Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30182232052179259459580408212655581673762023-07-01falseNo description of principal activity5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10225017 2023-07-01 2024-06-30 10225017 2022-07-01 2023-06-30 10225017 2024-06-30 10225017 2023-06-30 10225017 c:Director3 2023-07-01 2024-06-30 10225017 d:FurnitureFittings 2023-07-01 2024-06-30 10225017 d:FurnitureFittings 2024-06-30 10225017 d:FurnitureFittings 2023-06-30 10225017 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10225017 d:OfficeEquipment 2023-07-01 2024-06-30 10225017 d:OfficeEquipment 2024-06-30 10225017 d:OfficeEquipment 2023-06-30 10225017 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10225017 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10225017 d:FreeholdInvestmentProperty 2023-07-01 2024-06-30 10225017 d:FreeholdInvestmentProperty 2024-06-30 10225017 d:FreeholdInvestmentProperty 2023-06-30 10225017 d:LeaseholdInvestmentProperty 2023-07-01 2024-06-30 10225017 d:LeaseholdInvestmentProperty 2024-06-30 10225017 d:LeaseholdInvestmentProperty 2023-06-30 10225017 d:CurrentFinancialInstruments 2024-06-30 10225017 d:CurrentFinancialInstruments 2023-06-30 10225017 d:Non-currentFinancialInstruments 2024-06-30 10225017 d:Non-currentFinancialInstruments 2023-06-30 10225017 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 10225017 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10225017 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 10225017 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 10225017 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 10225017 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 10225017 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 10225017 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 10225017 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-06-30 10225017 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 10225017 d:ShareCapital 2024-06-30 10225017 d:ShareCapital 2023-06-30 10225017 d:CapitalRedemptionReserve 2024-06-30 10225017 d:CapitalRedemptionReserve 2023-06-30 10225017 d:RetainedEarningsAccumulatedLosses 2024-06-30 10225017 d:RetainedEarningsAccumulatedLosses 2023-06-30 10225017 c:OrdinaryShareClass1 2023-07-01 2024-06-30 10225017 c:OrdinaryShareClass1 2024-06-30 10225017 c:OrdinaryShareClass1 2023-06-30 10225017 c:OrdinaryShareClass2 2023-07-01 2024-06-30 10225017 c:OrdinaryShareClass2 2024-06-30 10225017 c:OrdinaryShareClass2 2023-06-30 10225017 c:OrdinaryShareClass3 2023-07-01 2024-06-30 10225017 c:OrdinaryShareClass3 2024-06-30 10225017 c:OrdinaryShareClass3 2023-06-30 10225017 c:OrdinaryShareClass4 2023-07-01 2024-06-30 10225017 c:OrdinaryShareClass4 2024-06-30 10225017 c:OrdinaryShareClass4 2023-06-30 10225017 c:OrdinaryShareClass5 2023-07-01 2024-06-30 10225017 c:OrdinaryShareClass5 2024-06-30 10225017 c:OrdinaryShareClass5 2023-06-30 10225017 c:FRS102 2023-07-01 2024-06-30 10225017 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10225017 c:FullAccounts 2023-07-01 2024-06-30 10225017 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10225017 2 2023-07-01 2024-06-30 10225017 6 2023-07-01 2024-06-30 10225017 9 2023-07-01 2024-06-30 10225017 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 10225017 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 10225017 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10225017









LAUNCELOT INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
LAUNCELOT INVESTMENTS LIMITED
REGISTERED NUMBER: 10225017

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
152,666
166,460

Investments
 6 
29,762,644
31,280,051

Investment property
 7 
91,116,026
89,629,729

  
121,031,336
121,076,240

Current assets
  

Debtors: amounts falling due within one year
 8 
27,067,488
26,559,248

Cash at bank and in hand
 9 
2,330,693
1,524,199

  
29,398,181
28,083,447

Creditors: amounts falling due within one year
 10 
(6,067,587)
(7,971,709)

Net current assets
  
 
 
23,330,594
 
 
20,111,738

Total assets less current liabilities
  
144,361,930
141,187,978

Creditors: amounts falling due after more than one year
 11 
(16,271,979)
(17,055,658)

Provisions for liabilities
  

Deferred tax
 13 
(1,268,860)
(610,142)

  
 
 
(1,268,860)
 
 
(610,142)

Net assets
  
126,821,091
123,522,178


Capital and reserves
  

Called up share capital 
 14 
240
240

Capital redemption reserve
  
95,149,758
95,149,758

Profit and loss account
  
31,671,093
28,372,180

Total equity attributable to owners of the Company
  
126,821,091
123,522,178


Page 1

 
LAUNCELOT INVESTMENTS LIMITED
REGISTERED NUMBER: 10225017
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 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 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 by: 




M S Thorley
Director

Date: 21 March 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
LAUNCELOT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Launcelot Investments Limited is a private company limited by shares, incorporated and domiciled in the United Kingdom. The Company’s registered office is 122 Wigmore Street, London W1U 3RX and the Company’s registered number is 10225017. The Company is primarily involved in the owning and management of property in the United Kingdom. 
 

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.
In preparing these financial statements, the Directors have made judgements, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. The material areas where judgements and estimates have been made in preparing the financial statements and their effects are disclosed in note 3.
Reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
• the requirements of Section 3 concerning Presentation of Cash Flows in paragraph 3.17(d);
• the requirements of Section 7 relating to Statement of Cash Flows;
• the requirements of Section 11 relating to Financial Instruments in paragraphs 11.39 to 11.48A; and
• the requirements of Section 33 concerning Related Party Disclosures in paragraph 33.7.
 

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:
 
Page 3

 
LAUNCELOT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.2
Revenue (continued)


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.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
LAUNCELOT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

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 reporting 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 reporting 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 reporting date.


 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance method
Office equipment
-
20%
reducing balance method

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 5

 
LAUNCELOT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Depreciation is not provided on investment properties. Changes in fair value are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting 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.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income for the period in which they arise.

 
2.11

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.

 
2.12

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.

 
2.13

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 6

 
LAUNCELOT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are evaluated at each reporting date and are based on historical experience as adjusted for current market conditions and other factors. Estimates and assumptions have been made in respect of the current and future value of the Company’s investment in its subsidiaries and its other investments included in note 6. 


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 5).

Page 7

 
LAUNCELOT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2023
277,071
57,713
334,784


Additions
23,144
6,938
30,082



At 30 June 2024

300,215
64,651
364,866



Depreciation


At 1 July 2023
146,457
21,867
168,324


Charge for the year on owned assets
35,745
8,131
43,876



At 30 June 2024

182,202
29,998
212,200



Net book value



At 30 June 2024
118,013
34,653
152,666



At 30 June 2023
130,614
35,846
166,460

Page 8

 
LAUNCELOT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 July 2023
22,487,390
1,444,623
7,348,039
31,280,052


Additions
4,113,133
24,026
205,772
4,342,931


Disposals 
(3,343,695)
(1,382,004)
(1,637,248)
(6,362,947)


Share of profit for the year
2,031,375
-
-
2,031,375


Revaluations
-
(66,675)
144,340
77,665


Distributions
(1,606,432)
-
-
(1,606,432)



At 30 June 2024
23,681,771
19,970
6,060,903
29,762,644





7.


Investment property


Freehold investment property
Long term leasehold investment property
Short term leasehold investment property
Total

£
£
£
£



Valuation


At 1 July 2023
83,825,648
1,459,500
4,344,582
89,629,730


Additions at cost
1,473,641
-
12,655
1,486,296



At 30 June 2024
85,299,289
1,459,500
4,357,237
91,116,026

The 2024 valuations were made by the Directors, on an open market value for existing use basis, which confirmed their values are not less than their book value.




Page 9

 
LAUNCELOT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Debtors

2024
2023
£
£


Trade debtors
97,170
86,459

Amounts owed by group undertakings
22,424,058
23,696,559

Amounts owed by joint ventures and associated undertakings
430,000
51,667

Other debtors
3,831,723
2,363,323

Prepayments and accrued income
284,537
361,240

27,067,488
26,559,248


The Directors have assessed the recoverability of the amounts due by group undertakings, associates, related undertakings and other debtors, by reference to the ability of the companies concerned to repay the amounts due to the Company at 30 June 2024. This assessment confirmed that all amounts are deemed recoverable.


9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,330,693
1,524,199

2,330,693
1,524,199



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
783,679
764,162

Trade creditors
23,148
8,319

Corporation tax
-
31,552

Other taxation and social security
295,389
42,538

Other creditors (incl directors loans)
4,945,144
7,112,638

Accruals and deferred income
20,227
12,500

6,067,587
7,971,709


Page 10

 
LAUNCELOT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (Note 12)
16,271,979
17,055,658

16,271,979
17,055,658



12.


Bank loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
783,679
764,162


783,679
764,162

Amounts falling due 1-2 years

Bank loans
803,695
783,679


803,695
783,679

Amounts falling due 2-5 years

Bank loans
2,536,359
2,473,191


2,536,359
2,473,191

Amounts falling due after more than 5 years

Bank loans
12,931,925
13,798,788

12,931,925
13,798,788

17,055,658
17,819,820


The Company has provided security for the bank loan by way of a fixed charge against certain investment properties owned by the Company.

Page 11

 
LAUNCELOT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Deferred taxation




2024


£






At beginning of year
(610,142)


Charged to profit or loss
(658,718)



At end of year
(1,268,860)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Other timing differences
(1,268,860)
(610,142)

(1,268,860)
(610,142)


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100
20 (2023 - 20) A Income shares of £1 each
20
20
20 (2023 - 20) B Income shares of £1 each
20
20
20 (2023 - 20) C Income shares of £1 each
20
20
20 (2023 - 20) A Capital shares of £1 each
20
20
20 (2023 - 20) B Capital shares of £1 each
20
20
40 (2023 - 40) Future Capital Growth shares of £1 each
40
40

240

240


 
Page 12