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REGISTERED NUMBER: 12932958 (England and Wales)















LSC PROPERTY HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024






LSC PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12932958)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










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 29 FEBRUARY 2024







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
The Exchange
5 Bank Street
Bury
BL9 0DN

LSC PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12932958)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 100,377 133,836
Investments 5 508,408 496,250
Investment property 6 18,767,790 18,766,290
19,376,575 19,396,376

CURRENT ASSETS
Debtors 7 1,723,737 464,347
Cash at bank and in hand 93,892 6,729
1,817,629 471,076
CREDITORS
Amounts falling due within one year 8 (18,626,089 ) (18,424,213 )
NET CURRENT LIABILITIES (16,808,460 ) (17,953,137 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,568,115

1,443,239

PROVISIONS FOR LIABILITIES (32,590 ) (32,590 )
NET ASSETS 2,535,525 1,410,649

CAPITAL AND RESERVES
Called up share capital 95 95
Capital redemption reserve 5 5
Retained earnings 2,535,425 1,410,549
2,535,525 1,410,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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
29 FEBRUARY 2024


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 20 September 2024 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 29 FEBRUARY 2024


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 as modified by the revaluation of certain assets.

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 29 FEBRUARY 2024


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, being the transaction price less any amounts settled.

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 3 (2023 - 2 ) .

LSC PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12932958)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 212,266
DEPRECIATION
At 1 March 2023 78,430
Charge for year 33,459
At 29 February 2024 111,889
NET BOOK VALUE
At 29 February 2024 100,377
At 28 February 2023 133,836

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 March 2023 496,250
Revaluations 12,158
At 29 February 2024 508,408
NET BOOK VALUE
At 29 February 2024 508,408
At 28 February 2023 496,250

Cost or valuation at 29 February 2024 is represented by:

Other
investments
£   
Valuation in 2024 12,158
Cost 496,250
508,408

LSC PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12932958)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 18,766,290
Additions 1,500
At 29 February 2024 18,767,790
NET BOOK VALUE
At 29 February 2024 18,767,790
At 28 February 2023 18,766,290

Investment properties historical cost is £18,767,790 (2023: £18,766,290). The directors are of the opinion that this represents the fair value at the statement of financial position date, based on observable market data.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 57,077 49,430
Amounts owed by related parties 1,641,270 400,000
Other debtors 25,390 14,917
1,723,737 464,347

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,030 5,690
Amounts owed to related parties 18,079,370 18,074,370
Taxation and social security 474,691 280,477
Other creditors 69,998 63,676
18,626,089 18,424,213