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COMPANY REGISTRATION NUMBER: 03092005
Block Limited
Filleted Unaudited Financial Statements
31 December 2023
Block Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
1,372,212
1,372,306
Investments
5
6,925
3,154
------------
------------
1,379,137
1,375,460
Current assets
Debtors
6
571,277
546,125
Cash at bank and in hand
13,490
61,806
---------
---------
584,767
607,931
Creditors: amounts falling due within one year
7
141,718
147,354
---------
---------
Net current assets
443,049
460,577
------------
------------
Total assets less current liabilities
1,822,186
1,836,037
Creditors: amounts falling due after more than one year
8
57,148
65,203
------------
------------
Net assets
1,765,038
1,770,834
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,764,938
1,770,734
------------
------------
Shareholders funds
1,765,038
1,770,834
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Block Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr G S Lawrence
Director
Company registration number: 03092005
Block Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is East Lodge, Bedlars Green, Great Hallingbury, Bishop's Stortford, CM22 7TL, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,371,838
10,884
1,382,722
------------
--------
------------
Depreciation
At 1 January 2023
10,416
10,416
Charge for the year
94
94
------------
--------
------------
At 31 December 2023
10,510
10,510
------------
--------
------------
Carrying amount
At 31 December 2023
1,371,838
374
1,372,212
------------
--------
------------
At 31 December 2022
1,371,838
468
1,372,306
------------
--------
------------
5. Investments
Other investments other than loans
£
Cost
At 1 January 2023
3,154
Additions
3,421
Revaluations
350
-------
At 31 December 2023
6,925
-------
Impairment
At 1 January 2023 and 31 December 2023
-------
Carrying amount
At 31 December 2023
6,925
-------
At 31 December 2022
3,154
-------
6. Debtors
2023
2022
£
£
Trade debtors
41,181
63,043
Amounts owed by group undertakings and undertakings in which the company has a participating interest
530,000
483,000
Other debtors
96
82
---------
---------
571,277
546,125
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,925
4,925
Trade creditors
7,232
8,786
Corporation tax
4,082
Other creditors
129,561
129,561
---------
---------
141,718
147,354
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
57,148
65,203
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £41,923 (2022: £41,923) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans and overdraft are secured by first legal charges over the freehold properties as well as an unsecured personal guarantee from G S Lawrence excluding the covid-19 related bounce back loan.
9. Financial instruments
Terms and conditions of long-term debt, the extent and nature of derivative instruments, including significant terms and conditions that may affect the amount, timing and certainty of future cash flows, and also the amount of any impairment loss for each class of financial asset.
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
Mr G S Lawrence
( 122,811)
( 122,811)
---------
---------
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Propstock Limited
( 47,000)
( 3,795)
( 530,000)
( 483,000)
--------
-------
---------
---------
During the year agents fees of £8,342 (2022 - £9,477) were paid by the company to Propstock Limited, a company registered in England & Wales and under the control of Mr Lawrence Limited and £6,409 was owing at the end of the financial year and is reflected in trade creditors. During the year management fees of £18,000 (2022 - £20,000) were paid by the company to La Levade Limited, a company registered in England & Wales and under the control of Mr Graham Lawrence, Ms Linda Tooher, Ms Bridie Tooher and Ms Cara Tooher. During the year management fees of £3,000 (2022 - £nil) were paid by the company to Mr Lawrence Limited, a company registered in England & Wales and under the control of Ms Bridie Tooher and Ms Cara Tooher. At the balance sheet date a loan of £530,000 (2022 - £483,000) was owed to the company by Propstock Limited, a company registered in England & Wales and under the control of Mr Lawrence Limited. G S Lawrence has given an unsecured personal guarantee in relation to the property loans and bank overdraft.
12. Ultimate controlling party
Mr Graham Lawrence, Ms Linda Tooher, Ms Bridie Tooher and Ms Cara Tooher is in ultimate control of the company as they owns 25% each of the issued share capital.