Company registration number SC045188 (Scotland)
Lawson Properties Limited
financial statements
for the year ended 31 May 2024
Pages for filing with registrar
Lawson Properties Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Lawson Properties Limited
Balance sheet
as at 31 May 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,004,452
1,004,452
Current assets
Debtors
5
658,762
659,186
Cash at bank and in hand
617,338
593,909
1,276,100
1,253,095
Creditors: amounts falling due within one year
6
(9,674)
(7,198)
Net current assets
1,266,426
1,245,897
Net assets
2,270,878
2,250,349
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss reserves
7
2,250,878
2,230,349
Total equity
2,270,878
2,250,349
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 December 2024 and are signed on its behalf by:
HS Lawson
Director
Company registration number SC045188 (Scotland)
Lawson Properties Limited
Notes to the financial statements
for the year ended 31 May 2024
- 2 -
1
Accounting policies
Company information
Lawson Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Balunie Drive, Broughty Ferry, Dundee, DD4 8UU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Lawson Trailer Rentals. These consolidated financial statements are available from its registered office, which is same as noted above.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the financial projections, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios. This analysis also considers the effectiveness of available measures to assist in mitigating the impact. true
Based on these assessments and having regard to the resources available to the company, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Rental income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Rental income is accrued on a time basis, by reference to the lease agreement.
Lawson Properties Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Lawson Properties Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Lawson Properties Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 and 31 May 2024
9,184
Depreciation and impairment
At 1 June 2023 and 31 May 2024
9,184
Carrying amount
At 31 May 2024
At 31 May 2023
4
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
1,004,452
Investment property comprises 3 residential flats which are let to tenants. The directors believe the value above still represents a fair value as at 31 May 2024.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
657,118
657,591
Other debtors
1,644
1,595
658,762
659,186
Lawson Properties Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
5,701
3,507
Other creditors
3,973
3,691
9,674
7,198
7
Profit and loss reserves
Profit and loss reserves include all current and prior year retained profits and losses.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Blair Davidson
Statutory Auditor:
Henderson Loggie LLP
Date of audit report:
9 December 2024
9
Financial commitments, guarantees and contingent liabilities
There is a cross guarantee between Lawson Properties Limited, Lawson Trailer Rentals Limited, Harry Lawson Limited and other subsidiaries of Lawson Trailer Rentals Limited and Harry Lawson Limited. The company has also granted a bond and floating charge and a standard security over specific land and buildings to the Clydesdale Bank plc. The amounts owed by these companies to the bank at 31 May 2024 were £Nil (2023 - £Nil).
10
Parent company
The company is a wholly owned subsidiary of Lawson Trailer Rentals Limited, a company registered in Scotland and incorporated in Great Britain.
The party with the ultimate control of the company is HS Lawson.
11
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.