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Company registration number: 04083204
LONDON ECONOMICS LIMITED
Filleted financial statements
31 August 2024
LONDON ECONOMICS LIMITED
Contents
Directors and other information
Directors' responsibilities statement
Statement of financial position
Notes to the financial statements
LONDON ECONOMICS LIMITED
Directors and other information
Directors Mr Alan William Gray
Mr William Holmes Batt
Secretary Mr William Holmes Batt
Company number 04083204
Registered office Somerset House
New Wing
Strand
London
WC2R 1LA
Business address Somerset House
New Wing
Strand
London
WC2R 1LA
Auditor Somers Baker Prince Kurz LLP
Chancellors House
Brampton Lane
London
NW4 4AB
Bankers Barclays Bank PLC
London Corporate Banking
PO Box 15162, 50 Pall Mall
London
SW1A 1QB
LONDON ECONOMICS LIMITED
Directors' responsibilities statement
Year ended 31 August 2024
The directors are responsible for preparing the directors' report 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 profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LONDON ECONOMICS LIMITED
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 23,497 22,181
Investments 7 4,614 4,614
_______ _______
28,111 26,795
Current assets
Work in progress 296,145 211,707
Debtors 8 1,406,933 1,199,571
Cash at bank and in hand 1,449,830 1,246,294
_________ _________
3,152,908 2,657,572
Creditors: amounts falling due
within one year 9 ( 820,327) ( 556,804)
_______ _______
Net current assets 2,332,581 2,100,768
_________ _________
Total assets less current liabilities 2,360,692 2,127,563
Provisions for liabilities ( 5,875) ( 5,546)
_________ _________
Net assets 2,354,817 2,122,017
_________ _________
Capital and reserves
Called up share capital 143 143
Share premium account 429,957 429,957
Capital contribution reserve 79,900 79,900
Profit and loss account 1,844,817 1,612,017
_________ _________
Shareholders funds 2,354,817 2,122,017
_________ _________
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
Mr Alan William Gray
Director
Company registration number: 04083204
LONDON ECONOMICS LIMITED
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Somerset House, New Wing, Strand, London, WC2R 1LA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss . The financial statements are prepared in sterling, which is the functional currency of the entity.
Group accounts
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Transactions in foreign currencies are recorded in sterling at the exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the exchange rate prevailing at the reporting date. All exchange gains or losses are taken as profit or loss in the income statement.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer and other equipment - 25 % straight line
Furniture and fittings - 12.5 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Work in progress
Work in progress represents work in progress where the company is not entitled at the reporting date to invoice the customer. It is stated at the lower of cost and net realisable value.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, amounts receivable or payable to related parties and other third parties. Debt instruments that are receivable or payable within one year, such as trade receivables and payables are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be received or paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Ethical standards
In common with many other businesses of similar size and nature, we assist the client in the preparation of the financial statements and submit the corporation tax return to the tax authorities on their behalf.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2023: 38 ).
6. Tangible assets
Computer and other equipment Furniture and fittings Total
£ £ £
Cost
At 1 September 2023 103,599 1,183 104,782
Additions 15,736 3,260 18,996
Disposals ( 51,780) ( 133) ( 51,913)
_______ _______ _______
At 31 August 2024 67,555 4,310 71,865
_______ _______ _______
Depreciation
At 1 September 2023 81,962 639 82,601
Charge for the year 16,889 539 17,428
Disposals ( 51,661) - ( 51,661)
_______ _______ _______
At 31 August 2024 47,190 1,178 48,368
_______ _______ _______
Carrying amount
At 31 August 2024 20,365 3,132 23,497
_______ _______ _______
At 31 August 2023 21,637 544 22,181
_______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 September 2023 and 31 August 2024 4,614 4,614
_______ _______
Impairment
At 1 September 2023 and 31 August 2024 - -
_______ _______
Carrying amount
At 31 August 2024 4,614 4,614
_______ _______
At 31 August 2023 4,614 4,614
_______ _______
London Economics Limited owns all the share capital of LE Europe Limited, a company incorporated in Ireland.
8. Debtors
2024 2023
£ £
Trade debtors 1,299,963 1,063,812
Amount owed by group undertaking - 24,784
Other debtors 106,970 110,975
_________ _________
1,406,933 1,199,571
_________ _________
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 380,147 228,242
Amount owed to group undertaking 36,789 -
Corporation tax 77,283 33,570
Social security and other taxes 236,975 192,760
Other creditors 89,133 102,232
_______ _______
820,327 556,804
_______ _______
10. Summary audit opinion
The auditor's report dated 22 January 2025 was unqualified.
The senior statutory auditor was Martin Tiano for and on behalf of Somers Baker Prince Kurz LLP
11. Related party transactions
During the year, consultancy fees amounting to £581,567 were received from LE Europe Limited. The amount owed to LE Europe Limited at 31 August 2024 amounted to £36,789. LE Europe Limited, a company incorporated in Ireland is a wholly owned subsidiary undertaking of London Economics Limited. During the year, consultancy fees amounting to £3,192 were received from Indecon International Economic Consultants and consultancy fees and expenses amounting to £188,351 were paid to Indecon International Economic Consultants. Mr Alan Gray (director and shareholder) has an interest in Indecon International Economic Consultants, a consultancy practice situated in Ireland .
12. Controlling party
Mr Alan Gray (director) has a controlling interest in London Economics Limited.