Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalse2023-01-01falsetruefinancial intermediary22The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11222541 2023-01-01 2023-12-31 11222541 2022-01-01 2022-12-31 11222541 2023-12-31 11222541 2022-12-31 11222541 c:Director2 2023-01-01 2023-12-31 11222541 d:CurrentFinancialInstruments 2023-12-31 11222541 d:CurrentFinancialInstruments 2022-12-31 11222541 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11222541 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11222541 d:ShareCapital 2023-12-31 11222541 d:ShareCapital 2022-12-31 11222541 d:RetainedEarningsAccumulatedLosses 2023-12-31 11222541 d:RetainedEarningsAccumulatedLosses 2022-12-31 11222541 c:FRS102 2023-01-01 2023-12-31 11222541 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11222541 c:FullAccounts 2023-01-01 2023-12-31 11222541 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11222541 2 2023-01-01 2023-12-31 11222541 4 2023-01-01 2023-12-31 11222541 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 11222541










LW TW LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LW TW LIMITED
REGISTERED NUMBER: 11222541

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
21,765,025
22,136,333

  
21,765,025
22,136,333

Creditors: amounts falling due within one year
 6 
(21,855,189)
(22,007,020)

Net current (liabilities)/assets
  
 
 
(90,164)
 
 
129,313

  

Net (liabilities)/assets
  
(90,164)
129,313


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(90,264)
129,213

  
(90,164)
129,313


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 by: 



N El-Imad
Director

Date: 12 November 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
LW TW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

LW TW Limited is a private company limited by shares and registered in England and Wales. The Company's registered number is 11222541. Its registered office address is Interpark House, 7 Down Street, London W1J 7AJ.
The principal activity of the Company is that of a financial intermediary.
The Company's functional and presentational currency is GBP.

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

Going concern

The financial statements have been prepared on the going concern basis which, inter alia, is based on the directors’ reasonable expectation that the company has adequate resources to continue to operate as a going concern for at least twelve months from the date of their approval. 
In making the assessment of the appropriateness of this basis, the directors have considered the trading of the Company since the year end and the facilities that are either committed to the Company for a period of at least twelve months from the date of approval of the financial statements or which they consider will probably be available to the Company during such period. 
After careful consideration, the directors consider that they have reasonable grounds to believe that the Company can be regarded as a going concern and, for this reason, they continue to adopt the going concern basis in preparing the Company’s financial statements.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss 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 2

 
LW TW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss 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.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

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.

 
2.8

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.



 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 3

 
LW TW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 4

 
LW TW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Exceptional items

2023
2022
£
£


Interest payable write off
(672,047)
(3,966,481)

Interest receivable write off
-
2,877,737

(672,047)
(1,088,744)

The loans have been written down to their expected recoverable amonuts.


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
25
25

Funds due from borrowers
21,765,000
22,000,000

Other debtors
-
136,308

21,765,025
22,136,333



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
14,340
2,580

Funds due to investors
21,765,000
22,000,000

Other creditors
71,469
-

Accruals
4,380
4,440

21,855,189
22,007,020



7.


Controlling party

The Company's immediate parent company is NEI Finance Limited, a company incorporated in England and Wales.

Page 5