Company No:
Contents
DIRECTORS | S Arnott |
R S Broadhurst CVO CBE FRICS | |
D R W Harrison | |
G Spinks |
SECRETARY | T M West |
REGISTERED OFFICE | 22 Chancery Lane |
London | |
WC2A 1LS | |
England | |
United Kingdom |
COMPANY NUMBER | 00922992 (England and Wales) |
The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 December 2021.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Resigned 30 June 2021) |
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DIRECTORS' INDEMNITIES
Approved by the Board of Directors and signed on its behalf by:
T M West
Secretary |
2021 | 2020 | |||
£ | £ | |||
Administrative expenses | (
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Other operating income |
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Operating profit |
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Income from other fixed asset investments |
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Profit before interest and taxation | 25,966,155 | 7,060,209 | ||
Interest receivable and similar income |
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Profit before taxation |
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Tax on profit | (
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Profit for the financial year |
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Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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201,459,865 | 177,525,829 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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7,627,489 | 7,129,523 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current liabilities | (12,648,561) | (14,578,007) | ||
Total assets less current liabilities | 188,811,304 | 162,947,822 | ||
Provisions for liabilities | 6 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Lockfold Communications Limited (registered number:
R S Broadhurst CVO CBE FRICS
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Lockfold Communications Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The impact of the COVID-19 pandemic (coronavirus) on the ability of the company to continue as a going concern has been assessed by the directors. The company has naturally experienced some volatility in the value of their listed and unlisted investments as a result of the volatility in the investment markets over the past two years. However, the value of the investments has generally increased in the period. It is expected that the pandemic may continue to impact to some extent on investment income receivable in future periods.
As at the date of the approval of these financial statements, the directors have prepared the financial statements on the going concern basis.
In assessing whether the going concern basis is appropriate, the directors have considered the strong cash reserves and liquid investments held by the company, which they consider to be easily sufficient to meet ongoing liabilities. The financial statements do not include any adjustments that would be necessary if the going concern basis was not appropriate.
The current 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 taxable income.
Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The company does not have any turnover. Income from listed and unlisted investments are credited to the profit and loss account on a receivable basis.
Franked investment income is shown net of imputed tax credits.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charges as an interest expense in the profit and loss account.
Financial assets include listed and unlisted investments. These investments are initially recognised at cost, and are remeasured at fair value with any gains or losses taken to the profit and loss account.
For listed investments, fair value is measured as the market value at the close of business. For unlisted investments, fair value is measured based on underlying valuations provided by the investment administrators, where reliable.
Debt instruments are initially capitalised at fair value and subsequently held at amortised cost using the effective interest rate method.
2021 | 2020 | ||
Number | Number | ||
The average number of persons employed by the Company during the year |
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Listed investments | Other investments | Total | |||
£ | £ | £ | |||
Carrying value before impairment | |||||
At 01 January 2021 |
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Additions |
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Disposals | (
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Movement in fair value |
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At 31 December 2021 |
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Provisions for impairment | |||||
At 01 January 2021 |
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At 31 December 2021 |
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Carrying value at 31 December 2021 |
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Carrying value at 31 December 2020 |
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The historic cost of the fixed asset investments is £146,542,495 (2020 - £142,511,197).
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£ | £ | ||
Amounts owed by Group undertakings |
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Corporation tax |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Amounts owed to Group undertakings |
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Accruals |
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2021 | 2020 | ||
£ | £ | ||
At the beginning of financial year | (
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(Charged)/credited to the Profit and Loss Account | (
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At the end of financial year | (
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Other financial commitments
2021 | 2020 | ||
£ | £ | ||
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The most senior parent entity producing publicly available financial statements is Sableknight Limited. These financial statements are publicly available from Companies House.
The address of Sableknight Limited is:
22 Chancery Lane
London
WC2A 1LS