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Registration number: 12301454

LHP Holdings Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

LHP Holdings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

LHP Holdings Ltd

Company Information

Directors

Mr C J Pycroft

Mr R T Hoy

Mr G I Langley

Registered office

106C Bridle Road
Burton Joyce
Nottingham
NG14 5FP

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

LHP Holdings Ltd

(Registration number: 12301454)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Investment property

4

980,000

980,000

Current assets

 

Stocks

5

-

270,758

Debtors

6

13,433

15,184

Cash at bank and in hand

 

8,314

126,534

 

21,747

412,476

Creditors: Amounts falling due within one year

7

(32,691)

(382,386)

Net current (liabilities)/assets

 

(10,944)

30,090

Total assets less current liabilities

 

969,056

1,010,090

Creditors: Amounts falling due after more than one year

7

(684,375)

(684,375)

Provisions for liabilities

(61,885)

(61,886)

Net assets

 

222,796

263,829

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

222,794

263,827

Shareholders' funds

 

222,796

263,829

 

LHP Holdings Ltd

(Registration number: 12301454)
Balance Sheet as at 30 November 2021

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 August 2022 and signed on its behalf by:
 

.........................................
Mr C J Pycroft
Director

 

LHP Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
106C Bridle Road
Burton Joyce
Nottingham
NG14 5FP

These financial statements were authorised for issue by the Board on 25 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises of rental income for the residential properties, these are recognised when they become receivable by the company.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.

 

LHP Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

LHP Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

4

Investment properties

2021
£

At 1 December

980,000

At 30 November

980,000

The properties have been valued by the directors based on current market values and rental yields.

There has been no valuation of investment property by an independent valuer.

5

Stocks

2021
£

2020
£

Finished goods and goods for resale

-

270,758

6

Debtors

2021
£

2020
£

Prepayments

221

243

Other debtors

13,212

14,941

13,433

15,184

 

LHP Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

97

-

Taxation and social security

 

11,297

11,297

Other creditors

 

21,297

371,089

 

32,691

382,386

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

684,375

684,375

2021
£

2020
£

Due after more than five years

After more than five years not by instalments

684,375

684,375

-

-

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

684,375

684,375

Secured Liabilities

Other borrowings of £684,375 are secured by fixed charge over the freehold investment property.

 

LHP Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

10

Related party transactions

Included within other debitors are the following balances, in respect of companies which are related by virtue of common ownership and directorship :

At the year end, an amount of £12,864 (2020: £12,864) was owed by Lannoy Developments Ltd.

At the year end, an amount of £347 (2020: £nil) was owed by CP Developments (Nottingham) Ltd.

The company remunerates the directors with a combination of salary, pension contributions and dividends, all of which are deemed to be within the normal course of business.

2021

At 1 December 2020
£

Repayments by director
£

At 30 November 2021
£

Mr C J Pycroft

Interest free loan

2,075

(2,075)

-