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Registered number: 07695674









LAWRIE CORNISH LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
LAWRIE CORNISH LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAWRIE CORNISH LIMITED
FOR THE YEAR ENDED 31 OCTOBER 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 Lawrie Cornish Limited for the year ended 31 October 2024 which comprise the Balance sheet 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 director of Lawrie Cornish Limited in accordance with the terms of our engagement letter dated 2nd October 2015Our work has been undertaken solely to prepare for your approval the financial statements of Lawrie Cornish Limited and state those matters that we have agreed to state to the director of Lawrie Cornish Limited 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 Lawrie Cornish Limited and its director for our work or for this report. 

It is your duty to ensure that Lawrie Cornish 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 Lawrie Cornish Limited. You consider that Lawrie Cornish 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 Lawrie Cornish 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.

  





The Wiggin Partnership Ltd
 
Chartered Accountants
  
25 July 2025
Page 1

 
LAWRIE CORNISH LIMITED
REGISTERED NUMBER: 07695674

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,236
3,435

  
3,236
3,435

Current assets
  

Debtors: amounts falling due within one year
 5 
1,013,113
1,207,288

Cash at bank and in hand
 6 
201,145
252,163

  
1,214,258
1,459,451

Creditors: amounts falling due within one year
 7 
(89,625)
(227,472)

Net current assets
  
 
 
1,124,633
 
 
1,231,979

Total assets less current liabilities
  
1,127,869
1,235,414

Provisions for liabilities
  

Deferred tax
 8 
(614)
(652)

  
 
 
(614)
 
 
(652)

Net assets
  
1,127,255
1,234,762


Capital and reserves
  

Called up share capital 
 9 
1
2

Profit and loss account
  
1,127,254
1,234,760

  
1,127,255
1,234,762


Page 2

 
LAWRIE CORNISH LIMITED
REGISTERED NUMBER: 07695674
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The director considers 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 director acknowledges his 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 on 25 July 2025.


A Lawrie
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
LAWRIE CORNISH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Lawrie Cornish Limited a company limited by shares, is incorporated and domiciled in England and Wales  and has its registered office address and principal place of business at Reading Business Centre, Fountain House, 2 Queens Walk, Reading, RG1 7QF.

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 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 4

 
LAWRIE CORNISH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

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 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.


Page 5

 
LAWRIE CORNISH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
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 the following basis:.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33.3% straight line
Computer equipment
-
33.3% straight line

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 6

 
LAWRIE CORNISH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 November 2023
41,457
76,588
118,045


Additions
-
2,275
2,275



At 31 October 2024

41,457
78,863
120,320



Depreciation


At 1 November 2023
41,456
73,154
114,610


Charge for the year on owned assets
-
2,474
2,474



At 31 October 2024

41,456
75,628
117,084



Net book value



At 31 October 2024
1
3,235
3,236



At 31 October 2023
1
3,434
3,435


5.


Debtors

2024
2023
£
£


Trade debtors
58,020
81,230

Other debtors
951,756
1,126,058

Prepayments and accrued income
3,337
-
Page 7

 
LAWRIE CORNISH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.Debtors (continued)


1,013,113
1,207,288



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
201,145
252,163

201,145
252,163



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
59,419
49,836

Corporation tax
11,088
120,970

Other taxation and social security
13,213
28,064

Other creditors
493
596

Accruals and deferred income
5,412
28,006

89,625
227,472



8.


Deferred taxation




2024
2023


£

£






At beginning of year
(652)
(21)


Charged to profit or loss
38
(631)



At end of year
(614)
(652)

Page 8

 
LAWRIE CORNISH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(614)
(652)

(614)
(652)


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 2) Ordinary share of £1.00
1
2



10.


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 £2,794 (2023 - £3,188). Contributions totalling £493 (2023 - £596 Debit) were payable to the fund at the balance sheet date and are included in creditors.


11.


Transactions with directors and owners holding a participating interest in the company

During the year the company made the following advances to Mr R Cornish a shareholder: NIL advances were made during the year and £288,022 repayments were made during the year. The maximum balance outstanding during the year was £288,022 and the balance included within debtors at the year end is NIL (2023- £288,022) due from the shareholder.
During the year the company made the following advances to Mr A Lawrie a director and shareholder: Other advances of £137,964 were made during the year and £41,250 repayments were made during the year. The maximum balance outstanding during the year was £930,211 and the balance included within debtors at the year end is £930,211 (2023- £815,206) due from the shareholder. The loan is repayable on demand and interest has been charged at an average of 2.25% per annum.


12.


Controlling party

The company was controlled throughout the period by A Lawrie by virtue of the fact that they own 100% of the company's ordinary share capital.

 
Page 9