Caseware UK (AP4) 2023.0.135 2023.0.135 false2The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01No description of principal activity2truetrue NI057140 2023-04-01 2024-03-31 NI057140 2022-04-01 2023-03-31 NI057140 2024-03-31 NI057140 2023-03-31 NI057140 2022-04-01 NI057140 c:CompanySecretary1 2023-04-01 2024-03-31 NI057140 c:Director1 2023-04-01 2024-03-31 NI057140 c:Director2 2023-04-01 2024-03-31 NI057140 c:RegisteredOffice 2023-04-01 2024-03-31 NI057140 c:Agent1 2023-04-01 2024-03-31 NI057140 d:MotorVehicles 2023-04-01 2024-03-31 NI057140 d:MotorVehicles 2023-03-31 NI057140 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI057140 d:OfficeEquipment 2023-04-01 2024-03-31 NI057140 d:OfficeEquipment 2023-03-31 NI057140 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI057140 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI057140 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 NI057140 d:FreeholdInvestmentProperty 2024-03-31 NI057140 d:FreeholdInvestmentProperty 2023-03-31 NI057140 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 NI057140 d:CurrentFinancialInstruments 2024-03-31 NI057140 d:CurrentFinancialInstruments 2023-03-31 NI057140 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 NI057140 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 NI057140 d:ShareCapital 2024-03-31 NI057140 d:ShareCapital 2023-03-31 NI057140 d:SharePremium 2023-04-01 2024-03-31 NI057140 d:SharePremium 2024-03-31 NI057140 d:SharePremium 2023-03-31 NI057140 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 NI057140 d:RetainedEarningsAccumulatedLosses 2024-03-31 NI057140 d:RetainedEarningsAccumulatedLosses 2023-03-31 NI057140 c:OrdinaryShareClass1 2023-04-01 2024-03-31 NI057140 c:OrdinaryShareClass1 2024-03-31 NI057140 c:OrdinaryShareClass1 2023-03-31 NI057140 c:FRS102 2023-04-01 2024-03-31 NI057140 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI057140 c:FullAccounts 2023-04-01 2024-03-31 NI057140 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI057140 d:MotorVehicles d:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-31 NI057140 d:OfficeEquipment d:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-31 NI057140 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 NI057140 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 NI057140 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 NI057140 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 NI057140 d:OtherDeferredTax 2024-03-31 NI057140 d:OtherDeferredTax 2023-03-31 NI057140 2 2023-04-01 2024-03-31 NI057140 f:PoundSterling 2023-04-01 2024-03-31 NI057140 d:PriorPeriodErrorIncreaseDecrease 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Unaudited Financial Statements
LCP Limited
For the Year Ended 31 March 2024





































Registered number: NI057140

 
LCP Limited
 

Company Information


Directors
Mr R Ross 
Mrs S A Ross 




Company secretary
Mr R Ross



Registered number
NI057140



Registered office
8 Rockport Road
Holywood

Down

BT18 0DE




Accountants
Grant Thornton (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Ulster Bank Limited
9 Church Road

Holywood

Down

BT18 9BU




Solicitors
Edwards & Co
28 Hill Street

Belfast

BT1 2LA





 
LCP Limited
 

Contents



Page
Accountant's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11


  
img5bcb.png
Independent Accountant's Report to the directors of the unaudited financial statements of LCP Limited for the Year Ended 31 March 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of LCP Limited for the year ended 31 March 2024, which comprise  the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of LCP Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of LCP Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LCP Limited and its directors, as a body, for our work or for this report.


We have carried out this engagement in accordance with the technical guidance issued by Chartered Accountants Ireland ("the Institute") and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 March 2024 and you have acknowledged on the Balance sheet as at 31 March 2024 your duty to ensure that LCP Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that LCP Limited is exempt from the statutory audit requirement for the year ended 31 March 2024.

We have not been instructed to carry out an audit or review the financial statements of LCP Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. 




  


Grant Thornton (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   2 August 2024
Page 1

 
LCP Limited
Registered number:NI057140

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
48,669
20,527

Investment property
 6 
3,600,000
3,623,270

  
3,648,669
3,643,797

Current assets
  

Debtors: amounts falling due within one year
 7 
53,215
22,446

Cash at bank and in hand
 8 
2,153,707
1,916,218

  
2,206,922
1,938,664

Creditors: amounts falling due within one year
 9 
(59,910)
(60,683)

Net current assets
  
 
 
2,147,012
 
 
1,877,981

Total assets less current liabilities
  
5,795,681
5,521,778

Provisions for liabilities
  

Deferred tax
 10 
(412,101)
(336,264)

  
 
 
(412,101)
 
 
(336,264)

Net assets
  
5,383,580
5,185,514


Capital and reserves
  

Called up share capital 
 11 
3
3

Share premium account
 12 
1,981,186
1,981,186

Profit and loss account
 12 
3,402,391
3,204,325

  
5,383,580
5,185,514


Page 2

 
LCP Limited
Registered number:NI057140

Balance sheet (continued)
As at 31 March 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 August 2024.




Mr R Ross
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
LCP Limited
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

1.


General information

LCP Limited is a company limited by shares and  incorporated in Northern Ireland. The registered office is 8 Rockport Road, Holywood, Down, BT18 0DE. 
The principal activity of the company is that of letting and operating of own or leased real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
LCP Limited
 

Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method for buildings and reducing balance method for all other assets.

Depreciation is provided on the following basis:

Motor vehicles
-
25% straight line
Office equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
LCP Limited
 

Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
LCP Limited
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.
b) Market value of investment properties
Estimates are made in respect of the market value of investment properties. When assessing the market value of these assets, factors including current rent receivable and available data on current market yields and activity are considered.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
91,005
-
91,005


Additions
50,410
2,297
52,707


Disposals
(44,085)
-
(44,085)



At 31 March 2024
97,330
2,297
99,627



Depreciation


At 1 April 2023
70,478
-
70,478


Charge for the year on owned assets
24,333
-
24,333


Disposals
(44,085)
232
(43,853)



At 31 March 2024
50,726
232
50,958



Net book value



At 31 March 2024
46,604
2,065
48,669



At 31 March 2023
20,527
-
20,527

Page 7

 
LCP Limited
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
3,623,270


Disposals
(180,000)


Surplus on revaluation
156,730



At 31 March 2024
3,600,000

The 2024 valuations were made by the Directors, on an open market value for existing use basis.




Page 8

 
LCP Limited
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

7.


Debtors

2024
2023
£
£


Other debtors
13,662
7,454

Prepayments and accrued income
39,553
14,992

53,215
22,446



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,153,707
1,916,218

2,153,707
1,916,218



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
4,271

Corporation tax
36,213
18,078

Other taxation and social security
-
11,139

Other creditors
1,774
2,568

Accruals and deferred income
21,923
24,627

59,910
60,683


Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms.
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

Page 9

 
LCP Limited
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
336,264
347,341


Charged to profit or loss
(75,837)
11,077



At end of year
412,101
336,264

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fair value adjustments
386,077
356,549

Fixed asset timing difference
26,024
(20,285)

412,101
336,264


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3 (2023 - 3) Ordinary shares of £1.00 each
3
3



12.


Reserves

Share premium account

This includes all premiums received on issue of share capital. Any transaction costs associated with the issuing shares are deducted from share premium. 

Profit & loss account

This includes all current and prior period retained profits and losses.
Included within the reserve is £1,275,781 of non distributable income in relation to property revaluations less deferred tax.

Page 10

 
LCP Limited
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

13.


Related party transactions

The company had the following related party transactions in the year:
In the year the company paid net funds of £1,716 to its directors. At the balance sheet date the amount owed to the company was £4,670 (2023 - £2,954).  The loan is unsecured, interest free and payable upon demand.


14.


Controlling party

The company is controlled by its directors.


Page 11