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REGISTERED NUMBER: 03868543 (England and Wales)















Financial Statements

for the Year Ended 31 March 2023

for

LiveIn Quarters Limited

LiveIn Quarters Limited (Registered number: 03868543)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LiveIn Quarters Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: J Wright Snr
J Wright Jnr





REGISTERED OFFICE: 190 Hornsey Road
London
N7 7LN





REGISTERED NUMBER: 03868543 (England and Wales)





ACCOUNTANTS: Barnbrook Sinclair
Chartered Accountants
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

LiveIn Quarters Limited (Registered number: 03868543)

Statement of Financial Position
31 March 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 40,256 43,682
Investments 6 100 100
Investment property 7 15,010,993 15,010,993
15,051,349 15,054,775

CURRENT ASSETS
Debtors 8 4,138,982 4,048,107
Cash at bank 2,366 3,874
4,141,348 4,051,981
CREDITORS
Amounts falling due within one year 9 (12,625,189 ) (12,572,010 )
NET CURRENT LIABILITIES (8,483,841 ) (8,520,029 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,567,508

6,534,746

PROVISIONS FOR LIABILITIES (816,552 ) (621,893 )
NET ASSETS 5,750,956 5,912,853

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Fair value reserve 5,451,113 5,644,670
Retained earnings 249,843 218,183
SHAREHOLDERS' FUNDS 5,750,956 5,912,853

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

LiveIn Quarters Limited (Registered number: 03868543)

Statement of Financial Position - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





J Wright Snr - Director


LiveIn Quarters Limited (Registered number: 03868543)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

LiveIn Quarters 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In assessing the ability of the Company to continue to trade as a going concern, the directors have considered the Company's deficiency of net current assets. Included within current liabilities is a loan of £11,387,757 (2022 - £11,267,499) owed to a related party, LAC Holdings Limited. Although due on demand, the directors are of the view that demand for repayment of this amount will not be made whilst the Company is in need of the funds to meet its obligations as they fall due. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover represents rent received from investment properties, excluding value added tax. Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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

Investment property
Investment properties are measured at fair value at each reporting date, with gains or losses recognised in the profit and loss account. Properties are revalued annually using an open market valuation basis. Material deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


LiveIn Quarters Limited (Registered number: 03868543)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all 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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost
At 1 April 2022 118,374 25,221 143,595
Additions 3,678 - 3,678
At 31 March 2023 122,052 25,221 147,273
Depreciation
At 1 April 2022 74,692 25,221 99,913
Charge for year 7,104 - 7,104
At 31 March 2023 81,796 25,221 107,017
Net book value
At 31 March 2023 40,256 - 40,256
At 31 March 2022 43,682 - 43,682

LiveIn Quarters Limited (Registered number: 03868543)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 April 2022
and 31 March 2023 100
Net book value
At 31 March 2023 100
At 31 March 2022 100

7. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 April 2022
and 31 March 2023 15,010,993
Net book value
At 31 March 2023 15,010,993
At 31 March 2022 15,010,993

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2009 2,992,639
Valuation in 2011 169,154
Valuation in 2012 196,606
Valuation in 2013 (351,990 )
Valuation in 2014 1,387,719
Valuation in 2015 (4,168 )
Valuation in 2016 1,363,411
Valuation in 2017 1,090,000
Valuation in 2019 (834,742 )
Valuation in 2021 248,973
Cost 8,753,391
15,010,993

If investment property had not been revalued it would have been included at the following historical cost:

31/3/23 31/3/22
£    £   
Cost 8,753,391 8,753,391

Investment property was valued on an open market basis on 31 March 2023 by the Directors .

LiveIn Quarters Limited (Registered number: 03868543)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 419 3,580
Amounts owed by associates 4,097,810 4,006,527
Other debtors 40,753 38,000
4,138,982 4,048,107

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade creditors 35,738 32,913
Amounts owed to group undertakings 1,001,248 1,001,248
Amounts owed to associates 11,430,393 11,310,135
Taxation and social security 34,254 8,267
Other creditors 123,556 219,447
12,625,189 12,572,010

10. SECURED DEBTS

Arbuthnot Latham & Co. Limited hold a fixed charges over all of the company's investment properties in respect of a facility agreement provided to LAC Property Limited.