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REGISTERED NUMBER: 01056067 (England and Wales)





















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

THE LAWRENCE GROUP LIMITED

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Profit and Loss account 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


THE LAWRENCE GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: L M Collins
Mrs J Collins
S R Collins
J S Collins





SECRETARY: S R Collins





REGISTERED OFFICE: 63-66 Hatton Garden
LONDON
EC1N 8LE





REGISTERED NUMBER: 01056067 (England and Wales)





AUDITORS: KBSP Partners LLP
Chartered Accountants
Statutory Auditors
Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024


The directors present their strategic report of the company and the group for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activities of the group in the year under review remained those of buying, selling, refining, manufacturing, processing, melting and assaying of precious metals and investments in real estate and development of properties.

REVIEW OF BUSINESS
The group performed less well in the year to 29 February 2024 mainly due to slightly poorer precious metals trading results, and lower returns on investments in Joint Venture partnerships and losses on listed investments.

In line with the group's policy adopted in the previous years, the group has continued to look to diversify its investment portfolio during the year but opportunities have been very limited and quite unattractive. Due to the uncertainty caused by the UK General Election process there have been no new opportunities in the Real Estate market or Joint Venture partnerships but this is likely to change in the medium term. The directors are satisfied with the outcome of those investments and are confident that it will further enhance the asset base of the group over the medium and long term. The group's property portfolio has continued to perform well, although there was a slight decrease in rental income. The costs have remained steady with no significant difficulties in retaining tenants or replacing them.

Group turnover decreased during the financial year ended 29 February 2024 to £51.7 million from £63.7 million in the previous year. However, the gross profit margin has also increased to 5% from 4.15% achieved last year, mainly driven by higher profit margin sales of precious metals. Administrative expenses during the year have increased slightly to £2.28 million from £2.15 million last year.

Group trade debtors have decreased by £0.9 million from £9.9 million last year to £9.0 million this year, which is mainly owed by one large client and the balance outstanding is secured against stock that subsidiary company Gerrards (Precious Metals) Limited is holding on behalf of the client.

The group's cash and bank balances have increased by £1 million over the year from 1.08m to £2.08 million, mainly due to decrease in overall debtors within the group.

The group has also voted slightly higher dividends of £303,914 (2023: £235,944), its retained earnings have remained consistent at £20.4 million as at 29 February 2024 but the group continues to maintain a strong financial position at the year end.


FINANCIAL KEY PERFORMANCE INDICATORS
The key financial highlights are as follows:

2024 2023
£ £

Turnover 51,740,860 63,700,570
Gross profit 2,591,538 2,644,275
Profit before taxation 456,131 805,803
Stocks 462,335 90,701
Trade debtors 8,997,022 9,865,158


THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks associated with the group include fluctuations in metal prices while the other risks faced by the group include credit, liquidity, foreign currency and interest rate risks as well as property investment risk. The group adopts suitable strategies to ensure that each risk is effectively mitigated, as explained below:

Market price risk
Market price risk arises mainly from uncertainty about future prices of precious metals traded by the group. It represents the potential loss the group might suffer through price fixing in the face of the metal price movements. The directors constantly monitor the price of all the metals traded by the group on a real-time basis, which makes sure that the group is exposed to a minimum market price risk.

Credit risk
The management monitor credit risk closely and consider that its current policies and procedures meets its objectives of managing exposure to credit risk. All the customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors and other debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. The group has no significant concentrations of credit risk.

Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk
Foreign currency risk arises from trading with overseas companies, but since all of the group's transactions are mainly receivable or payable in sterling, US dollar and Swiss Franc, the group is not exposed to any material currency risk.

Interest rate risk
Interest rate risk arises in respect of the group's bank loans and overdrafts. As at 29 February 2024, the directors do not consider that the group's trading performance is likely to be materially affected by the interest rate fluctuations within the next twelve months.

Property investment risk
Property investment risk is that is that there is a substantial downturn within the property market, affecting the group's ability to generate rental income or breach of any covenants in place. Risk is mitigated via the group's property portfolio being diverse, in addition to property terms with tenants being proactively managed, e.g. regular rent reviews. The directors do not consider that the group's property investments performance will be materially affected, within the next twelve months.


STRATEGY AND OBJECTIVES

The group is committed to strengthening its balance sheet, which it plans to achieve by trading profitably and reinvesting retained profits into the business to generate future growth. The precious metal sector has started to see renewed growth and its cash requirements are expected to be high for that side of the business. The group will still seek to expand its Real Estate portfolio in both the commercial and residential sectors and will continue to explore other areas in these markets.

Across the business, the directors continue to look for opportunities and new ideas in the United Kingdom, Europe, United States of America, Africa and the Far East and will continue these efforts in the year ahead. The group is also seeking to expand its trade with new and existing customers and to participate in new markets within the precious metals industry. The group is constantly reviewing its financial controls and expenditures.


THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

SECTION 172(1) STATEMENT
The Directors of the group, as those of all UK companies, must act in accordance with a set of general duties.

These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:

"A director of a company must act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:

- the likely consequences of any decisions in the long-term;

- the interests of the company's employees;

- the need to foster the company's business relationships with suppliers, customers and others;

- the impact of the company's operations on the community and environment;

- the desirability of the company maintaining a reputation for high standards of business conduct, and

- the need to act fairly as between shareholders of the Company."

As part of their induction, a Director is briefed on their duties and they can access professional advice on these, either from the Company Secretary or, if they judge it necessary, from an independent advisor.

The board of directors consider that during the year ended 29 February 2024, individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole and in accordance with the matters set out above.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The board considers fostering business relationships with stakeholders, such as customers and suppliers key to the group's success. The board maintains visibility of these relationships so that it is able to take stakeholders considerations into account when making decisions. In their decision making the directors have regard to the impact of the group's activities not only on the stakeholders, but also the community and environment.


FUTURE PROSPECTS
At the date of signing this report, the future prospects of the group are encouraging. Gross profit is ahead of the corresponding period of the financial year 2024, the Balance Sheet position has remained strong. We do expect to see retained earnings grow significantly in the current period but the prospects for the following period are difficult to judge in the post UK election, Ukraine & Middle East war environment.

The United Kingdom's relationship with the European Union, the wars in Ukraine and the Middle East continue to create some degree of uncertainty, however, the directors are taking necessary steps to manage the situation so that any impact on the business is kept at minimal level. Trading has increased significantly for our subsidiary, Gerrards (Precious Metals) Limited, although there are still pressures on the business due to the current economic uncertainty in the UK. All other areas of the business continue to remain steadily or are improving in spite of the situation. The group has continued to benefit from becoming members of the London Bullion Market Association and the London Platinum and Palladium Market.

ON BEHALF OF THE BOARD:





S R Collins - Director


20 November 2024

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
287 - 16 May 2023
195.32 - 6 July 2023
391 - 3 November 2023
873.32

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 29 February 2024 will be £ 303,914 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

L M Collins
Mrs J Collins
S R Collins
J S Collins

FINANCIAL INSTRUMENTS
The group's principal financial instruments for the purpose of financing include bank overdrafts, loans and other metal borrowings while other financial assets and liabilities arising directly from operations include trade and other debtors and trade creditors. The group does not usually use derivative financial instruments to hedge risk as they are not deemed significant. The policies of the group in relation to the use of financial instruments are included in the notes 3.15 and 21 to the accounts.

The group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the group's activities, The risk management objectives are included in the strategic report on page 3.

INDEMNITY INSURANCE
The group has taken out third party indemnity insurance on behalf of its directors.

STREAMLINED ENERGY AND CARBON REPORTING
The group has taken exemption from reporting energy and carbon consumption on the basis that it has consumed less than 40,000 kWh of energy during the financial year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S R Collins - Director


20 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE LAWRENCE GROUP LIMITED


Opinion
We have audited the financial statements of The Lawrence Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Profit and Loss account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 29 February 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE LAWRENCE GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE LAWRENCE GROUP LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the group. Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud is detailed below:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We have identified the laws and regulations applicable to the group through discussions with directors and from our commercial knowledge and experience of relevant sector. The following laws and regulations as being of significance to the group:
(i) Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Employment Law, Tax and Pensions legislation, and distributable profits legislation.
(ii) Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include financial and due diligent regulation, the global precious metals trading code, money laundering regulations, landlord and tenant Act and health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of:
(i) enquiries of those charged with governance as to whether the group complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims;
(ii) to address the risk of fraud through management bias and override of control, we test the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE LAWRENCE GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Julian Landau (Senior Statutory Auditor)
for and on behalf of KBSP Partners LLP
Chartered Accountants
Statutory Auditors
Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH

20 November 2024

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

TURNOVER 5 51,740,860 63,700,570

Cost of sales 49,149,322 61,056,295
GROSS PROFIT 2,591,538 2,644,275

Administrative expenses 2,275,290 2,152,694
316,248 491,581

Other operating income 6 189,042 732,388
Unrealised loss on investments revaluation (229,153 ) (442,144 )
OPERATING PROFIT 8 276,137 781,825

Interest receivable and similar income 9 179,994 23,978
PROFIT BEFORE TAXATION 456,131 805,803

Tax on profit 10 128,647 76,295
PROFIT FOR THE FINANCIAL YEAR 327,484 729,508

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

CONSOLIDATED BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 - -
Tangible assets 14 65,354 61,569
Investments 15
Interest in associated and
joint venture undertakings 1,003,270 1,003,270
Other investments 1,205,345 1,316,317
Investment property 16 7,227,705 7,227,705
9,501,674 9,608,861

CURRENT ASSETS
Stocks 17 462,335 90,701
Debtors 18 11,982,841 13,278,459
Cash at bank and in hand 2,080,440 1,076,775
14,525,616 14,445,935
CREDITORS
Amounts falling due within one year 19 576,326 627,402
NET CURRENT ASSETS 13,949,290 13,818,533
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,450,964

23,427,394

PROVISIONS FOR LIABILITIES 22 199,000 199,000
NET ASSETS 23,251,964 23,228,394

CAPITAL AND RESERVES
Called up share capital 23 348 348
Reserve on consolidation 24 1,172,002 1,172,002
Non-distributable fair value reserve 24 1,654,409 1,654,409
Retained earnings 24 20,425,205 20,401,635
SHAREHOLDERS' FUNDS 23,251,964 23,228,394

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:





S R Collins - Director


THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

COMPANY BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 - -
Tangible assets 14 19,581 16,250
Investments 15 2,214,714 2,325,686
Investment property 16 4,717,705 4,717,705
6,952,000 7,059,641

CURRENT ASSETS
Debtors 18 9,814,060 10,828,760
Cash at bank and in hand 4,972 473
9,819,032 10,829,233
CREDITORS
Amounts falling due within one year 19 104,865 155,731
NET CURRENT ASSETS 9,714,167 10,673,502
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,666,167

17,733,143

PROVISIONS FOR LIABILITIES 22 34,033 34,033
NET ASSETS 16,632,134 17,699,110

CAPITAL AND RESERVES
Called up share capital 23 348 348
Non-distributable fair value reserve 24 225,616 225,616
Retained earnings 24 16,406,170 17,473,146
SHAREHOLDERS' FUNDS 16,632,134 17,699,110

Company's loss for the financial year (763,062 ) (456,521 )

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:





S R Collins - Director


THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Non-distributable
Called up Reserve fair
share Retained on value Total
capital earnings consolidation reserve equity
£    £    £    £    £   
Balance at 1 March 2022 348 19,460,254 1,172,002 2,102,226 22,734,830

Changes in equity
Dividends - (235,944 ) - - (235,944 )
Total comprehensive income - 1,177,325 - (447,817 ) 729,508
Balance at 28 February 2023 348 20,401,635 1,172,002 1,654,409 23,228,394

Changes in equity
Dividends - (303,914 ) - - (303,914 )
Total comprehensive income - 327,484 - - 327,484
Balance at 29 February 2024 348 20,425,205 1,172,002 1,654,409 23,251,964

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Non-distributable
Called up fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 March 2022 348 17,757,386 633,841 18,391,575

Changes in equity
Dividends - (235,944 ) - (235,944 )
Total comprehensive loss - (48,296 ) (408,225 ) (456,521 )
Balance at 28 February 2023 348 17,473,146 225,616 17,699,110

Changes in equity
Dividends - (303,914 ) - (303,914 )
Total comprehensive loss - (763,062 ) - (763,062 )
Balance at 29 February 2024 348 16,406,170 225,616 16,632,134

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 29 1,333,585 (3,166,902 )
Tax paid (70,622 ) -
Net cash from operating activities 1,262,963 (3,166,902 )

Cash flows from investing activities
Purchase of tangible fixed assets (17,197 ) (34,465 )
Purchase of fixed asset investments (118,181 ) (151,169 )
Sale of fixed asset investments - 4,125
Investment in joint ventures - 667,016
Interest received 179,994 23,978
Net cash from investing activities 44,616 509,485

Cash flows from financing activities
Equity dividends paid (303,914 ) (235,944 )
Net cash from financing activities (303,914 ) (235,944 )

Increase/(decrease) in cash and cash equivalents 1,003,665 (2,893,361 )
Cash and cash equivalents at beginning
of year

30

1,076,775

3,970,136

Cash and cash equivalents at end of
year

30

2,080,440

1,076,775

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. GENERAL INFORMATION

The Lawrence Group Limited ("the Company") and its subsidiaries (together "the Group") specialise in buying, selling, refining, manufacturing, processing, melting and assaying of precious metals such as Gold, Silver, Platinum, Palladium and Rhodium. The group's other activities include investments in real estate and property development.

2. STATUTORY INFORMATION

The Lawrence Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

3. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. Under the Companies Act 2006 , Section 454 , on a voluntary basis, the directors can amend the financial statements if they subsequently prove to be defective.

4. ACCOUNTING POLICIES

3.1 Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, except for the revaluation of investment properties and certain fixed asset investments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of consideration given in exchange for the goods and services.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the group's accounting policies in note 3.4.

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.

3.2 Going concern
The group meets its day-to -day working capital requirements through careful management of working capital positions. The group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group should be able to operate without any third party support. After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

3.3 Basis of consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiaries undertakings made up to 29 February 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which gives it control of the financial and operating policies of the entity, it accounts for that as a subsidiary. Similarly where the group owns 50% or more of the voting powers of an entity but does not control the entity by virtue of an agreement with other investors which makes it relieve its control of the financial and operating policies of the entity, it does not account for that as a subsidiary.

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. ACCOUNTING POLICIES - continued

3.4 Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

i) Critical judgement in applying the entity's accounting policies
(a) Stock valuation basis
As described in note 3.11, the group values stock of precious metals at the lower of cost and estimated selling price less costs to complete and sell. This policy is in accordance with FRS 102, paragraph 13.4 and given the nature of stock, mainly represents the stock being generally valued in accordance with source value from which the precious metal is obtained.

(b) Revenue recognition and financial instruments
The group adopts the revenue recognition and financial instruments policies as noted in note 3.5 and 3.15, and the group does not regard any of its transactions as falling within the scope of section 12 of FRS 102 'Other Financial Instrument Issues'. In particular paragraph 12.5 of this section does not apply. As a result, except where the group's stated policies themselves would result in the netting off of sales and cost of sales, the gross value of sales and purchase transactions are recorded within turnover and cost of sales respectively in these financial statements. The directors believe that this approach is the most appropriate in the group's circumstances, is in accordance with prevailing generally accepted accounting practice and adopting such a policy helps to maintain a consistent understanding for typical users of these accounts.

ii) Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

(a) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for net carrying value of tangible fixed assets.

(b) Investment properties
Fair value of investment properties are estimated annually either internally or externally, based on the properties' highest-and-best-use, to determine the most appropriate open market valuation. See note 16 for net carrying value of investment properties.

(c) Impairment of debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 18 for the net carrying amount of the debtors.

(d) Taxation
The group establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. ACCOUNTING POLICIES - continued

3.5 Revenue recognition
Revenue is measured as the fair value of the consideration received or receivable, for the sale of goods and lease rentals, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
i) the group has transferred the significant risks and rewards of ownership to the buyer;
ii) the amount of revenue can be measured reliably;
iii) it is probable that the group will receive the consideration due under the transaction;
iv) the costs incurred or to be incurred in respect of the transaction can be measure reliably;
v) when any other specific criteria relating to each of the group's sales types have been met, as described below.

a) Sale of goods - wholesale
All of the group's significant sources of revenue derive from the sale of precious metal to its customers. Due to the nature of the industry in which the group operates, the contractual arrangements surrounding certain transactions can be complex. The key elements of these contractual arrangements, which are necessary for an understanding of these financial statements, are explained in more detail below. However, unless as separately described below, the key revenue recognition criteria above shall apply to all transactions.

Similarly, the industry in which the group operates gives rise to significant additional commercial activity associated with the commodities and products that the group sells, for example, bullion brokerage, arbitrage and investment. The group does not participate in such. All of the group's sales derive from metal owned by the group. The group does not seek to earn any revenue from movements in the price of the underlying commodity. The group's stock and trading positions are balanced accordingly to avoid such price exposure.

Sales are made on either an allocated or unallocated basis.

Allocated metal sales
Allocated metal sales involve the physical transfer of specific metal bars and/or coins to a customer or to be set aside and held on behalf of a customer, such metal being uniquely and separately identifiable as belonging to the customer.

Unallocated metal sales
Unallocated sales are sales in which there is often no immediate requirement or desire to transfer the physical metal to the customer, or for such metal to be separately identifiable. Given the nature of the commodity, selling on an unallocated basis is common. Unallocated metal account holders have a contractual entitlement to the metal sold to them.

b) Sale of goods - retail
The group also operates a retail operation for the sale of gold and certain related products. Sale of gold and related products are recognised on sale to the customers when the key revenue recognition criteria has been met.

3.6 Cost of sales
Cost of sales represents amounts payable for the purchase of various precious metals and related products. Cost of sales are recognised on the trade date of a transaction.

3.7 Intangible fixed assets
Intangible fixed assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life can not be made, the useful life shall not exceed five years. Intangible assets that are not yet brought into use are not amortised. The directors will assess the useful economic life of such intangibles when they are brought into use.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. ACCOUNTING POLICIES - continued

3.8 Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 5 years
Improvements to property - Straight line over 5 years
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

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 within the profit and loss account.

3.9 Fixed asset Investments:
The group has invested mainly in the following fixed asset investments:

i) Investments in associated undertakings and joint ventures
An associated undertaking is an entity over which the group is in a position to exercise significant influence, but not control or jointly control, through participation in the financial and operating policy decisions of the investee, whereas a joint venture is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.

As the group mainly holds its investments in associated undertakings and a joint venture as a part of its investment portfolio and as no fair value is reliably determinable without undue cost or effort, the group has chosen to adopt FRS 102, section 14 (paragraphs 14.4B and 14.10) for investments in associated undertakings and section 15 (paragraphs 15.9B and 15.15) for investments in joint ventures and decided not to adopt the equity method of accounting and has instead carried the investments in associated undertakings and joint ventures in the balance sheet at cost, less any impairment in the value of individual investments. Losses of the associated undertakings and joint ventures in excess of the group's interest in those investments are not recognised, unless the group has incurred a legal or constructive obligation or made payments on behalf of the associated undertakings and joint venture.

ii) Other Investments
Other investments represent investments in equity securities that present the group with opportunity for return through dividend income and capital gains. They have no fixed maturity or coupon rate. The fair values of the listed securities are based on quoted market prices. For unlisted securities, where market value is not available, the group estimates relevant fair values on the basis of publicly available information from outside sources. Where this is not possible, investments are held at cost and are reviewed for impairment.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. ACCOUNTING POLICIES - continued

3.10 Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

In accordance with Section 16 of Investment Properties of FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", investment properties are measured at cost at initial recognition. The cost of a purchased investment property comprises its purchase price and any directly attributable expenditure such as legal, property transfer taxes and other transactions costs.

Investment properties are revalued annually, and subsequently measured and included in the accounts at fair value at each year end. Any surplus or deficit on revaluation is recognised initially in the profit and loss account. All revaluation movements are transferred to a non-distributable reserve called "Non-distributable fair value reserve", unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent in which case it remains in the profit and loss account reserve.

3.11 Stocks
Stocks consist of precious metals held by the group and are valued at the lower of cost and estimated selling price less costs to complete and sell. This policy is in accordance with FRS 102, paragraph 13.4 and given the nature of stock, mainly represents the stock being generally valued in accordance with source value from which the precious metal is obtained. All precious metal which has been purchased and committed to future sales to customers or hedged in metal markets is valued at the price at which it is currently contractually committed or hedged, any remaining metals are valued at year end closing values as published by the London Bullion Market Association (LBMA), an internationally recognised pricing mechanism. Such prices are based on the 'fine' metal benchmark for each type of precious metal, which is similarly internationally recognised. As stocks of precious metals are held in various forms, only the fine metal content is included in stock valuation, all other metal content is ignored as such values would be wholly immaterial.

Post year end diminution in value will only be considered as an indicator of impairment of precious metal stocks to the extent that total precious metal stocks exceed total precious metal liabilities at the balance sheet date. In other words, impairment is only considered to the extent the group has a net precious metal stock exposure.

3.12 Taxation
Taxation for the year comprises corporation tax and deferred tax. Tax is recognised in the Consolidated Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Corporation tax or deferred taxation assets and liabilities are not discounted.

Corporation tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. ACCOUNTING POLICIES - continued

3.13 Foreign currencies
i) Functional and presentational currency
The group's functional and presentational currency is Pound Sterling for all years presented.

(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using spot exchange rates at the date of transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using average exchange rates at the date of transactions, and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss account.

3.14 Operating lease commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.15 Financial instruments

The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where a transaction is measured at the present vale of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payable, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future receipts discounted a market rate of interest.

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

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. ACCOUNTING POLICIES - continued
3.16 Cash and cash equivalent
Cash includes cash in hand, deposits held with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

3.17 Employee benefits
The group provides a range of benefits to its directors and eligible employees as explained below:

i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

ii) Defined contribution pension plans
The group makes contributions to the personal pension plans of its directors and employees. Once the contributions have been paid, the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the Balance Sheet. The assets of the plans are held separately from the group in independently administered funds.

3.18 Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.19 Interest income
Interest income is recognised in the Profit and Loss account using the effective interest method.

3.20 Finance costs
Finance costs, which include interest and bank charges, are recognised in the Profit and Loss account in the period in which they are incurred.

3.21 Provision for liabilities
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3.22 Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as deduction, net of tax, from the proceeds.

5. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of precious metals 51,235,594 63,179,938
Rent receivable 505,266 520,632
51,740,860 63,700,570

In the opinion of the directors, the disclosure of revenue by geographical area would be seriously prejudicial to the interests of the group.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. OTHER OPERATING INCOME
2024 2023
£    £   
Dividends receivable 185,501 726,968
Profit on sale of shares in
listed investments - 5,420
Sundry receipts 3,541 -
189,042 732,388

Dividends receivable included income from participating interest of £150,000 (2023: £716,011).

7. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,214,104 1,186,230
Social security costs 146,866 187,577
Other pension costs 125,084 85,126
1,486,054 1,458,933

The average number of employees during the year was as follows:
2024 2023

Directors 4 4
Sales 6 5
Administration 6 7
16 16

The average number of employees by category during the year for the company was 4 directors (2023: 4) and 6 Administration ( 2023: 7).

2024 2023
£    £   
Directors' remuneration 1,017,145 974,623

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 454,818 451,247

Number of directors who are participating in pension scheme during the year was Nil, and there was no pension liability at the year end.

8. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 73,667 64,692
Depreciation - owned assets 13,412 11,271
Auditors' remuneration 33,500 32,000
Non audit fees 5,000 5,200

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


8. OPERATING PROFIT - continued

The auditors' remuneration for the parent company and its subsidiaries are £17,000 and £16,500 respectively.

9. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 23,500 414
Loan interest receivable 156,494 23,564
179,994 23,978

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 128,647 70,622

Deferred tax - 5,673
Tax on profit 128,647 76,295

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 456,131 805,803
Profit multiplied by the standard rate of corporation tax in the UK of 24.388
% (2023 - 19 %)

111,241

153,103

Effects of:
Expenses not deductible for tax purposes 55,520 84,047
Income not taxable for tax purposes (36,314 ) (136,076 )
Capital allowances in excess of depreciation (1,800 ) (7,201 )
Deferred tax movement - 5,674
Previous years trading losses utilised - (23,252 )
Total tax charge 128,647 76,295

The standard rate of Corporation Tax in the UK increased to 25% from 1 April 2023 for profits over £250,000.

11. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss account of the parent company is not presented as part of these financial statements.


12. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 303,914 235,944

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


13. INTANGIBLE FIXED ASSETS

Group
Domain
name
£   
COST
At 1 March 2023
and 29 February 2024 36,000
AMORTISATION
At 1 March 2023
and 29 February 2024 36,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

Company
Domain
name
£   
COST
At 1 March 2023
and 29 February 2024 36,000
AMORTISATION
At 1 March 2023
and 29 February 2024 36,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

14. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
Short to and
leasehold property fittings
£    £    £   
COST
At 1 March 2023 2,806 62,657 213,313
Additions - - 17,197
At 29 February 2024 2,806 62,657 230,510
DEPRECIATION
At 1 March 2023 2,806 62,657 162,656
Charge for year - - 10,186
At 29 February 2024 2,806 62,657 172,842
NET BOOK VALUE
At 29 February 2024 - - 57,668
At 28 February 2023 - - 50,657

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


14. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 23,500 54,820 357,096
Additions - - 17,197
At 29 February 2024 23,500 54,820 374,293
DEPRECIATION
At 1 March 2023 15,032 52,376 295,527
Charge for year 2,117 1,109 13,412
At 29 February 2024 17,149 53,485 308,939
NET BOOK VALUE
At 29 February 2024 6,351 1,335 65,354
At 28 February 2023 8,468 2,444 61,569

Company
Improvements Fixtures
Short to and Computer
leasehold property fittings equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 2,806 62,657 35,919 54,821 156,203
Additions - - 7,705 - 7,705
At 29 February 2024 2,806 62,657 43,624 54,821 163,908
DEPRECIATION
At 1 March 2023 2,806 62,657 22,114 52,376 139,953
Charge for year - - 3,265 1,109 4,374
At 29 February 2024 2,806 62,657 25,379 53,485 144,327
NET BOOK VALUE
At 29 February 2024 - - 18,245 1,336 19,581
At 28 February 2023 - - 13,805 2,445 16,250

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


15. FIXED ASSET INVESTMENTS

Group
Interest
in
associated
and joint
venture Listed Unlisted
undertakings investments investments Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2023 1,003,270 668,345 647,972 2,319,587
Additions - - 118,180 118,180
Revaluations - (229,152 ) - (229,152 )
At 29 February 2024 1,003,270 439,193 766,152 2,208,615
NET BOOK VALUE
At 29 February 2024 1,003,270 439,193 766,152 2,208,615
At 28 February 2023 1,003,270 668,345 647,972 2,319,587

Cost or valuation at 29 February 2024 is represented by:

Interest
in
associated
and joint
venture Listed Unlisted
undertakings investments investments Totals
£    £    £    £   
Valuation in 2015 - 59,504 - 59,504
Valuation in 2017 - (20,439 ) - (20,439 )
Valuation in 2018 - (11,953 ) - (11,953 )
Valuation in 2019 - (9,993 ) - (9,993 )
Valuation in 2020 - 32,474 - 32,474
Valuation in 2021 - 533,610 - 533,610
Valuation in 2022 - (306,668 ) - (306,668 )
Valuation in 2023 - (442,144 ) - (442,144 )
Valuation in 2024 - (229,152 ) - (229,152 )
Cost 1,003,270 833,954 766,152 2,603,376
1,003,270 439,193 766,152 2,208,615

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


15. FIXED ASSET INVESTMENTS - continued

Company
Interest
in
associated
Shares in and joint
group venture Listed Unlisted
undertakings undertakings investments investments Totals
£    £    £    £    £   
COST OR VALUATION
At 1 March 2023 6,100 1,003,270 668,345 647,971 2,325,686
Additions - - - 118,180 118,180
Revaluations - - (229,152 ) - (229,152 )
At 29 February 2024 6,100 1,003,270 439,193 766,151 2,214,714
NET BOOK VALUE
At 29 February 2024 6,100 1,003,270 439,193 766,151 2,214,714
At 28 February 2023 6,100 1,003,270 668,345 647,971 2,325,686

Cost or valuation at 29 February 2024 is represented by:

Interest
in
associated
Shares in and joint
group venture Listed Unlisted
undertakings undertakings investments investments Totals
£    £    £    £    £   
Valuation in 2015 - - 59,504 - 59,504
Valuation in 2017 - - (20,439 ) - (20,439 )
Valuation in 2018 - - (11,953 ) - (11,953 )
Valuation in 2019 - - (9,993 ) - (9,993 )
Valuation in 2020 - - 32,474 - 32,474
Valuation in 2021 - - 533,610 - 533,610
Valuation in 2022 - - (306,668 ) - (306,668 )
Valuation in 2023 - - (442,144 ) - (442,144 )
Valuation in 2024 - - (229,152 ) - (229,152 )
Cost 6,100 1,003,270 833,954 766,151 2,609,475
6,100 1,003,270 439,193 766,151 2,214,714

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries


Gerrards (Precious Metals) Limited
Registered office: Same as parent company
Nature of business: Dealers in precious metals
%
Class of shares: holding
Ordinary £1 100.00

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


15. FIXED ASSET INVESTMENTS - continued

The Lawrence Group (Properties) Limited
Registered office: Same as parent company
Nature of business: Investment property business
%
Class of shares: holding
Ordinary £1 100.00

Gerrards Precious Metals (UK) Limited
Registered office: Same as parent company
Nature of business: Dormant throughout the year
%
Class of shares: holding
Ordinary £1 100.00

Joint ventures

Colspace Limited
Registered office: C/O Ellis Atkins Chartered Accountants, The Atrium Business Centre, Curtis Road, Dorking, Surrey, RH4 1XA, United Kingdom
Nature of business: Property Development
%
Class of shares: holding
Ordinary £1 50.00

Freehold Land Buyers Limited
Registered office: C/O Ellis Atkins Chartered Accountants, The Atrium Business Centre, Curtis Road, Dorking, Surrey, RH4 1XA, United Kingdom
Nature of business: Property Development
%
Class of shares: holding
Ordinary £1 50.00

Associated companies

Land Charter (Harlow) Limited
Registered office: The Barn, Woods Farm, Grange Road, Pleshey, Chelmsford, Essex, CM3 1HZ, United Kingdom
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 20.00

Abbey House (Leicester) Limited
Registered office: Kingridge House, 601 London Road, Westclifff-On-Sea, Essex, SS0 9PE, United Kingdom
Nature of business: Property Development
%
Class of shares: holding
Ordinary £1 40.00

LC Mellon Limited
Registered office: The Barn, Woods Farm, Grange Road, Pleshey, Chelmsford, Essex, CM3 1HZ, United Kingdom
Nature of business: Property Development
%
Class of shares: holding
Ordinary £1 31.60


Investments in associated and joint venture undertakings have been valued by using the cost model as the group is holding these investments as a part of an investment portfolio only and as it is impracticable to measure their fair value reliably without incurring undue cost or effort.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


16. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 7,227,705
NET BOOK VALUE
At 29 February 2024 7,227,705
At 28 February 2023 7,227,705

Investment properties are carried at fair values as at the balance sheet date, as determined by the directors. These valuations are made annually based on the properties' highest-and-best-use using the Direct Market Comparison Method which also involves the directors taking advice of relevant commercial and residential property agents, where applicable, in determining the correct open market valuation.

Investment properties are leased to non-related parties under operating leases.

Company
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 4,717,705
NET BOOK VALUE
At 29 February 2024 4,717,705
At 28 February 2023 4,717,705

Investment properties are carried at fair values as at the balance sheet date, as determined by the directors. These valuations are made annually based on the properties' highest-and-best-use using the Direct Market Comparison Method which also involves the directors taking advice of relevant commercial and residential property agents, where applicable, in determining the correct open market valuation.

Investment properties are leased to non-related parties under operating leases.

17. STOCKS

Group
2024 2023
£    £   
Stocks 462,335 90,701

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 8,997,022 9,865,158 3,459 2,693
Other debtors 2,826,650 3,225,140 2,819,477 3,217,865
Amount owed by group companies - - 6,916,794 7,487,317
VAT 49,895 37,978 - 21,428
Prepayments and accrued income 109,274 150,183 74,330 99,457
11,982,841 13,278,459 9,814,060 10,828,760

Included in debtors, due within one year, are short term financing loans totalling £2,036,038 (2023: £2,443,767) advanced to associated and joint venture undertakings. The directors are confident that the balances will be repaid within the next twelve months.

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 128,735 133,703 6,021 38,803
Corporation tax 128,647 70,622 - -
Social security and other taxes 18,325 55,288 18,325 55,288
VAT - - 9,035 -
Other creditors 141,298 97,995 25,014 20,462
Amount owed to group companies - - 75 75
Accrued expenses 159,321 269,794 46,395 41,103
576,326 627,402 104,865 155,731

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

The group as lessee

At the balance sheet date, the group has outstanding commitment for future minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
£ £

Within one year 73,000 67,500


The group as lessor

At the balance sheet date, the group has contracted with tenants for the following future minimum lease payments:

2024 2023
£ £

Within one year 425,632 473,941

Between one and five years 687,293 852,061

In more than five years 1,267,405 1,462,174

21. FINANCIAL INSTRUMENTS

The group's principal financial instruments include bank overdrafts, loans and other metal borrowings, the main purpose of which is to raise finance for the group's operations. In addition, the group has various other financial assets and liabilities such as trade and other debtors and trade creditors arising directly from operations. The group does not usually use derivatives financial instruments to hedge risk as they are not deemed to be significant.

The group has the following financial instruments:

2024 2023
£ £

Measured at fair value through profit and loss account
Unrealised loss on fair value of listed investments 229,153 442,144
Financial assets
Debt instruments
Measured at fair value - listed investments (within one year) 439,193 668,345
Debt instruments
Measured at amortised cost (within one year) 15,673,533 18,711,674
Financial liabilities
Financial liabilities measured at amortised cost 270,033 231,693

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


22. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 199,000 199,000 34,033 34,033

Group
Deferred
tax
£   
Balance at 1 March 2023 199,000
Balance at 29 February 2024 199,000

Company
Deferred
tax
£   
Balance at 1 March 2023 34,033
Released during year
Balance at 29 February 2024 34,033

Deferred tax provision relates to revaluation of investment properties and listed investments.

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
348 Ordinary £1 348 348

These shares have equal voting rights, equal rights to dividends and equal rights on a winding up. These shares are not redeemable.

24. RESERVES

Group
Non-distributable
Reserve fair
Retained on value
earnings consolidation reserve Totals
£    £    £    £   

At 1 March 2023 20,401,635 1,172,002 1,654,409 23,228,046
Profit for the year 327,484 - - 327,484
Dividends (303,914 ) - - (303,914 )
At 29 February 2024 20,425,205 1,172,002 1,654,409 23,251,616

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


24. RESERVES - continued

Company
Non-distributable
fair
Retained value
earnings reserve Totals
£    £    £   

At 1 March 2023 17,473,146 225,616 17,698,762
Deficit for the year (763,062 ) - (763,062 )
Dividends (303,914 ) - (303,914 )
At 29 February 2024 16,406,170 225,616 16,631,786

Retained earnings
The retained earnings represents cumulative distributable profits and losses net of dividends and other adjustments.

Non-distributable fair value reserve
The non-distributable fair value reserve represents cumulative unrealised gains on revaluation of investments less any relevant deferred tax.

Reserve on consolidation
The represents net assets of the group at the point of initial business combination.

25. CONTINGENT LIABILITIES

There is an omnibus guarantee and letter of set-off agreement between the group companies and Lloyds Bank Plc in respect of group overdrafts.

26. OTHER COMMITMENTS

The total net value of various metals which the group has contractually committed to deliver to the customers and acquire from the suppliers as at 29 February 2024 is £7,655,620 (2023: £8,194,622). Please find below the detailed breakdown for each of the metals committed:

As at the 29 February 2024, the group was committed to deliver 4,616 (2023: 5,207) ounces of gold valued at £7,460,422 (2023: £7,868,726), 14,327 (2023: 27,770) ounces of silver valued at £256,549 (2023: £480,975). The company was also committed to acquire 63 (2023: 30) ounces of palladium valued at £47,266 (2023: £35,996) and 16 (2023: 153) ounces of Platinum valued at £14,085 (2023: £119,083).

27. RELATED PARTY DISCLOSURES

The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group, and have therefore eliminated transactions between the group entities on consolidation.

All amounts due from / (to) related parties listed below are unsecured, repayable on demand and interest free. No provisions have been made for doubtful debts in respect of the amounts owed by the related parties.

Other related parties
2024 2023
£    £   
Remuneration paid to directors' close family members 291,634 292,677
Amount due from related party 2,036,038 2,443,767

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


28. ULTIMATE CONTROLLING PARTY

The group is controlled throughout the current and previous periods by L M Collins and Mrs J
Collins who are the trustees of the various trusts that control 74% of its issued share capital.

29. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit for the financial year 327,484 729,508
Depreciation charges 13,412 11,275
Loss on revaluation of fixed assets 229,153 442,144
Finance income (179,994 ) (23,978 )
Taxation 128,647 76,295
518,702 1,235,244
(Increase)/decrease in stocks (371,634 ) 344,712
Decrease/(increase) in trade and other debtors 1,295,618 (3,504,774 )
Decrease in trade and other creditors (109,101 ) (1,242,084 )
Cash generated from operations 1,333,585 (3,166,902 )

30. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 2,080,440 1,076,775
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 1,076,775 3,970,136


31. ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 1,076,775 1,003,665 2,080,440
1,076,775 1,003,665 2,080,440
Total 1,076,775 1,003,665 2,080,440