Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-302022-10-01falseNo description of principal activity11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11439022 2022-10-01 2023-09-30 11439022 2021-10-01 2022-09-30 11439022 2023-09-30 11439022 2022-09-30 11439022 c:Director1 2022-10-01 2023-09-30 11439022 d:PlantMachinery 2022-10-01 2023-09-30 11439022 d:PlantMachinery 2023-09-30 11439022 d:PlantMachinery 2022-09-30 11439022 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 11439022 d:FurnitureFittings 2022-10-01 2023-09-30 11439022 d:FurnitureFittings 2023-09-30 11439022 d:FurnitureFittings 2022-09-30 11439022 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 11439022 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 11439022 d:FreeholdInvestmentProperty 2023-09-30 11439022 d:FreeholdInvestmentProperty 2022-09-30 11439022 d:FreeholdInvestmentProperty 2 2022-10-01 2023-09-30 11439022 d:CurrentFinancialInstruments 2023-09-30 11439022 d:CurrentFinancialInstruments 2022-09-30 11439022 d:Non-currentFinancialInstruments 2023-09-30 11439022 d:Non-currentFinancialInstruments 2022-09-30 11439022 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 11439022 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 11439022 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 11439022 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 11439022 d:ShareCapital 2023-09-30 11439022 d:ShareCapital 2022-09-30 11439022 d:SharePremium 2022-10-01 2023-09-30 11439022 d:SharePremium 2023-09-30 11439022 d:SharePremium 2022-09-30 11439022 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 11439022 d:RetainedEarningsAccumulatedLosses 2023-09-30 11439022 d:RetainedEarningsAccumulatedLosses 2022-09-30 11439022 c:OrdinaryShareClass1 2022-10-01 2023-09-30 11439022 c:OrdinaryShareClass1 2023-09-30 11439022 c:OrdinaryShareClass1 2022-09-30 11439022 c:FRS102 2022-10-01 2023-09-30 11439022 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 11439022 c:FullAccounts 2022-10-01 2023-09-30 11439022 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 11439022 2 2022-10-01 2023-09-30 11439022 f:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11439022









LBC LEYTON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
LBC LEYTON LIMITED
REGISTERED NUMBER: 11439022

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
2,062
2,750

Investment property
 5 
3,785,000
4,569,671

  
3,787,062
4,572,421

Current assets
  

Debtors: amounts falling due within one year
 6 
605,171
400,761

Cash at bank and in hand
 7 
-
138,543

  
605,171
539,304

Creditors: amounts falling due within one year
 8 
(2,451,020)
(2,406,273)

Net current liabilities
  
 
 
(1,845,849)
 
 
(1,866,969)

Total assets less current liabilities
  
1,941,213
2,705,452

Creditors: amounts falling due after more than one year
 9 
(1,308,395)
(1,308,395)

Net assets
  
632,818
1,397,057


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Share premium account
 11 
1,190,489
1,190,489

Profit and loss account
 11 
(558,671)
205,568

  
632,818
1,397,057


The director considers 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 director acknowledges his 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.

Page 1

 
LBC LEYTON LIMITED
REGISTERED NUMBER: 11439022
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2024.




M Polledri
Director

Page 2

 
LBC LEYTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

LBC Leyton Limited is a private company, limited by shares, incorporated in England and Wales, registration number 11439206. The registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.
The principal activity of the company during the period was that of property investment.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

The Company's only source of revenue is rental income from investment properties let to third parties. Revenue is recognised in the accounting period in which the services are rendered.
Revenue represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Company.

 
2.3

Interest income

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

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

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.
Page 3

 
LBC LEYTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

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.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors or external valuers 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 the Statement of comprehensive income, with unrealised gains over original cost being transferred to a separate revaluation reserve.

 
2.9

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.

 
2.10

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.

 
2.11

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.
Page 4

 
LBC LEYTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and invesments in ordinary shares.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 October 2022
6,193
316
6,509



At 30 September 2023

6,193
316
6,509



Depreciation


At 1 October 2022
3,580
179
3,759


Charge for the year on owned assets
653
35
688



At 30 September 2023

4,233
214
4,447



Net book value



At 30 September 2023
1,960
102
2,062



At 30 September 2022
2,613
137
2,750

Page 5

 
LBC LEYTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Investment property


Investment property

£



Valuation


At 1 October 2022
4,569,671


Surplus on revaluation
(784,671)



At 30 September 2023
3,785,000

A formal valuation was undertaken by Jones Lang LaSalle Limited on 02 February 2023, on an open market value for existing use basis. The director considers the valuation to be appropriate at 30 September 2023. The historic cost of the investment property is £3,215,989 (2022 - £3,215,989).







6.


Debtors

2023
2022
£
£


Trade debtors
78,057
52,899

Other debtors
513,083
336,684

Prepayments and accrued income
14,031
11,178

605,171
400,761



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
-
138,543

Less: bank overdrafts
(9,033)
-

(9,033)
138,543


Page 6

 
LBC LEYTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
9,033
-

Trade creditors
71,648
24,336

Corporation tax
44,048
45,711

Other taxation and social security
-
15,282

Other creditors
2,318,648
2,311,679

Accruals and deferred income
7,643
9,265

2,451,020
2,406,273



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
1,308,395
1,308,395


During 2019, the bank loan was repaid in full and a new loan was received by the parent company, Lee Valley Estates Limited, which was subsequently allocated around the Group. The Company is liable to pay interest on it's portion of the loan and this is paid quarterly in line with the loan agreement. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies and by floating charges over all other property, rights and assets both present and future. Please see note 12 for further information.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000

During 2019, 1 Ordinary £1 share was issued at par and 999 Ordinary £1 shares were isued at a premium of £1,191.68 per share. 


Page 7

 
LBC LEYTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Reserves

Share premium account

The share premium account represents the consideration of shares issued above par value.

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and
other adjustments.


12.


Contingent liabilities

During the prior year the parent company, Lee Valley Estates Limited, received a bank loan for £22,000,000. These funds were subsequently distributed between the subsidiaries within the Group. The Company received £1,308,395 (2022 - £1,308,395) of this loan. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies. 


13.


Directors' benefits: advances, credits and guarantees

2023
2022
£
£
Balance brought forward

-

-

Advances

21,000

145,024

Repayments

-

(145,024)

Interest charged

251

-


21,251

-



14.


Related party transactions

Included within other debtors are amounts of £489,736 (2022 - £336,684) due from companies under common control.
Included within other creditors are amounts of £2,252,542 (
2022 - £2,245,665) due to companies under common control.


15.


Controlling party

The immediate parent company is Lee Valley Estates Limited. The ultimate controlling party is considered to be M Polledri.
 
Page 8