Laws Properties Limited 10876751 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is property letting. Digita Accounts Production Advanced 6.30.9574.0 true true 10876751 2023-08-01 2024-07-31 10876751 2024-07-31 10876751 bus:OrdinaryShareClass1 2024-07-31 10876751 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 10876751 core:FurnitureFittingsToolsEquipment 2024-07-31 10876751 core:OtherPropertyPlantEquipment 2024-07-31 10876751 bus:SmallEntities 2023-08-01 2024-07-31 10876751 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 10876751 bus:AbridgedAccounts 2023-08-01 2024-07-31 10876751 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 10876751 bus:RegisteredOffice 2023-08-01 2024-07-31 10876751 bus:Director1 2023-08-01 2024-07-31 10876751 bus:Director2 2023-08-01 2024-07-31 10876751 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 10876751 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 10876751 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2023-08-01 2024-07-31 10876751 core:RevaluationReserve core:LandBuildings 2023-08-01 2024-07-31 10876751 core:FurnitureFittings 2023-08-01 2024-07-31 10876751 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 10876751 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 10876751 core:PlantMachinery 2023-08-01 2024-07-31 10876751 countries:EnglandWales 2023-08-01 2024-07-31 10876751 2023-07-31 10876751 core:FurnitureFittingsToolsEquipment 2023-07-31 10876751 core:OtherPropertyPlantEquipment 2023-07-31 10876751 2022-08-01 2023-07-31 10876751 2023-07-31 10876751 bus:OrdinaryShareClass1 2023-07-31 10876751 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 10876751 core:FurnitureFittingsToolsEquipment 2023-07-31 10876751 core:OtherPropertyPlantEquipment 2023-07-31 10876751 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2022-08-01 2023-07-31 10876751 core:RevaluationReserve core:LandBuildings 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10876751

Laws Properties Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2024

 

Laws Properties Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Laws Properties Limited

Company Information

Directors

Mr IS Laws

Mrs SE Laws

Registered office

Trevone
47 Falmouth Road
Truro
Cornwall
TR1 2HL

Accountants

Harland Accountants
Ground Floor, Unit 3 Southview House
St Austell Enterprise Park
Carclaze Down
St Austell
Cornwall
PL25 4EJ

 

Laws Properties Limited

(Registration number: 10876751)
Abridged Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,786

2,128

Investment property

365,000

350,000

 

366,786

352,128

Current assets

 

Cash at bank and in hand

 

31,607

22,716

Creditors: Amounts falling due within one year

(254,321)

(253,998)

Net current liabilities

 

(222,714)

(231,282)

Total assets less current liabilities

 

144,072

120,846

Provisions for liabilities

(24,780)

(21,995)

Accruals and deferred income

 

(594)

(546)

Net assets

 

118,698

98,305

Capital and reserves

 

Called up share capital

6

100

100

Revaluation reserve

104,196

92,046

Retained earnings

14,402

6,159

Shareholders' funds

 

118,698

98,305

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Laws Properties Limited

(Registration number: 10876751)
Abridged Balance Sheet as at 31 July 2024

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................

Mr IS Laws

Director

.........................................

Mrs SE Laws

Director

 

Laws Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Trevone
47 Falmouth Road
Truro
Cornwall
TR1 2HL

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in existence for the foreseeable future. The validity of this assumption depends upon the continued support of the company's directors, who have loaned the company funds. The directors have confirmed that they will not request repayment unless the company has the funds available to meet the request.

 

Laws Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% NBV

Fixtures and fittings

15% NBV

 

Laws Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate.

The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Laws Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

342

410

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

3,649

759

4,408

At 31 July 2024

3,649

759

4,408

Depreciation

At 1 August 2023

1,980

300

2,280

Charge for the year

250

92

342

At 31 July 2024

2,230

392

2,622

Carrying amount

At 31 July 2024

1,419

367

1,786

At 31 July 2023

1,669

459

2,128

Investment properties

2024
£

At 1 August

350,000

Fair value adjustments

15,000

At 31 July

365,000

There has been no valuation of investment property by an independent valuer.

 

Laws Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

12,150

(12,150)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

40,500

(40,500)