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Registered number: 03870324
AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023 |
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LAIDLAW & COMPANY (UK) LTD.
COMPANY INFORMATION
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LAIDLAW & COMPANY (UK) LTD.
CONTENTS
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LAIDLAW & COMPANY (UK) LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their strategic report together with the audited financial statements for the year ended 31 December 2023.
Overseas Branches During the year, the Company provided its services as a securities broker dealer through its primary operating subsidiary in seven locations outside of London: New York City, New York Melville, New York San Francisco, California Stamford, Connecticut Boca Raton, Florida Naples, Florida Coral Gables, Florida
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LAIDLAW & COMPANY (UK) LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors consider that achieving stability and, if possible,above inflation growth in aggregate revenue volume where applicable, will help to generate a sufficient gross profit margin that will sustain the Company throughout market cycles. Notwithstanding that general position, the Directors recognize that the Company has been undertaking a Management-driven transition away from retail ,commission-based revenues as one of the primary sources of income to focus on banking, placement, advisory and other fee income. The transition is expected to involve a decline in certain revenue streams over time offset by an increase in fee revenues and the occurrence of regular but not predictable gains from equity-related economic interests generated by the Company’s venture capital initiatives; profitable warrant exercises in public companies from the Company’s institutional syndicate and private placement activities; and carried interest allocations from private equity funds in which the Company has indirect economic interests. Therefore, the Directors still consider the percentage growth of overall revenues including institutional and retail commissions and multiple types of fees and the gross profit margin to be the key performance indicators. The Directors also acknowledge that such metrics can experience declines and liquidity delays in less optimal market cycles.
The Directors note that the Company reported an operating loss in 2023 primarily related to the difficult market conditions across all sectors. As the Company has changed its focus on capital markets/banking initiatives, it has taken time for these changes to generate results as they require investment in personnel and internal resources. This process began in late 2022 and continued into 2025. These initiatives, including enhanced expense management, began to show significant results in 2024 and this trend continued in 2025. Although the Company incurred an operating loss in 2024 it was significantly lower than prior years and the firm is operating at a profit as of Q1 2025. Operationally, the Company continues to improve efficiencies through prudent expense management, active departmental cooperation, and strategic recruitment and team building in the context of planning and corporate diversification. In so doing, the business should benefit from economies of scale and vertical integration of its areas of practice. As in the past, it expects to improve its own offerings by utilizing the service platforms and products available to it, through its fully disclosed clearing firm, StoneX (NASDAQ Global Select Market Symbol – SNEX) as well as platforms and services available to it through its affiliated firms in wealth management, private equity and venture capital. StoneX Group Inc. is a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through digital platforms. Its segments include Commercial,which offers commercial clients a range of products and services,including risk management and hedging services, execution and clearing of exchange traded and over the counter (OTC) products, voice brokerage, market intelligence and physical trading; Institutional, which provides institutional clients with a complete suite of equity trading services to help them find liquidity with execution, liquidity across a range of fixed income products,as well as prime brokerage in equities and foreign currency pairs and swap transactions; Retail, which includes spot foreign exchange (forex), both financial trading and physical investment in precious metals; and Global Payments which provides foreign exchange and treasury services to banks and commercial businesses,as well as charities. Management believes that the challenges posed by global trends and events require scope, diversity, resilience and flexibility. By working with its affiliates and service providers,and potential business partners, it hopes to expand or, in some case, adjust its presence in all of its markets and business segments in a prudent and managed fashion to better serve its global clientele.
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LAIDLAW & COMPANY (UK) LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The responsibility for processing customer activity rests with the Company's clearing firm, StoneX. The clearing and execution agreement provides that StoneX credit losses relating to unsecured margin accounts receivable for the Company's customers are charged back to the Company.
StoneX records customer activity on a settlement date basis, which is generally “T+1” or one or one business day after the trade date. There is therefore a risk of loss on these transactions in the event of the customer's inability to meet the terms of its contracts,in which case StoneX may have to purchase or sell the underlying financial instruments at the prevailing market prices in order to satisfy its customer-related obligations. Any loss incurred by StoneX is charged back to the Company. The Company, in conjunction with StoneX, controls off balance sheet risk by monitoring the market value and marking securities to market on a daily basis and by requiring adjustments to collateral levels. StoneX establishes margin requirements and overall credit limits for such activities and monitors compliance with the applicable limits and industry regulations on a daily basis. The Company maintains policies relating to their own technology and surveillance capabilities, including written supervisory policies and anti-money laundering procedures. In addition,the Company maintains multiple insurance policies covering fraud, theft, loss and other potential liabilities. The Company also relies on other third party providers for additional financial, compliance and regulatory oversight. The Company manages its exposure to liquidity risk by using equipment finance leases where appropriate, minimising the use of loans where possible and by utilising a bank overdraft facility to provide both flexibility and continuity of funding, as and when required. Trade debtors primarily represent commission receivable from our clearing house, StoneX. The risks associated with this have been addressed above. Other trade debtors result from the outsourcing of services. These are managed in respect of credit risk and cash flow by strict Company policies concerning the credit offered to customers and the regular monitoring of amounts outstanding. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The Directors consider that achieving stability and, if possible, above inflation growth in total revenue volume while maintaining a healthy balance of commission and fee revenue,with potential gains from economic interests in financial instruments generated by a variety of banking-related activities, will generate a consistent gross profit margin that will sustain the business throughout market cycles.Therefore, the Directors consider the percentage growth all revenues across the Company’s complementary business lines and the gross profit margin to be the key performance indicators of the company. The Directors also acknowledge that such metrics can experience declines in less optimal market cycles.
An analysis of these key performance indicators in 2023 shows that gross turnover decreased by 21.5% principally driven by a 7.7% decrease in Corporate Finance Fees and a decrease of 46.1% in Commission Revenue generated by the US broker dealer. The overall decrease in turnover is related to the firms ongoing transition to focus on Capital Markets and Banking Revenue as well as overall market conditions. Corporate Finance Fees were slightly lower in 2023 attributable to a slowdown in IPO and IPO related transactions. The gross profit margin as a percentage of sales decreased to 16.5% from the prior year’s gross profit margin of 21.5% primarily related to the revenue mix and the associated commission payouts. The Directors note that the Company reported an operating loss in 2023 primarily related to market conditions and,the downturn in the IPO, public offering and Capital Markets activity in the areas in which they focus. Although the Directors were not satisfied in the overall results of the firm, they are comfortable with Management continuing to execute on its new business initiatives, as well as implementing significant cost-cutting measures. The firm began to see the impact of these changes in 2024 and Q1 2025.
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LAIDLAW & COMPANY (UK) LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There are no other key performance indicators.
The Directors of the Company have acted in accordance with their duties and obligations set out in statute.
The Board makes decisions in good faith for the long-term benefit of the stakeholders which include members, employees, business partners, and the community as a whole.
This report was approved by the board and signed on its behalf.
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LAIDLAW & COMPANY (UK) LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report and the financial statements for the year ended 31 December 2023.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
Company is registered with the Financial Industry Regulatory Authority (FINRA) the largest independent securities regulator in the U.S.A.
The loss for the year, after taxation, amounted to $2,817,467 (2022 - loss $4,243,280).
The Directors have recommended that no dividends be paid this year (2022 - $Nil).
The Directors who served during the year were:
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LAIDLAW & COMPANY (UK) LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Management will continue to focus its resources on expanded distribution capabilities for its products and services, while persisting in its asset gathering capabilities directed toward the products and services of its wealth management, private equity and venture capital affiliates.
Operationally, it aims to improve efficiencies through prudent expense management, active departmental cooperation and strategic recruitment and team building in a context of planning and corporate diversification. In so doing, the business should benefit from economies of scale and vertical integration of its areas of practice. Efforts will continue to expand the Company's securities research activities and asset management product offerings, and to continue building its corporate finance, venture capital and private equity practices.
The principal risks and uncertainties are not shown in the Directors Report as they are shown in the Strategic Report in accordance with S414C (11) of the Companies Act 2006.
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Wellden Turnbull Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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LAIDLAW & COMPANY (UK) LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAIDLAW & COMPANY (UK) LTD.
We have audited the financial statements of Laidlaw & Company (UK) Ltd. (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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LAIDLAW & COMPANY (UK) LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAIDLAW & COMPANY (UK) LTD. (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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LAIDLAW & COMPANY (UK) LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAIDLAW & COMPANY (UK) LTD. (CONTINUED)
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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation. FCA regulations, FINRA regulations and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.
The extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:
∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;
∙Enquiry of staff in compliance functions to identify any instances of non-compliance with laws and regulations;
∙Agreeing revenue recognised in the period to supporting audit evidence and assessing the accuracy of revenue recognised based on revenue recognition criteria;
∙Reviewing financial statement disclosures and verification to supporting documentation to assess compliance with applicable laws and regulations; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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LAIDLAW & COMPANY (UK) LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAIDLAW & COMPANY (UK) LTD. (CONTINUED)
This report is made solely to the Company's members 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 an Auditors' Report 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Albany House
Claremont Lane
Surrey
KT10 9FQ
Date: 30 May 2025
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LAIDLAW & COMPANY (UK) LTD.
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LAIDLAW & COMPANY (UK) LTD.
REGISTERED NUMBER: 03870324
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Laidlaw & Company (UK) Limited is a private company, limited by shares, and incorporated in England and Wales, registered number 03870324. The registered office is Albany House, Claremont Road, Esher, Surrey KT10 9FQ.
The principal place of business is 521 5th Avenue, 12th floor, New York, NY 10175.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
These financial statements are presented in US dollars which is the functional currency of the Company and rounded to the nearest $.
The following principal accounting policies have been applied:
The accounts have been prepared in accordance with the provisions of FRS102. There have been no material deviations from the standard.
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Laidlaw Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
and underwriting net of syndicate expenses, arising from security offerings in which the company acts as an underwriter or agent. The following criteria must also be met before turnover is recognised: occur. recognised over the period the service is provided. Underwriting fees are recognised at the time the underwriting is complete.
The financial statements have been prepared on a going concern basis as the Directors believe that the Company will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business as well as availability of cash resources. The firm has also prepared a detailed analysis of actual activity as of 31 March 2025, including proft & loss projections and cash projections through 31 March 2026 and has determined that it will have the necessary cash flows to meets its third party obligations. In the event that the results in 2024 and 2025 do not meet the Company's obligations, the Company has access to adequate third party capital to meet its needs.
Functional and presentation currency
Transactions and balances
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
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 the statement of income and retained earnings.
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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 the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
the assets of the Company after the deduction of all its liabilities.
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, whereby the debt instrument is measured at the present value of the future payments 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.
The estimates and associated assumptions are based on historic experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities. Actual results may differ from these estimates. The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are: Legal fee provisions At the year end where there are legal cases ongoing, the Company takes specialist advice to assess the expected outcome and settlement. Based upon the information the Company complies with the regulations on contingent assets and liabilities.
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 20
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 21
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
There were no factors that may affect future tax charges.
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 24
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 25
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LAIDLAW & COMPANY (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
in issue.
Other reserves
Profit and loss account
During the year, loans of $93,500 (2022 - $20,000) were made to a Director. The loans are repayable on demand and interest free. No repayments were made during the year and the balanced owed to the Company at the year end amounted to $93,500 (2022 - $Nil).
During the year, loans of $35,000 (2022 - $400,357) were made to a Director. The loans are repayable on demand and interest free. No repayments were made during the year and the balanced owed to the Company at the year end amounted to $364,994 (2022 - $329,994).
The Company's immediate parent undertaking is Laidlaw Holdings Limited. The consolidated financial statements of Laidlaw Holdings Limited may be obtained from Companies House or from its registered office Albany House, Claremont Road, Esher, Surrey, KT10 9FQ.
There is no ultimate controlling party.
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