Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30truetruetruetrue2022-10-01false18During the year the principal activities were responsible lending and property management15true 08029251 2022-09-30 08029251 2022-10-01 2023-09-30 08029251 2023-09-30 08029251 2021-04-01 2022-03-31 08029251 2022-03-31 08029251 c:Director5 2022-10-01 2023-09-30 08029251 d:FreeholdInvestmentProperty 2022-10-01 2023-09-30 08029251 d:FreeholdInvestmentProperty 2023-09-30 08029251 d:CurrentFinancialInstruments 2023-09-30 08029251 d:CurrentFinancialInstruments 2022-03-31 08029251 d:Non-currentFinancialInstruments 2023-09-30 08029251 d:Non-currentFinancialInstruments 2022-03-31 08029251 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 08029251 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08029251 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 08029251 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 08029251 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 08029251 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 08029251 d:ShareCapital 2023-09-30 08029251 d:ShareCapital 2022-03-31 08029251 d:RevaluationReserve 2023-09-30 08029251 d:RevaluationReserve 2022-03-31 08029251 d:RetainedEarningsAccumulatedLosses 2023-09-30 08029251 d:RetainedEarningsAccumulatedLosses 2022-03-31 08029251 c:OrdinaryShareClass1 2022-10-01 2023-09-30 08029251 c:OrdinaryShareClass1 2023-09-30 08029251 c:OrdinaryShareClass1 2022-03-31 08029251 c:FRS102 2022-10-01 2023-09-30 08029251 c:Audited 2022-10-01 2023-09-30 08029251 c:FullAccounts 2022-10-01 2023-09-30 08029251 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 08029251 c:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 08029251 6 2022-10-01 2023-09-30 08029251 3 2023-09-30 08029251 3 2022-03-31 08029251 d:FreeholdInvestmentProperty d:PreviouslyStatedAmount 2022-03-31 iso4217:GBP xbrli:shares xbrli:pure

Company Registration Number 08029251























FIVE LAMPS TRADING LIMITED





FINANCIAL STATEMENTS





 30 SEPTEMBER 2023
(18 month period from 1 April 2022 to 30 September 2023)





















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FIVE LAMPS TRADING LIMITED
REGISTERED NUMBER: 08029251

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
194,868
857,872

Investment property
 5 
60,000
32,500

  
254,868
890,372

Current assets
  

Debtors: amounts falling due within one year
 6 
25,027
3,066,937

Cash at bank and in hand
 7 
37,428
251,611

  
62,455
3,318,548

Creditors: amounts falling due within one year
 8 
(789,905)
(372,623)

Net current (liabilities)/assets
  
 
 
(727,450)
 
 
2,945,925

Total assets less current liabilities
  
(472,582)
3,836,297

Creditors: amounts falling due after more than one year
 9 
(5,566,708)
(5,941,055)

  

Net liabilities
  
(6,039,290)
(2,104,758)


Capital and reserves
  

Called up share capital 
 11 
850,002
850,002

Revaluation reserve
  
11,486
11,486

Profit and loss account
  
(6,900,778)
(2,966,246)

  
(6,039,290)
(2,104,758)


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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.


................................................
T Watson
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
FIVE LAMPS TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

1.Accounting policies

  
1.1

General information

The company is a private company limited by share capital incorporated in the United Kingdom.
The address of the registered office is:
Community Resource Centre
Eldon Street
Thornaby
TS17 7DJ
The principal activity of the company is responsible lending and property management/refurbishment.
The financial statements are presented in pounds sterling.

 
1.2

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.3

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of The Five Lamps Organisation  as at 30 September 2023 and these financial statements may be obtained from Eldon Street, Thornaby, TS17 1DJ.

 
1.4

Going concern

The Directors have prepared the financial statements on a basis other than going concern basis. This is because this company intends to cease trading in the future. 
No material adjustments were necessary to the amounts at which the net assets are included in these financial statements to reflect differences between the book value and its amounts expected to be realised for assets or incurred liabilities. The company considers, due to parental support, that is has sufficient funds to settle any future liabilities as they fall due.

Page 2

 
FIVE LAMPS TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)

 
1.5

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.

Income includes interest generated from loans being serviced and managed by the company.
Also included in income are the rents generated from the investment properties.

  
1.6

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparble real estate, adjusted if necessary for any difference in the nature, location or condition of the comparable specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
1.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
1.8

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.

 
1.9

Borrowing costs

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

Page 3

 
FIVE LAMPS TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)

 
1.10

Pensions

Defined contribution pension plan

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

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

 
1.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
1.12

Valuation of investments

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

Programme related investments (loan book) are reviewed at annually for impairment, an adjustment is made to provide for amounts considered to be irrecoverable, but only once normal recovery procedures have been followed and no further repayments have been made.

 
1.13

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.

 
1.14

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.

 
1.15

Creditors

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

Page 4

 
FIVE LAMPS TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

2.


Significant judgements and estimates

Management consider there to be an element of judgement and uncertainty in determining the carrying value of the loan book. Accordingly management has assessed the performance of each debtor based on available financial and management information. Where that information shows a net realisable value less than carrying management recognise an impairment against said asset accordingly.
The management team routinely monitor and review loan debtors and investments on a monthly basis and
present to the Directors on a quarterly basis for consideration. During 2022/23 the Audit & Risk Committee disbanded and the Directors took back the delegated responsibility.
 
The Directors have commenced a process to determine how they would wind down the debt book in an orderly manner.  This process has included the use of a third party to value the likely realisation of the portfolio.  As such the net book value of debtors has been set at a value aligned to this third party assessment.


3.


Employees

The average monthly number of employees, including directors, during the period was 15 (2022 - 18).

Page 5

 
FIVE LAMPS TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

4.


Fixed asset and programme related investments





Unlisted investments
Loan book
Total

£
£
£



Cost or valuation


At 1 October 2022
14,000
2,260,375
2,274,375


Repayments
-
(185,005)
(185,005)


Transfer
-
(120,450)
(120,450)



At 30 September 2023

14,000
1,954,920
1,968,920



Impairment


At 1 October 2022
-
1,416,502
1,416,502


Impairment of investment
14,000
-
14,000


Impairment of loan book
-
464,000
464,000


Transfer
-
(120,450)
(120,450)



At 30 September 2023

14,000
1,760,052
1,774,052



Net book value



At 30 September 2023
-
194,868
194,868



At 30 September 2022
14,000
843,873
857,873

The unlisted investments are an investment in Ask Inclusive Finance Group Holding Limited, which equates to a holding of less than 2%, to establish a platform in order to provide software, services and a market place for community lending to medium, small and micro enterprises.  This investment ceased to trade and as such management have recognised an impairment.

Page 6

 
FIVE LAMPS TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2022
32,500


Additions at cost
27,500



At 30 September 2023
60,000

The 2023 valuations were made by the directors, on an open market value for existing use basis. In the opinion of the directors this is a reasonable estimate of the market value at 30 September 2023.





6.


Debtors

2023
2022
£
£


Trade debtors
22,008
-

Amounts owed by group undertakings
-
3,050,000

Other debtors
-
15,256

Prepayments and accrued income
3,019
1,681

25,027
3,066,937


At the balance sheet date, and in line with the circumstances documented in the Directors Report, the directors assessed that the amounts due from the parent charity were not recoverable.  A legal agreement to this effect was enacted accordingly.  This resulted in the write of amounts due from group undertakings.  The related charge is recognised on the face of the profit and loss account.


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
37,428
251,611

37,428
251,611


Page 7

 
FIVE LAMPS TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
365,541
128,179

Other taxation and social security
6,361
8,659

Other creditors
405,063
226,013

Accruals and deferred income
12,940
9,772

789,905
372,623



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

CBIL loans
500,000
500,000

Other loans
4,812,500
4,812,500

Accruals and deferred income
254,208
628,555

5,566,708
5,941,055


The other loans are secured by various fixed and floating charges including a debenture over 'The Youthy', Thornaby Road, Thornaby and the ringfenced loan portfolio associated with the investment. 
Other loans £4,812,500 (2022: £4,812,500) and are split between Tranche A Noteholders = £1,937,500 (capital)  and Tranche B Noteholders = £2,875,000 (capital). 


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

CBIL loans
500,000
500,000

Other loans
4,812,500
4,812,500


5,312,500
5,312,500


5,312,500
5,312,500


The other loans are secured by various fixed and floating charges over all the property and undertakings in this company and its parent, The Five Lamps Organisation. The CBIL loan and associated accrued interest is to be written off following discussions post year end and application to use the British  Business Bank 80% loan guarantee.

Page 8

 
FIVE LAMPS TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



850,002 (2022 - 850,002) Ordinary shares of £1.00 each
850,002
850,002

in realisation that this share capital cannot be repaid to the Five Lamps Organisation, the Trustees notified the investors that this capital investment would be written off.



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,883 (2022 - £7,122). Contributions totalling £5,063 (2022 - £1,517) were payable to the fund at the balance sheet date and are included in creditors.


13.


Ultimate parent undertaking

Throughout the period the company was under control of the Board of its parent company, The Five Lamps Organisation. This report forms part of the consolidated financial statements filed by the FIve Lamps Organisation. The Trustees of the parent organisations, have with full knowledge, supported the Directors decisions and resolved that FLT as an entity should cease trading and wind down, preferably through an orderly wind down.


14.


Auditors' information

The auditors' report on the financial statements for the period ended 30 September 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 1.4 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis otherthan going concern as described in note 1.4. Our opinion is not modified in respect of this matter.     

The audit report was signed on 30 January 2025 by Simon Turner (Senior statutory auditor) on behalf of Armstrong Watson Audit Limited.


Page 9