Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29No description of principal activitytruefalse2023-03-0122trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04573655 2023-03-01 2024-02-29 04573655 2024-02-29 04573655 2022-03-01 2023-02-28 04573655 2023-02-28 04573655 c:Director1 2023-03-01 2024-02-29 04573655 d:Buildings 2023-03-01 2024-02-29 04573655 d:Buildings 2024-02-29 04573655 d:Buildings 2023-02-28 04573655 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04573655 d:FurnitureFittings 2023-03-01 2024-02-29 04573655 d:FurnitureFittings 2024-02-29 04573655 d:FurnitureFittings 2023-02-28 04573655 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04573655 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04573655 d:CurrentFinancialInstruments 2024-02-29 04573655 d:CurrentFinancialInstruments 2023-02-28 04573655 d:Non-currentFinancialInstruments 2024-02-29 04573655 d:Non-currentFinancialInstruments 2023-02-28 04573655 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 04573655 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 04573655 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 04573655 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 04573655 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 04573655 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 04573655 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 04573655 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 04573655 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 04573655 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 04573655 d:ShareCapital 2024-02-29 04573655 d:ShareCapital 2023-02-28 04573655 d:RevaluationReserve 2024-02-29 04573655 d:RevaluationReserve 2023-02-28 04573655 d:RetainedEarningsAccumulatedLosses 2024-02-29 04573655 d:RetainedEarningsAccumulatedLosses 2023-02-28 04573655 c:FRS102 2023-03-01 2024-02-29 04573655 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 04573655 c:FullAccounts 2023-03-01 2024-02-29 04573655 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04573655 d:OtherDeferredTax 2024-02-29 04573655 d:OtherDeferredTax 2023-02-28 04573655 4 2023-03-01 2024-02-29 04573655 5 2023-03-01 2024-02-29 04573655 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Registered number: 04573655


THE LAB DEVELOPMENTS (CREATIVE LIVING) LTD








UNAUDITED

PAGES FOR FILING WITH REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
THE LAB DEVELOPMENTS (CREATIVE LIVING) LTD
REGISTERED NUMBER: 04573655

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,796,574
3,140,513

  
2,796,574
3,140,513

Current assets
  

Debtors: amounts falling due within one year
 5 
929,419
1,491,641

Cash at bank and in hand
 6 
-
2,617

  
929,419
1,494,258

Creditors: amounts falling due within one year
 7 
(289,097)
(213,903)

Net current assets
  
 
 
640,322
 
 
1,280,355

Total assets less current liabilities
  
3,436,896
4,420,868

Creditors: amounts falling due after more than one year
 8 
(2,077,554)
(2,140,807)

Provisions for liabilities
  

Deferred tax
 10 
(383,055)
(370,644)

  
 
 
(383,055)
 
 
(370,644)

Net assets
  
976,287
1,909,417


Capital and reserves
  

Called up share capital 
  
2
2

Revaluation reserve
  
1,149,164
1,482,575

Profit and loss account
  
(172,879)
426,840

  
976,287
1,909,417


Page 1

 
THE LAB DEVELOPMENTS (CREATIVE LIVING) LTD
REGISTERED NUMBER: 04573655
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 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 income and retained earnings 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: 




................................................
A Budgen
Director
Date: 28 November 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
THE LAB DEVELOPMENTS (CREATIVE LIVING) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The Lab Developments (Creative Living) Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 04573655. The registered office is 1 Vincent Square, London, SW1P 2PN.

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.

When the rental income becomes due. The rental income is recognised net of VAT.

 
2.3

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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
THE LAB DEVELOPMENTS (CREATIVE LIVING) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet 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 balance sheet 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 balance sheet date.


 
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

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25%

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 profit or loss.

Page 4

 
THE LAB DEVELOPMENTS (CREATIVE LIVING) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

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

Page 5

 
THE LAB DEVELOPMENTS (CREATIVE LIVING) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Land and buildings
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 March 2023
3,100,000
94,122
3,194,122


Revaluations
(321,000)
-
(321,000)



At 29 February 2024

2,779,000
94,122
2,873,122



Depreciation


At 1 March 2023
-
53,609
53,609


Charge for the year on owned assets
-
22,939
22,939



At 29 February 2024

-
76,548
76,548



Net book value



At 29 February 2024
2,779,000
17,574
2,796,574



At 28 February 2023
3,100,000
40,513
3,140,513

Included within land and buildings is the base cost and subsequent revaluation of two properties. During the year, the directors have revalued these properties and the revaluations are shown above.

Page 6

 
THE LAB DEVELOPMENTS (CREATIVE LIVING) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
928,835
1,491,641

Prepayments and accrued income
584
-

929,419
1,491,641



6.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
-
2,617

Less: bank overdrafts
(10,413)
-

(10,413)
2,617



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank overdrafts
10,413
-

Bank loans
63,252
58,855

Trade creditors
54,796
60,476

Corporation tax
9,208
9,208

Other creditors
145,628
79,366

Accruals and deferred income
5,800
5,998

289,097
213,903


Page 7

 
THE LAB DEVELOPMENTS (CREATIVE LIVING) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
2,077,554
2,140,807

2,077,554
2,140,807



9.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
63,252
58,855


63,252
58,855

Amounts falling due 1-2 years

Bank loans
67,978
63,252


67,978
63,252

Amounts falling due 2-5 years

Bank loans
235,953
219,550


235,953
219,550

Amounts falling due after more than 5 years

Bank loans
1,773,624
1,858,005

1,773,624
1,858,005

2,140,807
2,199,662



10.


Deferred taxation

Page 8

 
THE LAB DEVELOPMENTS (CREATIVE LIVING) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
10.Deferred taxation (continued)






2024


£






At beginning of year
(370,644)


Charged to profit or loss
(12,411)



At end of year
(383,055)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Property fair value gain
(383,055)
(370,644)

(383,055)
(370,644)

Page 9

 
THE LAB DEVELOPMENTS (CREATIVE LIVING) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Related party transactions

Included within other creditors due within one year is a balance of £9,006 (2023: £9,006) due to N Lonsdale, a director of the company.
 
Included within other creditors due within one year is a balance of £3,051 (2023: £3,051) due to A Budgen, a director of the company.

Rental income of £123,000 (2023: £180,000) was received from SpacelabUK Limited, a company of which A Budgen and N Lonsdale are also directors. As at the balance sheet date £nil (2023: £462,817) was due from SpacelabUK Limited.
As at the balance sheet date £720,522 (2023: £720,522) was due from 1 Stanhope Gardens Limited, a company of which A Budgen and N Lonsdale are also directors. 
As at the balance sheet date £27,539 (2023: £46,539), was due from West Ham Lane Developments Limited a company of which A Budgen and N Lonsdale are also directors. 
As at the balance sheet date £93,098 (2023: £26,836 due from) was due to Urbanlab Ltd a company of which A Budgen and N Lonsdale are also directors. 
As at the balance sheet date £22,475  (2023: £22,475) was due to Projectlab (UK) Ltd a company of which A Budgen and N Lonsdale are also directors. 
As at the balance sheet date £82,224 (2023: £82,224), was due from Clarendon Rise Developments Limited, a company of which A Budgen and N Lonsdale are also directors. 
As at the balance sheet date £nil (2023: £600), was due from Braemar Avenue Limited, a company of which A Budgen and N Lonsdale are also directors. 
As at the balance sheet date £83,427 (2023: £80,398), was due from The Depot Ltd, a company of which A Budgen and N Lonsdale are also directors.

As at the balance sheet date £5,664 (2023: £4,800) was due from Sense (Space) Ltd a company of which A Budgen and N Lonsdale are also directors.

 
Page 10