IRIS Accounts Production v24.2.0.383 09106266 Board of Directors Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true false true true false false false true false Ordinary shares of £1 each 0 Ordinary A shares of £1 each 0 Ordinary B shares of £1 each 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh091062662022-12-31091062662023-12-31091062662023-01-012023-12-31091062662021-12-31091062662022-01-012022-12-31091062662022-12-3109106266ns15:EnglandWales2023-01-012023-12-3109106266ns14:PoundSterling2023-01-012023-12-3109106266ns10:Director12023-01-012023-12-3109106266ns10:Director22023-01-012023-12-3109106266ns10:Consolidated2023-12-3109106266ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3109106266ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3109106266ns10:Consolidatedns10:MediumEntities2023-01-012023-12-3109106266ns10:Consolidatedns10:Audited2023-01-012023-12-3109106266ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3109106266ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109106266ns10:Consolidated2023-01-012023-12-3109106266ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3109106266ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3109106266ns10:FullAccounts2023-01-012023-12-310910626612023-01-012023-12-3109106266ns10:OrdinaryShareClass12023-01-012023-12-3109106266ns10:OrdinaryShareClass22023-01-012023-12-3109106266ns10:OrdinaryShareClass32023-01-012023-12-3109106266ns10:RegisteredOffice2023-01-012023-12-3109106266ns10:Consolidated2022-01-012022-12-3109106266ns5:CurrentFinancialInstruments2023-12-3109106266ns5:CurrentFinancialInstruments2022-12-3109106266ns5:ShareCapital2023-12-3109106266ns5:ShareCapital2022-12-3109106266ns5:RetainedEarningsAccumulatedLosses2023-12-3109106266ns5:RetainedEarningsAccumulatedLosses2022-12-3109106266ns5:ShareCapital2021-12-3109106266ns5:RetainedEarningsAccumulatedLosses2021-12-3109106266ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3109106266ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3109106266ns5:NetGoodwill2023-01-012023-12-3109106266ns5:CostValuation2022-12-3109106266ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3109106266ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3109106266ns10:OrdinaryShareClass12023-12-3109106266ns10:OrdinaryShareClass22023-12-3109106266ns10:OrdinaryShareClass32023-12-31
REGISTERED NUMBER: 09106266 (England and Wales)















GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LAVERY ROWE HOLDINGS LIMITED

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Directors' Report 4

Directors' Responsibilities Statement 5

Independent Auditors' Report 6

Consolidated Income Statement 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


LAVERY ROWE HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: W R Lewis
P J Payne





REGISTERED OFFICE: First Floor
Ridgeland House
15 Carfax
Horsham
West Sussex
RH12 1DY





BUSINESS ADDRESS: 69-71 Newington Causeway
London
SE1 6BD





REGISTERED NUMBER: 09106266 (England and Wales)





INDEPENDENT AUDITORS: Galloways Accounting
Statutory Auditor
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The results for the period were considered satisfactory by the directors. The financial position of the group at the
year end remained robust with adequate cash retained to finance outgoing operations for the foreseeable future.

The results of the group, have been considered in detail below. However, the continued strong performance of the
group is demonstrated by the fact that its balance sheet value has strengthened despite a number of recent
restructuring measures.

Analysis of development and performance & of other key performance indicators
The group has performed well during the year under review.

Turnover has decreased by £2.5 million (10.5%) this year to £21.2 million, and represents a good level of turnover
for the group. Gross profit has decreased by £0.5 million (14.3%) to £2.9 million with margins decreasing by 0.5% to
13.7%.

Administrative expenses have decreased by £0.6 million (21.5%) to £2.3 million in the past year. The group continue to constantly review costs undertaken in order to achieve possible future savings.

Net profit before tax of £0.7 million is greater than the £0.6 million achieved last year.

The financial position of the group has suffered in the past year with a £0.5 million drop in the balance sheet value of
the group. Net assets now stand at £2.2 million. The directors therefore believe that the group is on a sure footing to
continue its strong performance in the current financial period.

The company has received dividends of £1 million (2022: £1.5 million) from its subsidiary, Lavery Rowe Advertising
Limited, during the year and the Directors anticipate continuing underlying growth and forecasted profits in line with
recent years.

Employee Ownership Trust
On 28th January 2021 Lavery Rowe Holdings Limited completed the sale of all Ordinary shares to the Lavery Rowe
Employee Ownership Trust (EOT), resulting is all the existing shareholders selling 100% of their respective shares
to the EOT with deferred payments being agreed.

The EOT subsequently set up an Advisory Panel (AP). The AP is made up of five trustee directors, two of which are
directors of group companies, two of which are employees of the group and the last being an independent
representative with a clear objective to consider ideas that are presented to the board for consideration and possible
implementation.

During the year voluntary contributions were made to the EOT from Lavery Rowe Holdings Limited amounting to
£1 million. This contribution is then received by the EOT and used to help repay the deferred payments owing to
the previous shareholders.


LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
In common with all businesses, the group faces risks and uncertainties. The Directors adopt prudent policies to
minimise risks and are actively involved in reducing the effects of any adverse circumstances which might arise.

Business and regulatory risk
The group operates in a highly regulated and diverse business environment. The Directors and management
therefore perform regular reviews of business and regulatory risks to ensure that these are addressed and
minimised as far as possible.

Liquidity risk
Liquidity risk arises from the group's management of working capital. It is the risk that the group will encounter
difficulty in meeting its financial obligations as they fall due. At the end of the financial year, projections prepared for
the Board of Directors indicated that the group expected to have sufficient liquid resources to meet its obligations
under all reasonably expected circumstances.

The principal financial instruments of the group comprise bank balances, trade creditors and trade debtors. The
main purpose of these instruments is to provide funds for the group's operations and to finance these operations.
The liquidity of the business is regularly reviewed by the Directors to ensure that sufficient resources are maintained
to fund the group's transactions.

Bank balances are managed by maintaining a balance between the continuity of funding and flexibility. Trade
debtors are managed in respect of credit and cash flow risks by policies concerning the credit offered to clients and
the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is
managed by ensuring sufficient funds are available to meet amounts due.

Credit risk
Credit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet
its contractual obligations. The group is mainly exposed to credit risk from credit sales and it is the group's policy to
assess the credit risk of clients before entering sales contracts with them. Debtor balances are monitored on an
ongoing basis and provision is made for doubtful debts where necessary.

Operating risk
The Directors will regularly review the operation of the business and have put management committees in place to
ensure that operating systems and internal controls are adequate. Risks are identified, assessed and appropriate
remedial action decided upon by the Directors and each committee as appropriate. The group maintains insurance
policies to ensure that there is sufficient cover if any difficulties were to occur.

ON BEHALF OF THE BOARD:





W R Lewis - Director


29 August 2024

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company was that of a holding company to its subsidiary companies called Lavery Rowe
Advertising Limited, Lavery Rowe Trustees Limited, The Press Department Limited and LR Digital Limited.

The principal activity of the group was that of providing advertising agency services.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

FUTURE DEVELOPMENTS
The group continues to focus on its growth areas by investing in new producers and new client relationships to grow
revenues. The group continues to monitor and manage costs whilst supporting the infrastructure of the ongoing
activities of the business.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

W R Lewis
P J Payne

FINANCIAL INSTRUMENTS
Treasury operations and financial instruments
Details of the financial risk management objectives and policies of the group, as well as the group's exposure to price, credit, liquidity and cash flow risks are provided in the strategic report to these financial statements.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors Galloways Accounting will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





W R Lewis - Director


29 August 2024

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
LAVERY ROWE HOLDINGS LIMITED


Opinion
We have audited the financial statements of Lavery Rowe Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Directors' Report and the Directors' Responsibilities Statement, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
LAVERY ROWE HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we considered the risk of non-compliance with laws
and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls).

Audit procedures performed included:

- Enquiring of management whether there were instances of non-compliance with laws and regulation or fraud;
- Review of legal expenses for evidence of fees relating to non-compliance;
- Challenging assumptions and judgements made by management in determining significant accounting estimates
- Reviewing journal entries, non-sales bank receipts and non-purchase bank payments for unusual accounting
entries;
- To the extent that information was available to us: Substantive procedures to test that services contracted by
clients were recognised as revenue in the financial statements in the correct period; and
- Substantive procedures to test that accrued expenses were valid and complete.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on
the financial statements are FRS 102 and the Companies Act 2006. We performed audit procedures to detect noncompliance which may have a material impact on the financial statements which included reviewing financial
statement disclosures.

The audit team identified the risk of management override of controls as the area where the financial statements
were most susceptible to material misstatement due to fraud. Audit procedures performed included, but were not
limited to, testing manual journal entries and other adjustments and evaluating the business rationale in relation to
significant, unusual transactions and transactions entered into outside the normal course of business.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
LAVERY ROWE HOLDINGS LIMITED


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Christian Heeger BSc FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting
Statutory Auditor
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

5 September 2024

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 4 21,172,788 23,653,454

Cost of sales 18,268,279 20,262,428
GROSS PROFIT 2,904,509 3,391,026

Administrative expenses 2,255,289 2,874,294
649,220 516,732

Other operating income 14,583 21,700
OPERATING PROFIT 6 663,803 538,432

Interest receivable and similar income 7 23,914 3,934
687,717 542,366

Interest payable and similar expenses 8 524 -
PROFIT BEFORE TAXATION 687,193 542,366

Tax on profit 9 174,260 124,608
PROFIT FOR THE FINANCIAL YEAR 512,933 417,758

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - 44,555
Tangible assets 12 47,479 271,816
Investments 13 1,000 -
Investment property 14 - 382,957
48,479 699,328

CURRENT ASSETS
Debtors 15 2,536,449 2,971,675
Cash at bank 2,367,525 2,178,862
4,903,974 5,150,537
CREDITORS
Amounts falling due within one year 16 2,795,062 3,205,407
NET CURRENT ASSETS 2,108,912 1,945,130
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,157,391

2,644,458

CAPITAL AND RESERVES
Called up share capital 19 18,144 18,144
Revaluation reserve 20 - 54,261
Retained earnings 20 2,139,247 2,572,053
SHAREHOLDERS' FUNDS 2,157,391 2,644,458

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:




W R Lewis - Director



P J Payne - Director


LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

COMPANY BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 1,914,225 1,914,225
Investment property 14 - -
1,914,225 1,914,225

CURRENT ASSETS
Debtors 15 27,312 27,186
Cash at bank 102 228
27,414 27,414
CREDITORS
Amounts falling due within one year 16 1,488 1,488
NET CURRENT ASSETS 25,926 25,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,940,151

1,940,151

CAPITAL AND RESERVES
Called up share capital 19 18,144 18,144
Retained earnings 1,922,007 1,922,007
SHAREHOLDERS' FUNDS 1,940,151 1,940,151

Company's profit for the financial year 1,000,000 1,500,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:




W R Lewis - Director



P J Payne - Director


LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 January 2022 18,144 3,682,224 54,261

Changes in equity
Total comprehensive income - 417,758 -
Voluntary contributions to the
Employee Ownership Trust - (1,500,000 ) -
Acquisition of subsidiary - (27,929 ) -
Balance at 31 December 2022 18,144 2,572,053 54,261

Changes in equity
Total comprehensive income - 512,933 -
Release of revaluation reserve - 54,261 (54,261 )
Voluntary contributions to the
Employee Ownership Trust - (1,000,000 ) -
Balance at 31 December 2023 18,144 2,139,247 -
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 January 2022 3,754,629 (27,909 ) 3,726,720

Changes in equity
Total comprehensive income 417,758 - 417,758
Voluntary contributions to the
Employee Ownership Trust (1,500,000 ) - (1,500,000 )
Acquisition of subsidiary (27,929 ) 27,909 (20 )
Balance at 31 December 2022 2,644,458 - 2,644,458

Changes in equity
Total comprehensive income 512,933 - 512,933
Voluntary contributions to the
Employee Ownership Trust (1,000,000 ) - (1,000,000 )
Balance at 31 December 2023 2,157,391 - 2,157,391

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 18,144 1,922,007 1,940,151

Changes in equity
Total comprehensive income - 1,500,000 1,500,000
Voluntary contributions to the
Employee Ownership Trust - (1,500,000 ) (1,500,000 )
Balance at 31 December 2022 18,144 1,922,007 1,940,151

Changes in equity
Total comprehensive income - 1,000,000 1,000,000
Voluntary contributions to the
Employee Ownership Trust - (1,000,000 ) (1,000,000 )
Balance at 31 December 2023 18,144 1,922,007 1,940,151

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 132,161 598,333
Interest paid (524 ) -
Tax paid (123,514 ) (276,881 )
Net cash from operating activities 8,123 321,452

Cash flows from investing activities
Purchase of tangible fixed assets (8,828 ) (21,028 )
Purchase of fixed asset investments (1,000 ) -
Sale of tangible fixed assets 288,074 -
Sale of investment property 382,957 -
Purchase of subsidiaries - (20 )
Interest received 23,914 3,934
Net cash from investing activities 685,117 (17,114 )

Cash flows from financing activities
Amount withdrawn by directors (7,826 ) (14,222 )
Payment to the Employee Ownership Trust (1,000,000 ) (1,500,000 )
Loan to participating interest (1,500 ) -
Net cash from financing activities (1,009,326 ) (1,514,222 )

Decrease in cash and cash equivalents (316,086 ) (1,209,884 )
Cash and cash equivalents at beginning
of year

2

2,153,929

3,363,813

Cash and cash equivalents at end of year 2 1,837,843 2,153,929

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Profit for the financial year 512,933 417,758
Depreciation charges 60,679 60,410
Profit on disposal of fixed assets (71,031 ) -
Finance costs 524 -
Finance income (23,914 ) (3,934 )
Taxation 174,260 124,608
653,451 598,842
Decrease in trade and other debtors 444,551 1,209,575
Decrease in trade and other creditors (965,841 ) (1,210,084 )
Cash generated from operations 132,161 598,333

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,367,525 2,178,862
Bank overdrafts (529,682 ) (24,933 )
1,837,843 2,153,929
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,178,862 3,392,979
Bank overdrafts (24,933 ) (29,166 )
2,153,929 3,363,813


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 2,178,862 188,663 2,367,525
Bank overdrafts (24,933 ) (504,749 ) (529,682 )
2,153,929 (316,086 ) 1,837,843
Total 2,153,929 (316,086 ) 1,837,843

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Lavery Rowe Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting
Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies
Act 2006.

The financial statements are prepared in sterling, which is the presentational currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the
revaluation of freehold properties and to include investment properties at fair value. The principal accounting
policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent
of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.The company has therefore taken advantage of exemptions from the following disclosure requirements for the parent company information presented within the consolidated financial statements:

· Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and
disclosures;
· Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Lavery Rowe Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the
financial statements of subsidiaries to bring the accounting policies used into line with those used by other
members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are
eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence
of an impairment of the asset transferred.

Lavery Rowe Advertising Limited has been included in the group financial statements using the purchase
method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Lavery Rowe Advertising Limited for the 12 month period from its acquisition. The purchase consideration was allocated to the assets and liabilities on the basis of fair value at the date of
acquisition.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors
continue to adopt the going concern basis of accounting in preparing the financial statements.

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents amounts receivable for goods and services net of VAT. Turnover is recognised at the
time that the advertisement appears.

Revenue from the placement of adverts is recognised when the significant risks and rewards of ownership of
the advert have passed to the buyer (usually on the publication of the advert), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the
entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue rebates are obtained and recognised based upon whether revenue thresholds are exceeded. These thresholds are based upon the level of insertions placed during the year.

Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

Amortisation is charged to administrative expenses within the Consolidated Statement of Total
Comprehensive Income.

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 land and buildings 12.5% Straight line
Fixtures and fittings 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 recognised in the profit and loss account.

Freehold land and buildings whose fair value can be measured reliably are held under the revaluation model
and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent
accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and
buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity,
except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss
or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses
are recognised in profit or loss.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using
the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the
contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when
there is a legally 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of
impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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 profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or
are settled, or when the group transfers the financial asset and substantially all the risks and rewards of
ownership to another entity, or if some significant risks and rewards of ownership are retained but control of
the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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 group after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.
Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year
or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or
cancelled.

Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs.

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion
of the group.

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 group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
reporting end date.

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 if, and only if, there is 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.

Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the
dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising
on translation in the period are included in profit or loss.

Hire purchase and leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is
more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount
of the leased asset and recognised on a straight line basis over the lease term.

Employee and retirement benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The directors have concluded that no provision is required for unused holiday entitlement either at 1 January
2023 or 31 December 2023 because If holiday is not taken by an employee it is lost. The holiday year end is
co-terminus with the financial year end.

Termination benefits are recognised immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that
are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at
cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled
entities are initially measured at cost and subsequently measured at cost less any accumulated impairment
losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating
policies of the entity so as to obtain benefits from its activities.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities are as follows.

Value of freehold property
The key accounting estimate in preparing these financial statements relates to the carrying value of the
freehold property which are stated at fair value. The company uses lease terms, market conditions and sales
prices based upon known market transactions for similar properties as a basis for determining the directors'
estimation of the fair value of the freehold property. However, the valuation of the company's freehold property is inherently subjective, as it is made on the basis of valuation assumptions which may in future not prove to be accurate.

Value of investment property
The key accounting estimate in preparing these financial statements relates to the carrying value of the
investment property which are stated at fair value. The company uses lease terms, market conditions and
sales prices based upon known market transactions for similar properties as a basis for determining the
directors' estimation of the fair value of the investment property. However, the valuation of the company's
investment property is inherently subjective, as it is made on the basis of valuation assumptions which may in
future not prove to be accurate.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Media Billings 21,078,531 23,465,780
Production billings 94,257 187,674
21,172,788 23,653,454

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TURNOVER - continued

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 20,021,499 22,709,153
Europe 1,075,873 794,650
United States of America 75,416 149,651
21,172,788 23,653,454

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,367,491 1,818,135
Social security costs 160,363 219,333
Other pension costs 21,653 24,617
1,549,507 2,062,085

The average number of employees during the year was as follows:
31.12.23 31.12.22

Sales and Administration 25 30
Artwork Production 3 3
28 33

Directors' Remuneration

2023 2022
£    £   
Remuneration for qualifying services 125,404 410,123
Company pension contributions to defined contribution schemes 368 1,321
125,772 411,444


Remuneration disclosed above includes the following amounts paid to the highest paid director

2023 2022
£    £   
Remuneration for qualifying services 62,702 205,179
Company pension contributions to defined contribution schemes 349 1,321

The above remuneration was paid by Lavery Rowe Advertising Limited, a subsidiary company of the entity, in both the current and preceding financial year. No remuneration has been paid by Lavery Rowe Holdings Limited in either financial year.

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Hire of plant and machinery 1,750 4,782
Other operating leases 87,690 83,875
Depreciation - owned assets 16,123 15,855
Profit on disposal of fixed assets (71,031 ) -
Goodwill amortisation 44,555 44,555
Auditors' remuneration 15,000 15,000
Foreign exchange differences 5,964 2,155

7. INTEREST RECEIVABLE AND SIMILAR INCOME
31.12.23 31.12.22
£    £   
Deposit account interest 23,914 3,934

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Interest payable 524 -

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 174,261 123,515
Adjustments in respect of
prior periods (1 ) 1,093

Tax on profit 174,260 124,608

UK corporation tax has been charged at 23.52 % (2022 - 19 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 687,193 542,366
Profit multiplied by the standard rate of corporation tax in the UK of 23.385
% (2022 - 19 %)

160,700

103,050

Effects of:
Expenses not deductible for tax purposes 1,700 14,277
Adjustments to tax charge in respect of previous periods (1 ) 1,093
Amortization on assets not qualifying for tax allowances 10,419 8,465
Deferred tax not recognised 1,442 (2,277 )
Total tax charge 174,260 124,608

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 445,551
AMORTISATION
At 1 January 2023 400,996
Amortisation for year 44,555
At 31 December 2023 445,551
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 44,555

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Short and
property leasehold fittings Totals
£    £    £    £   
COST
At 1 January 2023 217,043 7,125 203,988 428,156
Additions - - 8,828 8,828
Disposals (217,043 ) - - (217,043 )
At 31 December 2023 - 7,125 212,816 219,941
DEPRECIATION
At 1 January 2023 - 4,455 151,884 156,339
Charge for year - 890 15,233 16,123
At 31 December 2023 - 5,345 167,117 172,462
NET BOOK VALUE
At 31 December 2023 - 1,780 45,699 47,479
At 31 December 2022 217,043 2,670 52,104 271,817

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
Additions 1,000
At 31 December 2023 1,000
NET BOOK VALUE
At 31 December 2023 1,000
Company
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 1,914,225
NET BOOK VALUE
At 31 December 2023 1,914,225
At 31 December 2022 1,914,225


14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 382,957
Disposals (382,957 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 382,957

15. DEBTORS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,835,809 2,151,918 - -
Amounts owed by group undertakings - - 27,192 27,066
Other debtors 11,722 11,221 120 120
Directors' current accounts 33,305 25,481 - -
Prepayments 654,113 783,055 - -
2,534,949 2,971,675 27,312 27,186

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. DEBTORS - continued

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due after more than one year:
Amounts owed by participating interests 1,500 - - -

Aggregate amounts 2,536,449 2,971,675 27,312 27,186

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 17) 529,682 24,933 - -
Trade creditors 1,426,307 2,346,414 - -
Amounts owed to group undertakings - - 201 201
Tax 177,920 127,174 - -
Social security and other taxes 76,330 60,732 - -
VAT 40,091 26,692 - -
Other creditors 448,825 499,077 - -
Pension creditor 4,897 4,922 - -
Directors' loan accounts 287 287 287 287
Accruals and deferred income 90,723 115,176 1,000 1,000
2,795,062 3,205,407 1,488 1,488

17. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 529,682 24,933

18. LEASING AGREEMENTS

Lessee

At the reporting end date, the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023 2022
£    £   
Within one year 106,681 85,002
Between two and five years 148,591 144,375
255,272 229,377

LAVERY ROWE HOLDINGS LIMITED (REGISTERED NUMBER: 09106266)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
18,124 Ordinary shares of £1 each £1 18,124 18,124
10 Ordinary A shares of £1 each £1 10 10
10 Ordinary B shares of £1 each £1 10 10
18,144 18,144

20. RESERVES

Profit and Loss Reserves
Retained earnings represent cumulative profit and loss net of distributions to owners.
As at the balance sheet date the group had distributable reserves of £2,139,247 (2022: £2,476,314).
The distributable reserves of the company were £1,922,007 (2022: £1,922,007).

Revaluation Reserve
Surplus of freehold property valuation over historical cost, less deferred tax on property values.
As at the balance sheet date the group had revaluation reserves of £Nil (2022: £54,261).

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

22. SUBSIDIARIES

Details of the company's subsidiaries at 31 December 2023 are as follows:


Name of undertaking

Registered office

Nature of business
Class of
shares held
% Held
Direct
Lavery Rowe Advertising Limited England and Wales Advertising agency Ordinary 100.00

LR Digital Limited

England and Wales
Digital advertising
agency

Ordinary

100.00
Lavery Rowe Trustees Limited England and Wales Dormant Company Ordinary 100.00
The Press Department Limited England and Wales Dormant Company Ordinary 100.00

23. RETIREMENT BENEFIT SCHEMES

Defined contribution schemes 2023 2022
£    £   
Charge to profit or loss in respect of defined contribution schemes 21,653 24,617

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24. DIRECTORS' TRANSACTIONS

Dividends of £Nil (2022: £Nil) were paid in the year in respect of shares held by the company's directors.

Interest free loans have been granted by the group to its directors as follows:


Description

% Rate
Opening
Balance
Amounts
advanced
Closing
Balance
£    £    £   
Directors loan account - 25,480 7,826 33,306