Company registration number 12098727 (England and Wales)
LNCD (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LNCD (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LNCD (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,996
22,996
Investment property
4
899,566
413,164
Investments
5
669,180
582,704
1,591,742
1,018,864
Current assets
Debtors
6
100
100
Cash at bank and in hand
906,473
942,774
906,573
942,874
Creditors: amounts falling due within one year
7
(2,029,882)
(1,516,106)
Net current liabilities
(1,123,309)
(573,232)
Net assets
468,433
445,632
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
468,333
445,532
Total equity
468,433
445,632

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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 15 August 2024 and are signed on its behalf by:
Mr N L Williams
Director
Company registration number 12098727 (England and Wales)
LNCD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

LNCD (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Worsley Court, High Street, Worsley, Manchester, M28 3NJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Land held is not depreciated.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Listed investments are initially measured at cost, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LNCD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 December 2022 and 30 November 2023
22,996
Depreciation and impairment
At 1 December 2022 and 30 November 2023
-
0
Carrying amount
At 30 November 2023
22,996
At 30 November 2022
22,996
4
Investment property
2023
£
Fair value
At 1 December 2022
413,164
Additions
486,402
At 30 November 2023
899,566

The directors are of the opinion that the market value at 30 November 2023 of the freehold investment property is not significantly different and therefore have chosen not to revalue.

5
Fixed asset investments
2023
2022
£
£
Investments other than loans
669,180
582,704
LNCD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
5
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 December 2022
582,704
Additions
73,655
Valuation changes
12,821
At 30 November 2023
669,180
Carrying amount
At 30 November 2023
669,180
At 30 November 2022
582,704
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
100
100
7
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
1,386
8,611
Other creditors
2,028,496
1,507,495
2,029,882
1,516,106
8
Related party transactions

Due to common directorships, MQi Limited is a related party.

 

At the balance sheet date, the company owed MQi Limited £2,026,075 (2022: £1,506,075)

9
Directors' transactions

At the balance sheet date, the company owed the directors £100 (2022: £100). This is an interest free loan with no fixed date of repayment.

 

During the year, the company paid dividends to the directors of £Nil (2022: £10,000).

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