,810)
(460,724)
Net current liabilities
Total assets less current liabilities |
(459,507)
(463,593)
(459,507)
Net liabilities
(463,593)
100
100
(459,607)
(463,693)
(459,507)
(463,593)
Shareholders' funds
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
These financial statements were approved and authorised for issue by the Board on 22 August 2024 and were signed by: |
The notes form part of these financial statements |
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For the year ended 31 December 2023
LADAS & PARRY LONDON LIMITED
Notes to the Financial Statements
Statutory Information
LADAS & PARRY LONDON LIMITED is a private limited company, limited by shares, domiciled in England and Wales, |
registration number 00960783. |
TEMPLE CHAMBERS
3-7 TEMPLE AVENUE
LONDON
EC4Y 0DA
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention as |
modified by the revaluation of certain assets. |
Revenue recognition
Turnover is measured with respect to a formula based on its annual costs and the gross profit percentages acheived by its sister company Ladas & Parry (London). Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. |
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Land and Buildings
Computer Equipment
Furniture and Fittings
Deferred tax
Deferred tax is normally recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. However, although the copmany does possess significant trading losses we do not believe a deferred asset should be recognised as the prospect of the company going into profit in the foreseeable future is remote. Therefore, in accordance with provisions include if the FRC Ethical Standard we hve not provided for a deferred tax asset in these accounts. |
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable. |
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For the year ended 31 December 2023
LADAS & PARRY LONDON LIMITED
Notes to the Financial Statements Continued
Going Concern
The financial statements have been prepared on a going concern basis, which assumes that the company will |
continue to trade for the foreseeable future, being a period of at least 12 months from the date of approval for these |
financial statements. Cash generated at present is sufficient to cover all onging costs. It is however insufficient to |
cover repayments of the loan provided by the parent undertaking, Ladas & Parry LLP (new York). |
At the date of approval of these financial statements, the directors have no reason to believe that the support of the |
parent undertaking wil not be continued. Based on this the directors of the company believe that it is appropriate to |
use the going concern basis for the preparation of these financial statements. |
Financial Instruments - assets
Basic financial assets, including trade abd other receivables, cash and bank balances and investments in |
commerccial paper, are initially recognised at transaction proce, unless the arrangements constitutes a financing |
transaction, where the transaction is measured at the present value of the future receipts discounted ata market rate |
of interest. |
Financial Instruments - liabilities
Basic financial liabilities, including trade and other payables, bank loans, are initially recognised at transaction prce, |
unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present |
value of the future receipts discounted at a market rate of interest. Trade payables are obligations to pay for goods |
or services that have been acquired in the ordinary course of buisness from suppliers. Accounts payable are |
classififed as current liabilities if payment is due within one year or less. |
2. Property, plant and equipment |
82,447
32,191
34,151
16,105
16,105
34,151
32,191
82,447
Provision for depreciation and impairment |
81,230
30,975
34,150
16,105
81,230
30,975
34,150
16,105
-
1
1,216
1,217
-
1
1,216
1,217
3. Trade and other receivables |
2022
2023
961,955
926,873
Amounts owed by group undertakings and participating interests |
489,029
523,748
8,456
17,835
1,468,456
1,459,440
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For the year ended 31 December 2023
LADAS & PARRY LONDON LIMITED
Notes to the Financial Statements Continued
4. Trade and other payables: amounts falling due within one year |
2022
2023
523,211
531,086
Amounts owed to group undertaking and undertaking in which the |
company has a participating interest |
1,324,423
1,324,428
Taxation and social security |
21,189
5,750
65,941
79,684
1,934,764
1,940,948
5. Related party transactions |
The controlling party is Ladas & Parry, a New York Law Firm, by virtue of its nominees holding 100% of the |
company's issued share capital. J Richards, L Lusinchi and L Bryer by reason of their positions as partners in the |
New York Law Firm of Ladas & Parry Partnership, the parent undertaking have a material interest in the following |
rtansactions, arrangements and agreements during the year and still subsisting. |
1. Amountdue to parent undertaking consists of: |
Ladas & Parry - New York (1,324,423) (1,324,428) |
Ladas & Parry - London 590,378 523,748 |
---------------- --------------- |
Service charges from Ladas & Parry - London amounted to £347,933 (2022: £337.256) |
Trade debtors iclude £973,926 (2022: £973,926) due from Ladas & Parry New York. Trade creditors include |
£541,801 (2022: £541,801) due to Ladas & Parry LLP New York. |
6. Average number of persons employed |
During the year the average number of employees was 5 (2022 : 5)
7. Disclosure under section 444(5B) of the Companies Act 2006 |
The Report of the Independent Auditor is unqualified. |
Simon Byrne (Senior Statutory Auditor) |
David Morgan & Co Limited
8. APB ethical standard - Provisions available for small entities |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to |
the tax authorities and assist with the preparation of the financial statements. |
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