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Registered number: 01113789










LAWFIELD PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
LAWFIELD PROPERTIES LIMITED
REGISTERED NUMBER: 01113789

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,894
2,675

Investments
 5 
100
100

Investment property
 6 
4,660,000
5,590,000

  
4,662,994
5,592,775

Current assets
  

Debtors: amounts falling due within one year
 7 
937,692
1,052,438

Cash at bank and in hand
 8 
574,024
362,548

  
1,511,716
1,414,986

Creditors: amounts falling due within one year
 9 
(5,481,261)
(5,108,900)

Net current liabilities
  
 
 
(3,969,545)
 
 
(3,693,914)

Total assets less current liabilities
  
693,449
1,898,861

Creditors: amounts falling due after more than one year
 10 
-
(640,502)

  

Net assets
  
693,449
1,258,359


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
693,349
1,258,259

  
693,449
1,258,359


Page 1

 
LAWFIELD PROPERTIES LIMITED
REGISTERED NUMBER: 01113789

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The director considers 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 director acknowledges his 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 statement of income and retained earnings 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: 




B R Galan
Director

Date: 10 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
LAWFIELD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Lawfield Properties Limited is a private company, limited by shares, incorporated in England and Wales. The address of its registered office is 29 Broad Walk, London, N21 3BU.
The functional and presentational currency of the company is Pound Sterling (£).

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and the group are considered eligible for the exemption to prepare consolidated financial statements.

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax. 
Turnover represents rents receivable during the year from investment properties.
Rental income from investment properties is accrued on a time apportioned basis under the term of the lease.

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

Page 3

 
LAWFIELD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

Taxation

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.

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Computer equipment
-
33%

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.

 
2.10

Investment property

Investment property is carried at fair value determined annually 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 4

 
LAWFIELD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.13

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

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.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 5

 
LAWFIELD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 October 2022
11,573
5,270
16,843


Additions
-
1,532
1,532


Disposals
-
(862)
(862)



At 30 September 2023

11,573
5,940
17,513



Depreciation


At 1 October 2022
9,078
5,091
14,169


Charge for the year on owned assets
1,184
128
1,312


Disposals
-
(862)
(862)



At 30 September 2023

10,262
4,357
14,619



Net book value



At 30 September 2023
1,311
1,583
2,894



At 30 September 2022
2,496
179
2,675

Page 6

 
LAWFIELD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 October 2022
100



At 30 September 2023
100





6.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 October 2022
5,390,000
200,000
5,590,000


Disposals
(60,000)
-
(60,000)


Deficit on revaluation
(820,000)
(50,000)
(870,000)



At 30 September 2023
4,510,000
150,000
4,660,000

The 2023 valuations were made by the director, B R Galan, a Chartered Surveyor, on fair value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
12,582,301
12,694,460


7.


Debtors

2023
2022
£
£


Trade debtors
92,399
136,599

Amounts owed by group undertakings
801,144
861,487

Other debtors
14,906
13,788

Prepayments and accrued income
29,243
40,564
Page 7

 
LAWFIELD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.Debtors (continued)


937,692
1,052,438



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
574,024
362,548



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
125,000

Trade creditors
3,566
5,244

Amounts owed to group undertakings
5,193,002
4,677,852

Corporation tax
33,851
36,630

Other taxation and social security
49,734
6,561

Other creditors
78,104
81,145

Accruals and deferred income
123,004
176,468

5,481,261
5,108,900



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
640,502


The aggregate amount of creditors for which security has been given amount to £Nil (2022 - £765,502).


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100


Page 8

 
LAWFIELD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Contingent liabilities

A
The company is a member of a value added tax group of companies. It is thereby jointly and severally liable for any value added tax liabilities by members of the group. As at 30 September 2023 the extent of this liability was £3,029 (2022 - £2,981).


13.


Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to dislcose transaction or balances with other wholy owned members of the group.


14.


Controlling party

The immediate and ultimate parent company is Mellawood Properties Limited, a company registered in England and Wales. The address of its registered office is 29 Broad Walk, London, N21 3BU.


Page 9