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REGISTERED NUMBER: 12932958 (England and Wales)















LSC PROPERTY HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023






LSC PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12932958)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LSC PROPERTY HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: S Morley
R L Morley
A Morley-Doidge





REGISTERED OFFICE: Units 1-7
Fallbarn Road
Rawtenstall
Rossendale
Lancashire
BB4 7NT





REGISTERED NUMBER: 12932958 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN

LSC PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12932958)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 133,836 171,524
Investments 5 496,250 -
Investment property 6 18,766,290 18,654,165
19,396,376 18,825,689

CURRENT ASSETS
Debtors 7 464,347 49,990
Cash at bank and in hand 6,729 295,281
471,076 345,271
CREDITORS
Amounts falling due within one year 8 (18,424,213 ) (18,460,744 )
NET CURRENT LIABILITIES (17,953,137 ) (18,115,473 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,443,239

710,216

PROVISIONS FOR LIABILITIES (32,590 ) (32,590 )
NET ASSETS 1,410,649 677,626

CAPITAL AND RESERVES
Called up share capital 95 100
Capital redemption reserve 5 -
Retained earnings 1,410,549 677,526
1,410,649 677,626

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

LSC PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12932958)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 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 7 November 2023 and were signed on its behalf by:





S Morley - Director


LSC PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12932958)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

LSC Property Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 12932958 and its registered office address is Units 1-7 Fallbarn Road, Rawtenstall, Rossendale, Lancashire, BB4 7NT.

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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Determining the fair value of the investment properties relies on the judgement of the directors.

Revenue
Rental income and associated property management charges, are recognised on a straight line basis net of Value Added Tax over the term of the lease.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

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

Investments
Listed investments are initially recognised at cost and are subsequently re-measured at their fair value. Changes in fair value are recognised in the income statement.

LSC PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12932958)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

LSC PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12932958)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 March 2022 217,666
Disposals (5,400 )
At 28 February 2023 212,266
DEPRECIATION
At 1 March 2022 46,142
Charge for year 34,234
Eliminated on disposal (1,946 )
At 28 February 2023 78,430
NET BOOK VALUE
At 28 February 2023 133,836
At 28 February 2022 171,524

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 496,250
At 28 February 2023 496,250
NET BOOK VALUE
At 28 February 2023 496,250

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 18,654,165
Additions 112,125
At 28 February 2023 18,766,290
NET BOOK VALUE
At 28 February 2023 18,766,290
At 28 February 2022 18,654,165

Investment properties historical cost is £18,766,290 (2022: £18,654,165). The directors are of the opinion that this represents the fair value at the statement of financial position date, based on observable market data.

LSC PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12932958)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 49,430 34,330
Amounts owed by related parties 400,000 -
Other debtors 14,917 15,660
464,347 49,990

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,690 1,449
Amounts owed to related parties 18,074,370 18,150,000
Taxation and social security 280,477 201,548
Other creditors 63,676 107,747
18,424,213 18,460,744