Caseware UK (AP4) 2024.0.164 2024.0.164 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2023-08-01falseNo description of principal activity67truefalse 05506149 2023-08-01 2024-07-31 05506149 2022-08-01 2023-07-31 05506149 2024-07-31 05506149 2023-07-31 05506149 2022-08-01 05506149 1 2022-08-01 2023-07-31 05506149 d:CompanySecretary1 2023-08-01 2024-07-31 05506149 d:Director1 2023-08-01 2024-07-31 05506149 d:Director2 2023-08-01 2024-07-31 05506149 d:RegisteredOffice 2023-08-01 2024-07-31 05506149 e:MotorVehicles 2023-08-01 2024-07-31 05506149 e:MotorVehicles 2024-07-31 05506149 e:MotorVehicles 2023-07-31 05506149 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05506149 e:FurnitureFittings 2023-08-01 2024-07-31 05506149 e:FurnitureFittings 2024-07-31 05506149 e:FurnitureFittings 2023-07-31 05506149 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05506149 e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05506149 e:FreeholdInvestmentProperty 2024-07-31 05506149 e:FreeholdInvestmentProperty 2023-07-31 05506149 e:CurrentFinancialInstruments 2024-07-31 05506149 e:CurrentFinancialInstruments 2023-07-31 05506149 e:Non-currentFinancialInstruments 2024-07-31 05506149 e:Non-currentFinancialInstruments 2023-07-31 05506149 e:CurrentFinancialInstruments e:WithinOneYear 2024-07-31 05506149 e:CurrentFinancialInstruments e:WithinOneYear 2023-07-31 05506149 e:Non-currentFinancialInstruments e:AfterOneYear 2024-07-31 05506149 e:Non-currentFinancialInstruments e:AfterOneYear 2023-07-31 05506149 e:ShareCapital 2024-07-31 05506149 e:ShareCapital 2023-07-31 05506149 e:ShareCapital 2022-08-01 05506149 e:RevaluationReserve 2023-08-01 2024-07-31 05506149 e:InvestmentPropertiesRevaluationReserve 2024-07-31 05506149 e:InvestmentPropertiesRevaluationReserve 2023-07-31 05506149 e:InvestmentPropertiesRevaluationReserve 2022-08-01 05506149 e:InvestmentPropertiesRevaluationReserve 1 2022-08-01 2023-07-31 05506149 e:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 05506149 e:RetainedEarningsAccumulatedLosses 2024-07-31 05506149 e:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 05506149 e:RetainedEarningsAccumulatedLosses 2023-07-31 05506149 e:RetainedEarningsAccumulatedLosses 2022-08-01 05506149 e:RetainedEarningsAccumulatedLosses 1 2022-08-01 2023-07-31 05506149 d:FRS102 2023-08-01 2024-07-31 05506149 d:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 05506149 d:FullAccounts 2023-08-01 2024-07-31 05506149 d:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05506149 e:AcceleratedTaxDepreciationDeferredTax 2024-07-31 05506149 e:AcceleratedTaxDepreciationDeferredTax 2023-07-31 05506149 e:OtherDeferredTax 2024-07-31 05506149 e:OtherDeferredTax 2023-07-31 05506149 2 2023-08-01 2024-07-31 05506149 e:ShareCapital 1 2022-08-01 2023-07-31 05506149 f:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 05506149










Lines & James Limited








Unaudited

Financial statements

For the Year Ended 31 July 2024

 
Lines & James Limited
 

Company Information


Directors
P James 
A Sweatman 




Company secretary
C James



Registered number
05506149



Registered office
24 Worthing Road

Horsham

West Sussex

RH12 1SL




Accountants
Kreston Reeves LLP
Chartered Accountants

Springfield House

Springfield Road

Horsham

West Sussex

RH12 2RG





 
Lines & James Limited
 

Contents



Page
Accountants' Report
 
1
Balance Sheet
 
2 - 3
Statement of Changes in Equity
 
4
Notes to the Financial Statements
 
5 - 11

 
Lines & James Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Lines & James Limited for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lines & James Limited for the year ended 31 July 2024 which comprise the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Lines & James Limited, as a body, in accordance with the terms of our engagement letter dated 28 September 2023Our work has been undertaken solely to prepare for your approval the financial statements of Lines & James Limited and state those matters that we have agreed to state to the Board of Directors of Lines & James Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lines & James Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Lines & James Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lines & James Limited. You consider that Lines & James Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Lines & James Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
15 April 2025
Page 1

 
Lines & James Limited
Registered number: 05506149

Balance Sheet
As at 31 July 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
94,927
87,031

Investment property
 5 
252,500
252,500

  
347,427
339,531

Current assets
  

Debtors: amounts falling due within one year
 6 
81,954
131,499

Cash at bank and in hand
  
622,682
533,694

  
704,636
665,193

Creditors: amounts falling due within one year
 7 
(95,978)
(119,399)

Net current assets
  
 
 
608,658
 
 
545,794

Total assets less current liabilities
  
956,085
885,325

Creditors: amounts falling due after more than one year
 8 
(28,378)
(31,463)

Provisions for liabilities
  

Deferred tax
 9 
(190)
(3,068)

  
 
 
(190)
 
 
(3,068)

Net assets
  
927,517
850,794


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
 10 
4,545
4,545

Profit and loss account
 10 
922,872
846,149

  
927,517
850,794

Page 2

 
Lines & James Limited
Registered number: 05506149

Balance Sheet (continued)
As at 31 July 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: 





P James
Director
Date: 14 April 2025

Page 3

 
Lines & James Limited
 

Statement of Changes in Equity
For the Year Ended 31 July 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 August 2022
100
-
764,309
764,409



Profit for the year
-
-
161,385
161,385

Transfer to non-distributable reserves
-
4,545
(4,545)
-

Dividends: Equity capital
-
-
(75,000)
(75,000)



At 1 August 2023
100
4,545
846,149
850,794



Profit for the year
-
-
161,723
161,723

Dividends: Equity capital
-
-
(85,000)
(85,000)


At 31 July 2024
100
4,545
922,872
927,517


The notes on pages 5 to 11 form part of these financial statements.
Page 4

 
Lines & James Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

1.


General information

Lines & James Limited is a private company, limited by share capital, and incorporated in England and Wales, registration number 05506149. The registered office address is 24 Worthing Road, Horsham, West Sussex, RH12 1SL.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents net fees and commissions in association with landlord rental income from properties due in the year, excluding value added tax. 

 
2.3

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:

Motor vehicles
-
25%
reducing balance
Fixtures, fittings and equipment
-
15%
reducing balance

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.

 
2.4

Investment property

Investment property is carried at fair value determined annually by internal valuers 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. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 5

 
Lines & James Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in profit or loss.

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 the deduction of all its liabilities.

Page 6

 
Lines & James Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.8

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.

 
2.9

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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 7

 
Lines & James Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.12

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

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

 
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.

 
2.15

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 balance sheet 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 balance sheet 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 balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 7).

Page 8

 
Lines & James Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£



Cost or valuation


At 1 August 2023
116,920
53,478
170,398


Additions
55,950
238
56,188


Disposals
(54,240)
(24,957)
(79,197)



At 31 July 2024

118,630
28,759
147,389



Depreciation


At 1 August 2023
46,601
36,766
83,367


Charge for the year on owned assets
19,091
2,513
21,604


Disposals
(32,311)
(20,198)
(52,509)



At 31 July 2024

33,381
19,081
52,462



Net book value



At 31 July 2024
85,249
9,678
94,927



At 31 July 2023
70,319
16,712
87,031


5.


Investment property


Freehold investment property

£



Valuation


At 1 August 2023
252,500



At 31 July 2024
252,500

The 2024 valuations were made by the Director, on an open market value for existing use basis.



Page 9

 
Lines & James Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

6.


Debtors

2024
2023
£
£


Other debtors
73,759
121,129

Prepayments and accrued income
8,195
10,370

81,954
131,499



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
952
366

Corporation tax
55,432
68,451

Other taxation and social security
21,561
23,727

Obligations under finance lease and hire purchase contracts
3,085
13,335

Other creditors
1,923
1,886

Accruals and deferred income
13,025
11,634

95,978
119,399



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
28,378
31,463

28,378
31,463


Page 10

 
Lines & James Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

9.


Deferred taxation




2024


£






At beginning of year
(3,068)


Charged to profit or loss
2,878



At end of year
(190)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,705)
(4,583)

Investment property revaluations
1,515
1,515

(190)
(3,068)


10.


Reserves

Revaluation reserve

The Company uses the revaluation model for the measurement of its investment properties.  This reserve records the revaluation surplus recognised less the related provision for deferred tax.  This is a non-distributable reserve.

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.  This is a distributable reserve.


11.


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 £5,344 (2023: £5,581). Contributions totalling £963 (2023: £1,053) were payable to the fund at the balance sheet date and are included in Other creditors (note 8).


12.


Transactions with directors

The balance due by one of the Directors to the Company at the year end was £47,455 (2023: £94,825).
During the year, the Director received dividends totalling £85,000 (2023: £75,000), by virtue of their shareholding.


Page 11