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REGISTERED NUMBER: 12165148 (England and Wales)









Strategic Report,

Report of the Directors and

Financial Statements

for the Period

1 August 2023 to 31 March 2024

for

Lawrence Stephens Limited

Lawrence Stephens Limited (Registered number: 12165148)






Contents of the Financial Statements
for the Period 1 August 2023 to 31 March 2024




Page

Company Information 1

Strategic Report 3

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Income and Retained Earnings 9

Statement of Financial Position 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Lawrence Stephens Limited

Company Information
for the Period 1 August 2023 to 31 March 2024







DIRECTORS: Mr S Bernstein
Mr D Schwarz
Mr J.L. Rubenstein
Mr G Palos
Mr S. Messias
Mr L. Kelly
Mr A J Conway
Mr G V Bayliss
Mr D Freedman
Mr B Lee
Mr P Marsh
Mr N T S Marshall
Mrs N Bhola
Mr C Mullen
Mr J D Lyons
Mr T W Pemberton
Mr G D Hughes
Mrs C A Russell
Mr A Bose-Mallick
Mr S J Roskin
Miss G M Banan
Mr R R Geada
Mr G Misiri
Ms C L Allan
Mr M S Pasricha
Mr S Clinning
Mr C J Aynsley
Mr M Hind
Mr N Mandora
Mr S Silverman
Mr A J Edwards
Ms A Y Ebberson
Mr M Green
Mr J Richards
Ms E Wood
Ms R Coulthard
Mr A Yeganeh
Ms Zangana
Mr D Holden
Mr C Cagney





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 12165148 (England and Wales)






Lawrence Stephens Limited

Company Information
for the Period 1 August 2023 to 31 March 2024







AUDITORS: Parker Cavendish
Chartered Accountants
Registered Auditor
28 Church Road
Stanmore
Middlesex
HA7 4XR

Lawrence Stephens Limited (Registered number: 12165148)

Strategic Report
for the Period 1 August 2023 to 31 March 2024

The directors present their strategic report for the period 1 August 2023 to 31 March 2024.

REVIEW OF BUSINESS
In accordance with The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the directors set out the following review of the business.

The profit for the period (year) after taxation is £731,945 (2023 - £2,642,227).

The group's key financial performance indicators are as follows:
8 Months 12 Months
2024 2023
£'000 £'000

Turnover 11,909 16,577
Operating profit 1,096 3,856
EBITDA 2,294 5,130
Post tax profit for the financial period (year) 732 2,642
Shareholder's equity 2,316 2,780
Cash 10 381
Debt 3,008 1,548

It has been a dramatic period of change for the company. Our growth has continued with headcount rising from 117 to 136 during the period of these shortened accounts. Our Sports & Entertainment team started strongly with us and we bolstered the strength in Residential Real Estate, Real Estate Finance, DR and Corporate Commercial teams as well as bringing in a new role of Head of Risk & Compliance. In addition, we concluded the refurbishment of our premises, adding an additional floor. We also implemented a new practice management system going live in January 24. This shortened accounting period has included significant investment in people, premises and systems which sets us up well for the future.

In preparation for continued growth we have launched a series of client cohorts, grouping together those with similar industry interests in order to add greater value to our interactions with clients. These client cohorts are led by our expertise in supporting SME owner-managed businesses and Financial Institutions where we have continued to enjoy success in building our client base and in providing a broader range of services to those clients.

We intend to maintain a similar rate of growth and to continue with the professionalisation of our business services functions. This will provide the company with a stable foundation to deliver increasing expertise so that clients receive greater added value from us.


Lawrence Stephens Limited (Registered number: 12165148)

Strategic Report
for the Period 1 August 2023 to 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors regularly review and evaluate various risks applicable to the company.

Market and Competitive Risk
The directors believe that the principal risks and uncertainties which the business faces result from the changing nature of the market in which it operates and the associated and continuing price and cost pressures in the economy generally.

Liquidity risks
The company's principal financial risk is cash.The company manages its cash and borrowing requirements daily to ensure it has sufficient working capital resources to meet the operating needs of its business. Where necessary the Company looks to its bankers, other lenders and Directors for support as appropriate.

Taxation risk
The company is exposed to financial risks from increases in tax rates and changes to the basis of taxation including corporation tax and VAT.

Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an on-going basis and provision is made for doubtful debts where necessary.

Cyber risk
With a growing reliance on the IT infrastructure to manage the business operations there is a risk of cyber-attack.
The company has robust systems in place to deal with this threat and staff are regularly reminded to be vigilant to reduce the chances of an attack taking place and the Company has adequate insurance in place should it fall victim to such an event.

Recruitment, development and retention of a quality team
The company continues to maintain its positive and vibrant culture , promoting diversity and inclusion and an ethos that helps engender a quality workplace whilst nurturing an entrepreneurial spirit that will enable our staff to meet the challenges ahead. The company's staff are an integral part of our success story.

ON BEHALF OF THE BOARD:





Mr S Bernstein - Director


4 March 2025

Lawrence Stephens Limited (Registered number: 12165148)

Report of the Directors
for the Period 1 August 2023 to 31 March 2024

The directors present their report with the financial statements of the company for the period 1 August 2023 to 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of the provision of legal services.

DIVIDENDS
During the period the company paid total dividends of £1,195,258 (2023: £2,319,047) on all classes of shares.

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

Mr S Bernstein
Mr D Schwarz
Mr J.L. Rubenstein
Mr G Palos
Mr S. Messias
Mr L. Kelly
Mr A J Conway
Mr G V Bayliss
Mr D Freedman
Mr B Lee
Mr P Marsh
Mr N T S Marshall
Mrs N Bhola
Mr C Mullen
Mr J D Lyons
Mr T W Pemberton
Mr G D Hughes
Mrs C A Russell
Mr A Bose-Mallick
Mr S J Roskin
Miss G M Banan
Mr R R Geada

Other changes in directors holding office are as follows:

Mr S Theophilou - resigned 29 March 2024
Mr N Taj - resigned 15 February 2024
Ms C T Parke - resigned 31 August 2023
Mr B S M Castle - resigned 15 February 2024
Mr G Misiri - appointed 6 November 2023
Ms C L Allan - appointed 7 August 2023
Mr M S Pasricha - appointed 1 August 2023

Mr A J Edwards, Ms A Y Ebberson, Mr M Green, Mr J Richards, Ms E Wood, Ms R Coulthard, Mr A Yeganeh, Ms Zangana, Mr D Holden, Mr C Cagney, Mr S Clinning, Mr M Hind, Mr S Silverman, Mr N Mandora, Mr C Aynsley were appointed as directors after 31 March 2024 but prior to the date of this report.

Mrs J A Mackie, Mr J Patel, Mr G I Mendelsohn and Mr A Panteli ceased to be directors after 31 March 2024 but prior to the date of this report.


Lawrence Stephens Limited (Registered number: 12165148)

Report of the Directors
for the Period 1 August 2023 to 31 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of 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 judgements and accounting estimates that are reasonable and prudent;
- 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.

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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Parker Cavendish, are deemed to be reappointed under Section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr S Bernstein - Director


4 March 2025

Report of the Independent Auditors to the Members of
Lawrence Stephens Limited

Opinion
We have audited the financial statements of Lawrence Stephens Limited (the 'company') for the period ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 March 2024 and of its profit for the period 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 company 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

Report of the Independent Auditors to the Members of
Lawrence Stephens Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 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 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 company or to cease operations, or have no realistic alternative but to do so.

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:

· Performing audit work over the risk of management override of controls, including testing of large or otherwise unusual joumal entries and other adjustments for appropriateness;

· Reviewing financial statement disclosures and testing to supporting documentation to assess compliance wtth the applicable laws and regulations;

· Review of legal and professional nominal accounts for indications of any actual or potential litigation;

· Reviewing correspondence and discussing with those charged with govemance for evidence of any actual or potential litigation or non-compliance with laws or regulations;

· Review of accounting estimates for indications of management bias.

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.

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.




Marco Gazza (Senior Statutory Auditor)
for and on behalf of Parker Cavendish
Chartered Accountants
Registered Auditor
28 Church Road
Stanmore
Middlesex
HA7 4XR

4 March 2025

Lawrence Stephens Limited (Registered number: 12165148)

Statement of Income and Retained Earnings
for the Period 1 August 2023 to 31 March 2024

Period
1.8.23
to Year ended
31.3.24 31.7.23
Notes £    £   

TURNOVER 3 11,908,742 16,577,352

Administrative expenses (10,813,097 ) (12,721,405 )
OPERATING PROFIT 5 1,095,645 3,855,947

Interest receivable and similar income 384,737 65,153
1,480,382 3,921,100

Interest payable and similar expenses 6 (207,141 ) (238,605 )
PROFIT BEFORE TAXATION 1,273,241 3,682,495

Tax on profit 7 (541,296 ) (1,040,268 )
PROFIT FOR THE FINANCIAL PERIOD 731,945 2,642,227

Retained earnings at beginning of period 2,778,620 2,455,440

Dividends 8 (1,195,258 ) (2,319,047 )

RETAINED EARNINGS AT END OF
PERIOD

2,315,307

2,778,620

Lawrence Stephens Limited (Registered number: 12165148)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 7,149,996 7,883,329
Tangible assets 10 139,782 174,369
7,289,778 8,057,698

CURRENT ASSETS
Debtors 11 8,626,868 6,960,851
Cash at bank and in hand 9,894 381,227
8,636,762 7,342,078
CREDITORS
Amounts falling due within one year 12 (12,875,449 ) (11,669,662 )
NET CURRENT LIABILITIES (4,238,687 ) (4,327,584 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,051,091

3,730,114

CREDITORS
Amounts falling due after more than one
year

13

(716,493

)

(927,409

)

PROVISIONS FOR LIABILITIES 17 (17,951 ) (22,745 )
NET ASSETS 2,316,647 2,779,960

CAPITAL AND RESERVES
Called up share capital 18 1,340 1,340
Retained earnings 19 2,315,307 2,778,620
SHAREHOLDERS' FUNDS 2,316,647 2,779,960

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2025 and were signed on its behalf by:




Mr S Bernstein - Director



Mr J.L. Rubenstein - Director


Lawrence Stephens Limited (Registered number: 12165148)

Statement of Cash Flows
for the Period 1 August 2023 to 31 March 2024

Period
1.8.23
to Year ended
31.3.24 31.7.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,014,715 4,711,771
Interest paid (207,141 ) (238,605 )
Tax paid (1,038,272 ) (714,341 )
Net cash from operating activities (230,698 ) 3,758,825

Cash flows from investing activities
Purchase of tangible fixed assets (15,590 ) (160,120 )
Interest received 384,737 65,153
Net cash from investing activities 369,147 (94,967 )

Cash flows from financing activities
New loans in period (year) 1,460,136 -
Loan repayments in period - (98,539 )
Amount withdrawn by directors (1,221,150 ) (1,952,591 )
Equity dividends paid (1,195,258 ) (2,319,047 )
Net cash from financing activities (956,272 ) (4,370,177 )

Decrease in cash and cash equivalents (817,823 ) (706,319 )
Cash and cash equivalents at beginning
of period

2

381,227

1,087,546

Cash and cash equivalents at end of
period

2

(436,596

)

381,227

Lawrence Stephens Limited (Registered number: 12165148)

Notes to the Statement of Cash Flows
for the Period 1 August 2023 to 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.8.23
to Year ended
31.3.24 31.7.23
£    £   
Profit before taxation 1,273,241 3,682,495
Depreciation charges 783,510 1,170,235
Finance costs 207,141 238,605
Finance income (384,737 ) (65,153 )
1,879,155 5,026,182
Increase in trade and other debtors (1,666,017 ) (1,378,781 )
Increase in trade and other creditors 801,577 1,064,370
Cash generated from operations 1,014,715 4,711,771

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 31 March 2024
31.3.24 1.8.23
£    £   
Cash and cash equivalents 9,894 381,227
Bank overdrafts (446,490 ) -
(436,596 ) 381,227
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 381,227 1,087,546


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.8.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 381,227 (371,333 ) 9,894
Bank overdrafts - (446,490 ) (446,490 )
381,227 (817,823 ) (436,596 )
Debt
Debts falling due within 1 year (620,541 ) (1,671,052 ) (2,291,593 )
Debts falling due after 1 year (927,409 ) 210,916 (716,493 )
(1,547,950 ) (1,460,136 ) (3,008,086 )
Total (1,166,723 ) (2,277,959 ) (3,444,682 )

Lawrence Stephens Limited (Registered number: 12165148)

Notes to the Financial Statements
for the Period 1 August 2023 to 31 March 2024

1. STATUTORY INFORMATION

Lawrence Stephens 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the accounting policies selected by the Company. When preparing the Financial Statements management is required to make certain estimates and assumptions which affect reported income, expenses, assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with management's expectations of future events that are believed to be reasonable under the circumstances. The Directors consider that the significant estimates included in the financial statements concern the recognition of revenue on unbilled contracts and the amortisation of goodwill.

Revenue
Revenue represents amounts recoverable from clients for professional services provided during the period. It is measured at the fair value of consideration received or receivable on each client assignment, including expenses and disbursements but excluding Value Added Tax. Revenue is recognised when earned and when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed.

Unbilled revenue is included within debtors as "Amounts recoverable on contracts".

Revenue is only recognised where the amount of revenue can be measured reliably and it is probable that the economic benefits will be received.

Goodwill
Goodwill arising on the acquisition of a business on 1 October 2020 is carried at cost less accumulated amortisation and impairment losses, if any. Amortisation is calculated on a straight line basis and goodwill is being amortised over its expected useful life of ten years. Amortisation charges are reported within operating expenses in the Statement of Comprehensive Income and Retained Earnings. Goodwill is reviewed annually by the Directors for impairment.

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 the life of the lease
Fixtures and fittings - 25% on cost

Financial instruments
Trade and other debtors

Trade and other debtors are measured at transation price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and deposits with financial institutions which are subject to an insignificant risk of change in value.

Trade and other creditors

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


Lawrence Stephens Limited (Registered number: 12165148)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the Directors and staff.Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
When assessing going concern the Board of Directors have considered the firm's cost base and short-term liquidity. Forecasts have been prepared to cover a period of at least 12 months from the date of approval of the financial statements. These have been stress tested by the Board of Directors and they remain confident that the company has adequate resources to continue trading. In addition, the business has taken measures to improve cash collections by hiring both a revenue controller and credit controller. The business produces daily cash flows to ensure that the cash position of the company is monitored in real time. The company remains profitable and is currently trading within its existing banking facilities, and is in the process of securing additional bank funding to support the continued growth in the business.

Based on the above the financial statements have been prepared on a going concern basis.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
Period
1.8.23
to Year ended
31.3.24 31.7.23
£    £   
Wages and salaries 6,500,410 6,979,061
Other pension costs 135,410 160,976
6,635,820 7,140,037

Lawrence Stephens Limited (Registered number: 12165148)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 31 March 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period
1.8.23
to Year ended
31.3.24 31.7.23

Accounts and administration 25 18
Professional 103 81
128 99

Period
1.8.23
to Year ended
31.3.24 31.7.23
£    £   
Directors' remuneration 1,871,864 2,081,241

Information regarding the highest paid director is as follows:
Period
1.8.23
to Year ended
31.3.24 31.7.23
£    £   
Emoluments etc 283,805 304,404

5. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.8.23
to Year ended
31.3.24 31.7.23
£    £   
Other operating leases 339,783 260,749
Depreciation - owned assets 50,177 70,231
Goodwill amortisation 733,333 1,100,004
Auditors' remuneration 25,000 25,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.8.23
to Year ended
31.3.24 31.7.23
£    £   
Interest payable 207,141 238,605

Lawrence Stephens Limited (Registered number: 12165148)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 31 March 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.8.23
to Year ended
31.3.24 31.7.23
£    £   
Current tax:
UK corporation tax 546,090 1,023,725

Deferred tax (4,794 ) 16,543
Tax on profit 541,296 1,040,268

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

Period
1.8.23
to Year ended
31.3.24 31.7.23
£    £   
Profit before tax 1,273,241 3,682,495
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 21%)

318,310

773,324

Effects of:
Expenses not deductible for tax purposes 36,982 35,768
Depreciation in excess of capital allowances 190,797 214,633
Deferred tax (4,793 ) 16,543
Total tax charge 541,296 1,040,268

8. DIVIDENDS


31.3.2431.7.23
££   

Ordinary A shares250,000500,000
Ordinary B shares34,369103,122
Ordinary C shares910,8891,715,925
-----------------------------
Total1,195,2582,319,047
-----------------------------

Lawrence Stephens Limited (Registered number: 12165148)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 31 March 2024

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 March 2024 11,000,000
AMORTISATION
At 1 August 2023 3,116,671
Amortisation for period 733,333
At 31 March 2024 3,850,004
NET BOOK VALUE
At 31 March 2024 7,149,996
At 31 July 2023 7,883,329

10. TANGIBLE FIXED ASSETS
Fixtures
Short and
leasehold fittings Totals
£    £    £   
COST
At 1 August 2023 41,582 268,850 310,432
Additions - 15,590 15,590
At 31 March 2024 41,582 284,440 326,022
DEPRECIATION
At 1 August 2023 5,527 130,536 136,063
Charge for period 2,772 47,405 50,177
At 31 March 2024 8,299 177,941 186,240
NET BOOK VALUE
At 31 March 2024 33,283 106,499 139,782
At 31 July 2023 36,055 138,314 174,369

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,986,439 3,279,243
Amounts recoverable on
contracts 3,704,833 3,256,788
Other debtors 8,651 5,645
Prepayments and accrued income 926,945 419,175
8,626,868 6,960,851

Lawrence Stephens Limited (Registered number: 12165148)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 31 March 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 732,090 285,600
Other loans (see note 14) 2,005,993 334,941
Trade creditors 904,895 585,682
Tax 1,540,537 2,032,719
Social security and other taxes 851,284 582,514
VAT 740,995 755,548
Directors' current accounts 5,168,966 6,390,116
Accruals and deferred income 930,689 702,542
12,875,449 11,669,662

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 14) 716,493 927,409

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 446,490 -
Bank loans 285,600 285,600
Other loans 2,005,993 334,941
2,738,083 620,541

Amounts falling due between one and two years:
Bank loans - 1-2 years 297,056 285,600

Amounts falling due between two and five years:
Bank loans - 2-5 years 419,437 641,809

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 644,525 325,527
Between one and five years 3,252,304 2,535,500
In more than five years 1,902,750 1,354,909
5,799,579 4,215,936

Lawrence Stephens Limited (Registered number: 12165148)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 31 March 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,002,093 1,213,009

The company's bank loans are secured by a first debenture over the assets of the company.

The senior directors have given a joint and several personal guarantee in respect of the bank overdraft.

In financial period 2022, the company borrowed £1,000,000 under the Government Recovery Loan Scheme. The BEIS have provided a guarantee for 70% of the company's post-recovery liabilities up to the loan amount. In addition the senior directors have given a joint and several personal guarantee in respect of the loan limited to £200,000. At the balance sheet date the sum of £815,554 was outstanding.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 17,951 22,745

Deferred
tax
£   
Balance at 1 August 2023 22,745
Credit to Income Statement during period (4,794 )
Balance at 31 March 2024 17,951

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary A £1 1,000 1,000
10,000 Ordinary B £.01 100 100
22,000 Ordinary C £.01 240 240
1,340 1,340

19. RESERVES
Retained
earnings
£   

At 1 August 2023 2,778,620
Profit for the period 731,945
Dividends (1,195,258 )
At 31 March 2024 2,315,307

20. ULTIMATE CONTROLLING PARTY

The company is not under the control of any one individual.