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REGISTERED NUMBER: 07165029 (England and Wales)




















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

LONDON & CAPITAL HOUSING LIMITED

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Profit and Loss Account 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


LONDON & CAPITAL HOUSING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mrs C R Mapper
N Teitelbaum





REGISTERED OFFICE: First Floor, Winston House
349 Regents Park Road
London
N3 1DH





REGISTERED NUMBER: 07165029 (England and Wales)





AUDITORS: Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023


The directors present their strategic report of the company and the group for the year ended 28 February 2023.

REVIEW OF BUSINESS
The results for the period and financial position of the company are as shown in the annexed accounts.

The company has concentrated on trading property since it was incorporated. The majority of properties were purchased with the intention of renovating them and then selling them. This ensures that the company is continuously trading stock and does not hold on to stock for a long period with the result of mitigating risk to the company.

As is evidenced by the results, the above policy has worked well for the company and the company is showing a healthy gross profit.

In addition, the company has retained a number of investment properties with a view to renting them out, and these are generating income for the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risk for the Group is a reduction in property values; if a property is held on stock for a long period this risk increases. In order to mitigate it the company is continuously trading stock as mentioned below.

PRINCIPAL ACTIVITIES
The Group's principal activities are trading in residential properties and property investment.

OUR STRATEGIC PRIORITIES
The Group has two objectives:

- to deliver attractive long-term returns;

- to uphold London & Capital Housing's reputation for integrity and reliability.

The Group's primary financial objective is to maximise returns at acceptable levels of risk.

GROUP PERFORMANCE
2023 realised a turnover of £18.87m (2022: £25.54m). This represents a decrease of 26% compared to the previous year. Profit before tax decreased by 54.5% to £1.81m (2022: £3.98m).

FINANCIAL POSITION
The Group's shareholders funds now stand at £19.87m (2022: £18.5m), their highest ever level. The growth has been driven by the high level of purchases and sales that have taken place during the year.

FINANCIAL CAPACITY AND LIQUIDITY
The Group is well positioned to take advantage of opportunities as they arise. The Group's financial capacity stood at £5.52m (2022: £658,562) which is cash at bank.
Gearing has increased to 11.76% (2022: 5.77%).

The directors considered that there are no non-financial performance measurements relevant to the business.

ON BEHALF OF THE BOARD:





N Teitelbaum - Director


29 February 2024

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28 FEBRUARY 2023


The directors present their report with the financial statements of the company and the group for the year ended 28 February 2023.

DIVIDENDS
No dividends will be distributed for the year ended 28 February 2023.

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

Mrs C R Mapper
N Teitelbaum

FINANCIAL INSTRUMENTS
The Group's principal assets are other receivables. The Group's principal liabilities are other creditors.

Credit risk

The directors monitor credit risk closely and consider that the current policies and procedures meet the objectives of managing exposure to credit risk. The Group has no significant concentrations of credit risk.

Currency risk

The Group was not exposed to currency risk during the period.

Liquidity risk

The Group was not exposed to liquidity risk during the period.

Interest rate risk

The Group has not hedged its interest rate exposure during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28 FEBRUARY 2023


AUDITORS
The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N Teitelbaum - Director


29 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON & CAPITAL HOUSING LIMITED


Opinion
We have audited the financial statements of LONDON & CAPITAL HOUSING LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 28 February 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON & CAPITAL HOUSING LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON & CAPITAL HOUSING LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following area as most likely to have such an affect, being property legislation.
International Standards on Auditing (UK) (ISAs (UK)) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

Challenging assumptions made by management in its significant accounting estimates.

Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account
combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.

Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

Ensuring that testing undertaken on both the performance statements and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Standards on Auditing (UK)(ISAs (UK)). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud,
and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON & CAPITAL HOUSING LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Aryeh Melinek (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

29 February 2024

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023 2022
as restated
Notes £    £    £    £   

TURNOVER 18,865,469 25,539,556

Cost of sales 17,287,913 21,968,677
GROSS PROFIT 1,577,556 3,570,879

Administrative expenses 442,665 408,726
1,134,891 3,162,153

Other operating income 920,136 887,802
OPERATING PROFIT 4 2,055,027 4,049,955

Income from other participating interests (1,168 ) (634 )
Interest receivable and similar income 12,221 -
11,053 (634 )
2,066,080 4,049,321

Interest payable and similar expenses 5 256,425 67,887
PROFIT BEFORE TAXATION 1,809,655 3,981,434

Tax on profit 6 344,543 756,593
PROFIT FOR THE FINANCIAL YEAR 1,465,112 3,224,841
Profit attributable to:
Owners of the parent 1,410,648 2,998,799
Non-controlling interests 54,464 226,042
1,465,112 3,224,841

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023 2022
as restated
Notes £    £   

PROFIT FOR THE YEAR 1,465,112 3,224,841


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,465,112

3,224,841

Total comprehensive income attributable to:
Owners of the parent 1,410,648 2,998,799
Non-controlling interests 54,464 226,042
1,465,112 3,224,841

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

CONSOLIDATED BALANCE SHEET
28 FEBRUARY 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,051 -
Investments 10
Interest in joint venture
Share of gross assets 150,548 150,061
Share of gross liabilities (152,867 ) (151,212 )
Investment property 11 9,792,999 3,717,028
9,791,731 3,715,877

CURRENT ASSETS
Stocks 12 7,653,515 15,863,740
Debtors 13 5,609,206 5,847,015
Cash at bank and in hand 5,517,384 658,562
18,780,105 22,369,317
CREDITORS
Amounts falling due within one year 14 4,323,992 6,654,737
NET CURRENT ASSETS 14,456,113 15,714,580
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,247,844

19,430,457

CREDITORS
Amounts falling due after more than one
year

15

(3,350,562

)

-

PROVISIONS FOR LIABILITIES 19 (3,233 ) (1,520 )
NET ASSETS 20,894,049 19,428,937

CAPITAL AND RESERVES
Called up share capital 20 100 100
Profit and loss account 21 19,866,700 18,456,052
SHAREHOLDERS' FUNDS 19,866,800 18,456,152

NON-CONTROLLING INTERESTS 1,027,249 972,785
TOTAL EQUITY 20,894,049 19,428,937

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

CONSOLIDATED BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





N Teitelbaum - Director


LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

COMPANY BALANCE SHEET
28 FEBRUARY 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,051 -
Investments 10 250 250
Investment property 11 4,751,077 2,472,585
4,752,378 2,472,835

CURRENT ASSETS
Stocks 12 7,398,015 11,298,912
Debtors 13 6,161,111 6,591,308
Cash at bank and in hand 3,287,168 625,619
16,846,294 18,515,839
CREDITORS
Amounts falling due within one year 14 3,781,803 4,475,173
NET CURRENT ASSETS 13,064,491 14,040,666
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,816,869

16,513,501

PROVISIONS FOR LIABILITIES 19 2,000 1,520
NET ASSETS 17,814,869 16,511,981

CAPITAL AND RESERVES
Called up share capital 20 100 100
Profit and loss account 21 17,814,769 16,511,881
SHAREHOLDERS' FUNDS 17,814,869 16,511,981

Company's profit for the financial year 1,302,888 2,547,347

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

COMPANY BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





N Teitelbaum - Director


LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023

Called up Profit
share and loss Non-controlling Total
capital account Total interests equity
£    £    £    £    £   
Balance at 1 March 2021 100 15,457,253 15,457,353 746,743 16,204,096

Changes in equity
Total comprehensive income - 2,998,799 2,998,799 226,042 3,224,841
Balance at 28 February 2022 100 18,456,052 18,456,152 972,785 19,428,937

Changes in equity
Total comprehensive income - 1,410,648 1,410,648 54,464 1,465,112
Balance at 28 February 2023 100 19,866,700 19,866,800 1,027,249 20,894,049

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023

Called up Profit
share and loss Total
capital account equity
£    £    £   
Balance at 1 March 2021 100 13,964,534 13,964,634

Changes in equity
Total comprehensive income - 2,547,347 2,547,347
Balance at 28 February 2022 100 16,511,881 16,511,981

Changes in equity
Total comprehensive income - 1,302,888 1,302,888
Balance at 28 February 2023 100 17,814,769 17,814,869

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023 2022
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 23 9,403,919 (1,413,078 )
Interest paid (256,425 ) (67,887 )
Tax paid (84,510 ) (1,050,721 )
Net cash from operating activities 9,062,984 (2,531,686 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,577 ) -
Purchase of fixed asset investments - 634
Purchase of investment property (6,071,039 ) (1,307,353 )
Interest received 12,221 -
Dividends received - (634 )
Net cash from investing activities (6,060,395 ) (1,307,353 )

Cash flows from financing activities
New loans in year 1,856,133 -
Loan repayments in year - (313,800 )
Amount withdrawn by directors 100 -
Net cash from financing activities 1,856,233 (313,800 )

Increase/(decrease) in cash and cash equivalents 4,858,822 (4,152,839 )
Cash and cash equivalents at beginning
of year

24

658,562

4,811,401

Cash and cash equivalents at end of
year

24

5,517,384

658,562

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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


1. STATUTORY INFORMATION

LONDON & CAPITAL HOUSING 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 General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemption in preparing these Financial Statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

- the requirements of Section 7 Statement of Cash Flows.

Turnover
The whole of the turnover is attributable to the principal activity of the company, being the trading in residential properties in the United Kingdom. Turnover comprises net proceeds from sales of residential properties.

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

Investments in associates
Investments in associate undertakings are recognised at cost less any provision for impairment.

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.

Stocks
Stock represents residential properties bought with the intention of selling them. Stocks are valued at the lower of cost or net realisable value.

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 debtors and creditors.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. If the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset is measured, initially, at the present value of the future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit or Loss 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 balance sheet date.

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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

Acquisitions and disposals of properties
Acquisitions and disposals of the properties are considered to take place at the date of legal completion, and are included in the Financial Statements accordingly.

3. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£    £   
Wages and salaries 16,917 -
Other pension costs 169 -
17,086 -

The average number of employees during the year was as follows:
2023 2022
as restated

Employees 1 -

The average number of employees by undertakings that were proportionately consolidated during the year was 1 (2022 - NIL ) .

2023 2022
as restated
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
as restated
£    £   
Depreciation - owned assets 526 -
Auditors' remuneration 9,000 7,800
Non-audit fees 34,804 47,043

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£    £   
Bank loan interest 93,695 69,309
Loan charges 115,653 -
Interest payable 47,077 (1,422 )
256,425 67,887

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
as restated
£    £   
Current tax:
UK corporation tax 342,830 756,593

Deferred tax 1,713 -
Tax on profit 344,543 756,593

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
as restated
£    £   
Profit before tax 1,809,655 3,981,434
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

343,834

756,472

Effects of:
Income not taxable for tax purposes (714 ) 121
Capital allowances in excess of depreciation (290 ) -
Deferred tax 1,713 -
Total tax charge 344,543 756,593

7. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. PRIOR YEAR ADJUSTMENT

The comparative figure for turnover has been grossed up for costs in the sum of £581,482 relating to the sales that were deducted from turnover last year. The comparative gross and net profit is not affected by this adjustment.

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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


9. TANGIBLE FIXED ASSETS

Group
Computer
equipment
£   
COST
At 1 March 2022 450
Additions 1,577
At 28 February 2023 2,027
DEPRECIATION
At 1 March 2022 450
Charge for year 526
At 28 February 2023 976
NET BOOK VALUE
At 28 February 2023 1,051
At 28 February 2022 -

Company
Computer
equipment
£   
COST
At 1 March 2022 450
Additions 1,577
At 28 February 2023 2,027
DEPRECIATION
At 1 March 2022 450
Charge for year 526
At 28 February 2023 976
NET BOOK VALUE
At 28 February 2023 1,051
At 28 February 2022 -

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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


10. FIXED ASSET INVESTMENTS

Group
Interest Interest
in joint in
venture associate Totals
£    £    £   
COST
At 1 March 2022 (1,151 ) 50 (1,101 )
Additions (1,168 ) - (1,168 )
At 28 February 2023 (2,319 ) 50 (2,269 )
PROVISIONS
At 1 March 2022
and 28 February 2023 - 50 50
NET BOOK VALUE
At 28 February 2023 (2,319 ) - (2,319 )
At 28 February 2022 (1,151 ) - (1,151 )

Interest in joint venture

Joint ventures

Land United Limited

The above named company is a joint venture as there are 2 investors, with every business decision being unanimous.

Company
Shares in Interest Interest
group in joint in
undertakings venture associate Totals
£    £    £    £   
COST
At 1 March 2022
and 28 February 2023 200 50 50 300
PROVISIONS
At 1 March 2022
and 28 February 2023 - - 50 50
NET BOOK VALUE
At 28 February 2023 200 50 - 250
At 28 February 2022 200 50 - 250

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Foxes Estates Ltd
Registered office: First Floor, Winston House, 349 Regents Park Road, London, United Kingdom, N3 1DH
Nature of business: Buying and selling of own real estate
%
Class of shares: holding
Ordinary 66.67

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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


10. FIXED ASSET INVESTMENTS - continued


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 March 2022 3,717,028
Additions 6,071,039
Revaluations 4,932
At 28 February 2023 9,792,999
NET BOOK VALUE
At 28 February 2023 9,792,999
At 28 February 2022 3,717,028

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2022 12,932
Cost 9,780,067
9,792,999

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 9,780,067 3,709,028

Investment properties were valued on an open market basis on 28 February 2023 by the directors .

Company
Total
£   
FAIR VALUE
At 1 March 2022 2,472,585
Additions 2,278,492
At 28 February 2023 4,751,077
NET BOOK VALUE
At 28 February 2023 4,751,077
At 28 February 2022 2,472,585

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2023 8,000
Cost 4,743,077
4,751,077

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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


11. INVESTMENT PROPERTY - continued

Company

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 4,743,077 2,464,585

Investment properties were valued on an open market basis on 28 February 2023 by the directors .

12. STOCKS

Group Company
2023 2022 2023 2022
as restated as restated
£    £    £    £   
Stocks 7,653,515 15,863,740 7,398,015 11,298,912

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
as restated as restated
£    £    £    £   
Other debtors 5,596,006 5,847,015 6,147,911 6,591,308
Prepayments and accrued income 13,200 - 13,200 -
5,609,206 5,847,015 6,161,111 6,591,308

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 16) 9,971 1,504,400 - -
Trade creditors 10,320 120 3,600 -
Tax 1,099,121 840,801 900,079 551,287
Social security and other taxes 1,311 - 1,311 -
VAT - 10 - -
Other creditors 1,873,260 2,962,265 1,561,528 2,598,212
Pension 197 - 197 -
Directors' current accounts 1,289,192 1,289,092 1,289,192 1,289,092
Accruals and deferred income 40,620 58,049 25,896 36,582
4,323,992 6,654,737 3,781,803 4,475,173

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
as restated
£    £   
Bank loans (see note 16) 3,350,562 -

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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


16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,971 1,504,400
Amounts falling due between one and two years:
Bank loans - 1-2 years 26,189 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 78,567 -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,103,848 -
Repayable by instalments
Bank loans more 5 yr by instal 2,141,958 -

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
as restated
£    £   
Bank loans 3,360,533 1,504,400

The bank loans and overdrafts are secured by way of a floating charge over the assets of the company and by way of fixed charges against selected stock of land and buildings.

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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


18. FINANCIAL INSTRUMENTS

GROUP
2023 2022
£    £   

Financial assets measured at amortised cost 5,596,006 5,847,015

Financial liabilities measured at amortised cost 6,533,305 5,802,526

Financial assets measured at amortised cost are comprised of other debtors.

Financial liabilities measured at amortised cost are comprised of trade creditors £10,320 (2022: £0) other creditors of £3,162,452 (2022: £4,251,477), bank loans of £3,360,533 (2022: £1,504,400) and accruals of £0 (2022: £46,649).
COMPANY
2023 2022
£    £   

Financial assets measured at amortised cost 6,147,911 6,591,308

Financial liabilities measured at amortised cost 2,854,320 3,919,086

Financial assets measured at amortised cost are comprised of other debtors.

Financial liabilities measured at amortised cost are comprised of trade creditors of £3,600 (2022: £0), other creditors of £2,850,720 (2022: £3,887,304) and accruals of £0 (2022: £31,782).

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
as restated as restated
£    £    £    £   
Deferred tax 3,233 1,520 2,000 1,520

Group
Deferred
tax
£   
Balance at 1 March 2022 1,520
Provided during year 1,713
Balance at 28 February 2023 3,233

Company
Deferred
tax
£   
Balance at 1 March 2022 1,520
Provided during year 480
Balance at 28 February 2023 2,000

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
100 Ordinary £1 100 100

21. RESERVES

Group
Profit
and loss
account
£   

At 1 March 2022 18,456,052
Profit for the year 1,410,648
At 28 February 2023 19,866,700

Company
Profit
and loss
account
£   

At 1 March 2022 16,511,881
Profit for the year 1,302,888
At 28 February 2023 17,814,769


22. RELATED PARTY DISCLOSURES

Included within group other debtors is £5,365,067 (2022: £5,217,569) due from related companies.

Included within group other creditors is £1,835,134 (2022: £2,909,248) due to related companies and £1,289,092 (2022: £1,289,092) due to a director of the company.

The intra-group balance of £593,895 (2022: £795,145) has been eliminated on consolidation.

23. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
as restated
£    £   
Profit before taxation 1,809,655 3,981,434
Depreciation charges 526 -
Gain on revaluation of fixed assets (4,932 ) -
Finance costs 256,425 67,887
Finance income (11,053 ) 634
2,050,621 4,049,955
Decrease/(increase) in stocks 8,210,225 (3,443,278 )
Decrease/(increase) in trade and other debtors 237,809 (1,392,480 )
Decrease in trade and other creditors (1,094,736 ) (627,275 )
Cash generated from operations 9,403,919 (1,413,078 )

LONDON & CAPITAL HOUSING LIMITED (REGISTERED NUMBER: 07165029)

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


24. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 5,517,384 658,562
Year ended 28 February 2022
28.2.22 1.3.21
as restated
£    £   
Cash and cash equivalents 658,562 4,811,401


25. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.3.22 Cash flow At 28.2.23
£    £    £   
Net cash
Cash at bank and in hand 658,562 4,858,822 5,517,384
658,562 4,858,822 5,517,384
Debt
Debts falling due within 1 year (1,504,400 ) 1,494,429 (9,971 )
Debts falling due after 1 year - (3,350,562 ) (3,350,562 )
(1,504,400 ) (1,856,133 ) (3,360,533 )
Total (845,838 ) 3,002,689 2,156,851

26. FINANCIAL COMMITMENTS

Financial commitments at the year end of £287,500 (2022: £2,149,333) related to properties that were exchanged prior to the 28 February 2023 but not completed until post year end.