Company registration number 10233992 (England and Wales)
LCH HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LCH HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J M Pirrie
J S Pirrie
I A Buchan
Company number
10233992
Registered office
Level 4
Dashwood House
Old Broad Street
London
United Kingdom
EC2M 1QS
Accountants
Azets
Titanium 1
King's Inch Place
Renfrew
United Kingdom
PA4 8WF
LCH HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LCH HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,556
-
0
Investment property
4
2,604,907
2,258,611
2,630,463
2,258,611
Current assets
Debtors
5
166,808
17,936
Cash at bank and in hand
83,349
102,537
250,157
120,473
Creditors: amounts falling due within one year
6
(780,678)
(807,082)
Net current liabilities
(530,521)
(686,609)
Total assets less current liabilities
2,099,942
1,572,002
Provisions for liabilities
(360,535)
(267,257)
Net assets
1,739,407
1,304,745
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
7
1,066,740
807,018
Distributable profit and loss reserves
672,567
497,627
Total equity
1,739,407
1,304,745

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 31 December 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.

LCH HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
J M Pirrie
Director
Company Registration No. 10233992
LCH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

LCH Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Level 4, Dashwood House, Old Broad Street, London, United Kingdom, EC2M 1QS.

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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At 31 December 2023 the company had net current liabilities of £530,521 (2022 - £686,609). The directors are confident that, with the continued support of the shareholders and directors, future sources of funding will be more than adequate for the company's needs. The directors will not withdraw any loan repayment in excess of the annual cashflow. As such, the financial statements have been prepared on the going concern basis.true

1.3
Turnover

Turnover represents gross rents received and receivable and fees received during the period.

 

Gross rents received and receivable from properties are included in the Profit and Loss Account on the basis that credit is taken when these rents fall due for payment. Provision is made against any rents due but not considered to be recoverable.

1.4
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
No depreciation

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

LCH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment property

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

LCH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Property improvements
£
Cost
At 1 January 2023
-
0
Additions
25,556
At 31 December 2023
25,556
Depreciation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
25,556
At 31 December 2022
-
0
4
Investment property
2023
£
Fair value
At 1 January 2023
2,258,611
Additions
346,296
At 31 December 2023
2,604,907

The directors have considered the values included above and believe that these are a true reflection of current fair values.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
158,160
6,301
Other debtors
8,648
11,635
166,808
17,936
LCH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,610
240
Amounts owed to group undertakings
200,000
250,000
Taxation and social security
57,164
35,163
Other creditors
511,904
521,679
780,678
807,082
7
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
807,018
807,018
Non distributable profits in the year
259,722
-
At the end of the year
1,066,740
807,018

 

8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Included within other payables is an amount of £233,566 (2022 - £233,566 ) due to the director J S Pirrie and an amount of £233,566 (2022 - £233,566 ) due to the director J M Pirrie. The loans are interest free and have no fixed repayment terms.

Included in other creditors is a loan of £200,000 (2022 - £250,000) from Cadder Holdings Ltd, a fellow subsidiary of ROCC Holdings Ltd and John S Pirrie Family Holdings Ltd. This loan is interest free and repayable on demand.

9
Parent company

The company is jointly controlled by John S. Pirrie & Family Holdings Limited and ROCC Holdings Limited and the registered office of both companies is 221 West George Street, Glasgow, Scotland, G2 2ND.

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