IRIS Accounts Production v23.2.0.158 10009121 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure100091212022-03-31100091212023-03-31100091212022-04-012023-03-31100091212021-03-31100091212021-04-012022-03-31100091212022-03-3110009121ns16:EnglandWales2022-04-012023-03-3110009121ns15:PoundSterling2022-04-012023-03-3110009121ns11:Director12022-04-012023-03-3110009121ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3110009121ns11:SmallEntities2022-04-012023-03-3110009121ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-3110009121ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3110009121ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3110009121ns11:FullAccounts2022-04-012023-03-3110009121ns11:Director22022-04-012023-03-3110009121ns11:Director32022-04-012023-03-3110009121ns11:RegisteredOffice2022-04-012023-03-3110009121ns6:CurrentFinancialInstruments2023-03-3110009121ns6:CurrentFinancialInstruments2022-03-3110009121ns6:Non-currentFinancialInstruments2023-03-3110009121ns6:Non-currentFinancialInstruments2022-03-3110009121ns6:ShareCapital2023-03-3110009121ns6:ShareCapital2022-03-3110009121ns6:FurtherSpecificReserve1ComponentTotalEquity2023-03-3110009121ns6:FurtherSpecificReserve1ComponentTotalEquity2022-03-3110009121ns6:FurnitureFittings2022-04-012023-03-3110009121ns6:FurnitureFittings2022-03-3110009121ns6:MotorVehicles2022-03-3110009121ns6:ComputerEquipment2022-03-3110009121ns6:MotorVehicles2022-04-012023-03-3110009121ns6:ComputerEquipment2022-04-012023-03-3110009121ns6:FurnitureFittings2023-03-3110009121ns6:MotorVehicles2023-03-3110009121ns6:ComputerEquipment2023-03-3110009121ns6:FurnitureFittings2022-03-3110009121ns6:MotorVehicles2022-03-3110009121ns6:ComputerEquipment2022-03-3110009121ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3110009121ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3110009121ns6:WithinOneYear2023-03-3110009121ns6:WithinOneYear2022-03-3110009121ns6:BetweenOneFiveYears2023-03-3110009121ns6:BetweenOneFiveYears2022-03-3110009121ns6:AllPeriods2023-03-3110009121ns6:AllPeriods2022-03-31
REGISTERED NUMBER: 10009121 (England and Wales)















Financial Statements

for the Year Ended 31 March 2023

for

LAC Property Limited

LAC Property Limited (Registered number: 10009121)






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


LAC Property Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: R D Kinnersley
J Wright Snr
J Wright Jnr





REGISTERED OFFICE: 190 Hornsey Road
London
N7 7LN





REGISTERED NUMBER: 10009121 (England and Wales)





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

LAC Property Limited (Registered number: 10009121)

Statement of Financial Position
31 March 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 31,496 41,018
Investment property 6 38,009,418 37,919,058
38,040,914 37,960,076

CURRENT ASSETS
Debtors 7 3,128,437 3,356,926
Cash at bank and in hand 540,389 385,065
3,668,826 3,741,991
CREDITORS
Amounts falling due within one year 8 (4,849,356 ) (4,939,156 )
NET CURRENT LIABILITIES (1,180,530 ) (1,197,165 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,860,384

36,762,911

CREDITORS
Amounts falling due after more than one
year

9

(33,750,000

)

(33,750,000

)

PROVISIONS FOR LIABILITIES (132,424 ) (105,434 )
NET ASSETS 2,977,960 2,907,477

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 2,807,372 2,837,128
Retained earnings 170,587 70,348
SHAREHOLDERS' FUNDS 2,977,960 2,907,477

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.

LAC Property Limited (Registered number: 10009121)

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


LAC Property Limited (Registered number: 10009121)

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

1. STATUTORY INFORMATION

LAC Property 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 £4,024,568 (2022 - £3,985,785) owed to a related party, LiveIn Quarters Limited. Although due on demand, the directors are of the view that demand for repayment for 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 - 25% on cost

Investment property
Investment properties are valued 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.


LAC Property Limited (Registered number: 10009121)

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 9 (2022 - NIL ) .

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 April 2022 245,839 3,025 4,611 253,475
Additions 20,258 - 362 20,620
Disposals - (3,025 ) - (3,025 )
At 31 March 2023 266,097 - 4,973 271,070
Depreciation
At 1 April 2022 210,935 - 1,522 212,457
Charge for year 26,036 - 1,081 27,117
At 31 March 2023 236,971 - 2,603 239,574
Net book value
At 31 March 2023 29,126 - 2,370 31,496
At 31 March 2022 34,904 3,025 3,089 41,018

LAC Property Limited (Registered number: 10009121)

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

6. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 April 2022 37,919,058
Additions 90,360
At 31 March 2023 38,009,418
Net book value
At 31 March 2023 38,009,418
At 31 March 2022 37,919,058

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2017 3,697,857
Valuation in 2019 (2,323,585 )
Valuation in 2021 1,557,082
Cost 35,078,064
38,009,418

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

31/3/23 31/3/22
£    £   
Cost 34,987,704 34,987,704

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 2,892 25,750
Amounts owed by group undertakings 2,849,869 3,073,339
Amounts owed by associates 61,170 13,469
Other debtors 214,506 244,368
3,128,437 3,356,926

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade creditors 66,314 35,781
Amounts owed to associates 4,325,879 4,233,333
Taxation and social security 38,093 -
Other creditors 419,070 670,042
4,849,356 4,939,156

LAC Property Limited (Registered number: 10009121)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans 33,750,000 33,750,000

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/3/23 31/3/22
£    £   
Within one year 18,488 22,783
Between one and five years 4,610 22,350
23,098 45,133

11. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Loan facility 33,750,000 33,750,000

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.