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Registration number: 07730983

Lansdown Asset Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Lansdown Asset Management Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Lansdown Asset Management Limited

(Registration number: 07730983)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

35,606

37,443

Investment property

5

1,100,000

1,100,000

Investments

1,100

1,100

 

1,136,706

1,138,543

Current assets

 

Stocks

7

470,307

668,582

Debtors

8

2,125,964

2,136,684

Cash at bank and in hand

 

936,656

620,885

 

3,532,927

3,426,151

Creditors: Amounts falling due within one year

9

(2,415,414)

(2,364,939)

Net current assets

 

1,117,513

1,061,212

Total assets less current liabilities

 

2,254,219

2,199,755

Creditors: Amounts falling due after more than one year

9

(495,000)

(515,000)

Provisions for liabilities

10

(96,927)

(97,133)

Net assets

 

1,662,292

1,587,622

Capital and reserves

 

Called up share capital

2,000

2,000

Profit and loss account

1,660,292

1,585,622

Total equity

 

1,662,292

1,587,622

 

Lansdown Asset Management Limited

(Registration number: 07730983)
Balance Sheet as at 31 December 2023

For the financial 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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 


B G Walker
Director

   
     
 

Lansdown Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office and principal place of business is:
Suite 31, Press House
Crest View Drive
Petts Wood
ORPINGTON
Kent
BR5 1FE
England

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.

Basis of preparation

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' FRS 102, and with the Companies Act 2006.

These 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.

 

Lansdown Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, judgements and estimates are required in determining the valuation of investment
properties and work in progress and the recoverability of debtors.

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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 of current and deferred corporation 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 corporation 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 corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Lansdown Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet position 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

Fixtures, fittings & equipment

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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 profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquiisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Lansdown Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

 Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.


 Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when 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 of the investment have been affected.

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 and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the transaction.

 

Lansdown Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs, capitalised interest and an appropriate proportion of fixed and variable overheads.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Lansdown Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Tangible assets

Furniture, fittings and equipment
 £

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

24,226

41,245

65,471

Additions

-

6,334

6,334

At 31 December 2023

24,226

47,579

71,805

Depreciation

At 1 January 2023

9,316

18,712

28,028

Charge for the year

954

7,217

8,171

At 31 December 2023

10,270

25,929

36,199

Carrying amount

At 31 December 2023

13,956

21,650

35,606

At 31 December 2022

14,910

22,533

37,443

5

Investment properties

2023
£

At 1 January 2022 and 31 December 2022

1,100,000


The company's investment property was valued on 31 March 2019.

6

Investments

2023
£

2022
£

Investments in subsidiaries

1,100

1,100

 

Lansdown Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Subsidiaries

£

Cost or valuation

At 1 January 2023 and 31 December 2023

1,100

Carrying amount

At 31 December 2023

1,100

At 31 December 2022

1,100

7

Stocks

2023
£

2022
£

Work in progress

470,307

668,582

8

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings

13

672,619

757,619

Other debtors

 

1,453,345

1,379,065

 

2,125,964

2,136,684

 

Lansdown Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Creditors

2023
 £

2022
 £

Due within one year

Bank loans and overdrafts

20,000

20,000

Trade creditors

9,515

2,476

Other taxation and social security

13,004

20,962

Other creditors

2,370,685

2,110,288

Corporation tax

2,210

211,213

2,415,414

2,364,939

Due after one year

Bank loans and overdrafts

495,000

515,000


Creditors include bank loans which are secured of £515,000 (2022: £535,000).

The loans are secured by a first legal charge over the long leasehold property, a debenture over the assets of the company and a personal guarantee given by B G Walker of £150,000 plus interest and costs.

 

Lansdown Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 January 2023

97,133

97,133

Increase (decrease) in existing provisions

(206)

(206)

At 31 December 2023

96,927

96,927

11

Reserves

The profit and loss account includes £267,536 (2022: £267,536) of non distributable reserves relating to the revaluation of investment properties.

12

Financial commitments, guarantees and contingencies

Other creditors includes a provision of £1,048,909 (2022: £1,217,403) in relation to certain costs that the company was contractually obliged to meet under a joint venture agreement for a property development. The provision represents the directors' best estimate of irrecoverable cost overruns and other contractual obligations as dictated by conditions extant at the balance sheet date.

 

13

Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption in FRS 102 33.1A "Related Party Disclosures" from disclosing transactions with other members of the group.
 
Amounts due from related parties of £1,448,718 (2022: £1,354,568) are provided interest free and without security.

 
Amounts due to key management in respect of unsecured loans for which the interest has been waived were £917,823 (2022: £495,124).