Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseother letting and operating of owned or leased real estate32falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02813347 2023-04-01 2024-03-31 02813347 2022-04-01 2023-03-31 02813347 2024-03-31 02813347 2023-03-31 02813347 2022-04-01 02813347 c:Director1 2023-04-01 2024-03-31 02813347 d:PlantMachinery 2023-04-01 2024-03-31 02813347 d:PlantMachinery 2024-03-31 02813347 d:PlantMachinery 2023-03-31 02813347 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02813347 d:MotorVehicles 2023-04-01 2024-03-31 02813347 d:MotorVehicles 2024-03-31 02813347 d:MotorVehicles 2023-03-31 02813347 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02813347 d:FurnitureFittings 2023-04-01 2024-03-31 02813347 d:FurnitureFittings 2024-03-31 02813347 d:FurnitureFittings 2023-03-31 02813347 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02813347 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02813347 d:FreeholdInvestmentProperty 2024-03-31 02813347 d:FreeholdInvestmentProperty 2023-03-31 02813347 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 02813347 d:CurrentFinancialInstruments 2024-03-31 02813347 d:CurrentFinancialInstruments 2023-03-31 02813347 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02813347 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02813347 d:ShareCapital 2023-04-01 2024-03-31 02813347 d:ShareCapital 2024-03-31 02813347 d:ShareCapital 2022-04-01 2023-03-31 02813347 d:ShareCapital 2023-03-31 02813347 d:ShareCapital 2022-04-01 02813347 d:RevaluationReserve 2023-04-01 2024-03-31 02813347 d:RevaluationReserve 2024-03-31 02813347 d:RevaluationReserve 2022-04-01 2023-03-31 02813347 d:RevaluationReserve 2023-03-31 02813347 d:RevaluationReserve 2022-04-01 02813347 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02813347 d:RetainedEarningsAccumulatedLosses 2024-03-31 02813347 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 02813347 d:RetainedEarningsAccumulatedLosses 2023-03-31 02813347 d:RetainedEarningsAccumulatedLosses 2022-04-01 02813347 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02813347 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02813347 d:RetirementBenefitObligationsDeferredTax 2024-03-31 02813347 d:RetirementBenefitObligationsDeferredTax 2023-03-31 02813347 d:OtherDeferredTax 2024-03-31 02813347 d:OtherDeferredTax 2023-03-31 02813347 c:OrdinaryShareClass1 2023-04-01 2024-03-31 02813347 c:OrdinaryShareClass2 2023-04-01 2024-03-31 02813347 c:OrdinaryShareClass2 2024-03-31 02813347 c:OrdinaryShareClass3 2023-04-01 2024-03-31 02813347 c:OrdinaryShareClass3 2024-03-31 02813347 c:FRS102 2023-04-01 2024-03-31 02813347 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02813347 c:FullAccounts 2023-04-01 2024-03-31 02813347 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02813347 6 2023-04-01 2024-03-31 02813347 2 2024-03-31 02813347 2 2023-03-31 02813347 f:PoundSterling 2023-04-01 2024-03-31 02813347 d:EntityControlledByKeyManagementPersonnel1 2023-04-01 2024-03-31 02813347 d:EntityControlledByKeyManagementPersonnel1 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02813347









LONDON AND SOUTH PROPERTY SERVICES LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
LONDON AND SOUTH PROPERTY SERVICES LTD
REGISTERED NUMBER: 02813347

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
28,807
785

Investments
 5 
57,315
43,735

Investment property
 6 
4,703,000
5,043,500

  
4,789,122
5,088,020

Current assets
  

Debtors: amounts falling due within one year
 7 
9,024
6,926

Cash at bank and in hand
 8 
62,790
91,765

  
71,814
98,691

Creditors: amounts falling due within one year
 9 
(1,544,725)
(1,613,383)

Net current liabilities
  
 
 
(1,472,911)
 
 
(1,514,692)

Total assets less current liabilities
  
3,316,211
3,573,328

Provisions for liabilities
  

Deferred tax
 10 
(477,626)
(562,943)

Net assets
  
2,838,585
3,010,385


Capital and reserves
  

Called up share capital 
 11 
100
50

Investment property reserve
  
1,989,827
2,237,702

Profit and loss account
  
848,658
772,633

  
2,838,585
3,010,385


Page 1

 
LONDON AND SOUTH PROPERTY SERVICES LTD
REGISTERED NUMBER: 02813347
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2024.




D C Lawrence
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
LONDON AND SOUTH PROPERTY SERVICES LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
50
2,237,702
772,633
3,010,385


Comprehensive income for the year

Loss for the year
-
-
(171,850)
(171,850)

Transfer of fair value adjustments net of
deferred tax
-
(247,875)
247,875
-

Shares issued during the year
50
-
-
50


At 31 March 2024
100
1,989,827
848,658
2,838,585



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
50
1,766,619
723,647
2,490,316


Comprehensive income for the year

Profit for the year
-
-
520,069
520,069

Transfer of fair value adjustments net of
deferred tax
-
471,083
(471,083)
-
Total comprehensive income for the year
-
471,083
48,986
520,069


At 31 March 2023
50
2,237,702
772,633
3,010,385


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
LONDON AND SOUTH PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

London and South Property Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Abbey House, Unit 1 Premier Way, Abbey Park Industrial Estate, Romsey, Hampshire, SO51 9AQ.
The principal activity of the company continued to be that of other letting and operating of owned or leased real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Rent receivable is recognised by the company in respect of rental income receivable in the period, exclusive of value added tax, and is recognised according to the rental period to which it relates.

 
2.3

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
LONDON AND SOUTH PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
LONDON AND SOUTH PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance
Motor vehicles
-
Fixtures and fittings
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.7

Investment property

Investment properties are held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost. At each Statement of financial position date, properties are measured at fair value with changes in fair value recognised in the Statement of comprehensive income.

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
LONDON AND SOUTH PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 2).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 April 2023
7,918
-
1,726
9,644


Additions
-
35,175
-
35,175



At 31 March 2024

7,918
35,175
1,726
44,819



Depreciation


At 1 April 2023
7,133
-
1,726
8,859


Charge for the year
118
7,035
-
7,153



At 31 March 2024

7,251
7,035
1,726
16,012



Net book value



At 31 March 2024
667
28,140
-
28,807



At 31 March 2023
785
-
-
785

Page 7

 
LONDON AND SOUTH PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
43,735


Additions
13,580



At 31 March 2024

57,315






Net book value



At 31 March 2024
57,315



At 31 March 2023
43,735

The company owns 15% of Lawrence & Lawrence LLP. The investment in the LLP is £57,315 (2023 - £43,735).
During the year, the company's share of the LLP's profit was £13,580 
(2023 - £12,969).


6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
5,043,500


Deficit on revaluation
(340,500)



At 31 March 2024
4,703,000

The 2024 valuations were made by directors, on an open market value for existing use basis.



Page 8

 
LONDON AND SOUTH PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
4,866
3,224

Other debtors
11
11

Prepayments and accrued income
4,147
3,691

9,024
6,926



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
62,790
91,765

62,790
91,765



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
8,473
9,010

Corporation tax
22,630
13,736

Other taxation and social security
3,824
4,930

Other creditors
1,507,958
1,583,867

Accruals and deferred income
1,840
1,840

1,544,725
1,613,383


Page 9

 
LONDON AND SOUTH PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
562,943
411,651


(Credited)/charged to the Statement of comprehensive income
(85,317)
151,292



At end of year
477,626
562,943

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
196

Pension surplus
-
4

Potential capital gains tax on sale of property
477,626
562,743

477,626
562,943


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



Nil (2023 - 50) Ordinary shares of £1 each
-
50
50  (2023 - Nil) Ordinary A shares of £1 each
50
-
50 (2023 - Nil) Ordinary B shares of £1 each
50
-

100

50


During the year, the 50 Ordinary shares of £1 each were redesignated as 50 Ordinary A shares of £1 each.
During the year, 50 Ordinary B shares of £1 each were issued at par. 
The Ordinary A shares have full rights in respect of voting and dividends. They have a fixed capital entitlement by way of a priority capital payment of £60,838.
.
The Ordinary B shares, do not entitle the holders to voting rights but they have full rights in respect of dividends and capital distributions above the level of the priority payment. 
Dividends can be declared at different rates on different classes of shares.

Page 10

 
LONDON AND SOUTH PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £514 (2023 - £478). Contributions totalling £111 (2023 - £181) were payable to the fund at the reporting date and are included in creditors.


13.


Related party transactions

Included within other creditors at the year end is an amount of £1,481,607 (2023 - £1,557,670) due to the directors of the company.

14.


Controlling party

The company is controlled by the directors.

 
Page 11