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REGISTERED NUMBER: 09442943 (England and Wales)










REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

LPL FINANCE LIMITED

LPL FINANCE LIMITED (REGISTERED NUMBER: 09442943)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2022




Page

Company Information 1

Report of the Directors 2

Chartered Accountants' Report 3

Statement of Comprehensive Income 4

Statement of Financial Position 5

Notes to the Financial Statements 6


LPL FINANCE LIMITED

COMPANY INFORMATION
For The Year Ended 31 DECEMBER 2022







DIRECTORS: Mr C P Long
Mrs L Long
Mr P J Long



REGISTERED OFFICE: 6th Floor, Lloyds Avenue House
6 Lloyds Avenue
London
EC3N 3AX



REGISTERED NUMBER: 09442943 (England and Wales)



ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA



BANKERS: Barclays Bank Plc
One Southampton Row
London
WC1B 5HA

LPL FINANCE LIMITED (REGISTERED NUMBER: 09442943)

REPORT OF THE DIRECTORS
For The Year Ended 31 DECEMBER 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of trading as a lender of unregulated short-term bridging and other loans. During the year, the company also provided consultancy services to other organisations.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

Mr C P Long
Mrs L Long
Mr P J Long

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr C P Long - Director


29 September 2023

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
LPL FINANCE LIMITED


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LPL Finance Limited for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of LPL Finance Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of LPL Finance Limited and state those matters that we have agreed to state to the Board of Directors of LPL Finance Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LPL Finance Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that LPL Finance 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 loss of LPL Finance Limited. You consider that LPL Finance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of LPL Finance 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.






AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA


29 September 2023

LPL FINANCE LIMITED (REGISTERED NUMBER: 09442943)

STATEMENT OF COMPREHENSIVE
INCOME
For The Year Ended 31 DECEMBER 2022

2022 2021
£    £   

REVENUE 922,035 3,212,797

Cost of sales 631,396 1,121,032
GROSS PROFIT 290,639 2,091,765

Administrative expenses 411,460 1,052,537
OPERATING (LOSS)/PROFIT (120,821 ) 1,039,228

Amounts written off investments 186,537 (435,020 )
(307,358 ) 1,474,248

Interest payable and similar expenses 12,864 3,523
(LOSS)/PROFIT BEFORE TAXATION (320,222 ) 1,470,725

Tax on (loss)/profit (31,249 ) 199,191
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(288,973

)

1,271,534

LPL FINANCE LIMITED (REGISTERED NUMBER: 09442943)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 3,593 4,790
Investments 5 1,484,980 1,484,980
Investment property 6 - 745,477
1,488,573 2,235,247

CURRENT ASSETS
Debtors 7 22,207,168 23,287,158
Investments 8 891,094 1,077,632
Cash at bank 891,965 154,146
23,990,227 24,518,936
CREDITORS
Amounts falling due within one year 9 215,432 363,295
NET CURRENT ASSETS 23,774,795 24,155,641
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,263,368

26,390,888

CREDITORS
Amounts falling due after more than one
year

10

20,180,331

21,018,878
NET ASSETS 5,083,037 5,372,010

CAPITAL AND RESERVES
Called up share capital 2,600 2,600
Retained earnings 5,080,437 5,369,410
SHAREHOLDERS' FUNDS 5,083,037 5,372,010

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:




Mr C P Long - Director


LPL FINANCE LIMITED (REGISTERED NUMBER: 09442943)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2022

1. STATUTORY INFORMATION

LPL Finance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about LPL Finance Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In the application of the company's accounting policies,the director is required to make judgements,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value, net of discounts, of work carried out in respect of services provided to customers and bridging interest.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 25% reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


LPL FINANCE LIMITED (REGISTERED NUMBER: 09442943)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is included at fair value. Any gains or losses arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on these gains or losses at the rate expected to apply when the property is sold.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short term deposits with an original maturity date of one month.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

LPL FINANCE LIMITED (REGISTERED NUMBER: 09442943)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2022

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 January 2022
and 31 December 2022 7,976
DEPRECIATION
At 1 January 2022 3,186
Charge for year 1,197
At 31 December 2022 4,383
NET BOOK VALUE
At 31 December 2022 3,593
At 31 December 2021 4,790

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 1,484,980
NET BOOK VALUE
At 31 December 2022 1,484,980
At 31 December 2021 1,484,980

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2022 745,477
Disposals (745,477 )
At 31 December 2022 -
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 745,477

7. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Other debtors 7,886 5,733

Amounts falling due after more than one year:
Other debtors 22,199,282 23,281,425

Aggregate amounts 22,207,168 23,287,158

LPL FINANCE LIMITED (REGISTERED NUMBER: 09442943)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2022

8. CURRENT ASSET INVESTMENTS
2022 2021
£    £   
Listed investments 891,094 1,077,632

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 13,094 225
Taxation and social security 193,965 355,569
Other creditors 8,373 7,501
215,432 363,295

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Other creditors 20,180,331 21,018,878

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The amount payable to the directors at the year end amounted to £17,415,400 (2021: £17,768,042). Included in other debtors is an amount of £18,411,171 (2021: £17,776,349) owing from connected companies and included in other creditors is an amount of £1,189,192 (2021: £1,694,672) owing to connected companies. The loans were interest-free.