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COMPANY REGISTRATION NUMBER: 12223646
LC365 LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 September 2023
LC365 LIMITED
STATEMENT OF FINANCIAL POSITION
29 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,170
905
Investments
6
1,557,736
1,557,736
-------------
-------------
1,558,906
1,558,641
Current assets
Debtors
7
3,786,061
2,985,331
Cash at bank and in hand
155,931
613,872
-------------
-------------
3,941,992
3,599,203
Creditors: amounts falling due within one year
8
1,952,118
3,472,167
-------------
-------------
Net current assets
1,989,874
127,036
-------------
-------------
Total assets less current liabilities
3,548,780
1,685,677
-------------
-------------
Net assets
3,548,780
1,685,677
-------------
-------------
Capital and reserves
Called up share capital
9
5,102
5,102
Profit and loss account
3,543,678
1,680,575
-------------
-------------
Shareholders funds
3,548,780
1,685,677
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LC365 LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 September 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr L J Cottingham
Director
Company registration number: 12223646
LC365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 SEPTEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has confirmed that, in his opinion, there are no known matters that will affect the company's ability to continue in business as a going concern for the foreseeable future.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Equipment
£
Cost
At 30 September 2022
1,206
Additions
655
-------
At 29 September 2023
1,861
-------
Depreciation
At 30 September 2022
301
Charge for the year
390
-------
At 29 September 2023
691
-------
Carrying amount
At 29 September 2023
1,170
-------
At 29 September 2022
905
-------
6. Investments
Shares in group undertakings
Shares in participating interests
Total
£
£
£
Cost
At 30 September 2022 and 29 September 2023
787,623
770,113
1,557,736
----------
----------
-------------
Impairment
At 30 September 2022 and 29 September 2023
----------
----------
-------------
Carrying amount
At 29 September 2023
787,623
770,113
1,557,736
----------
----------
-------------
At 29 September 2022
787,623
770,113
1,557,736
----------
----------
-------------
7. Debtors
2023
2022
£
£
Trade debtors
13,212
Director's loan account
1,055,667
415,484
Other debtors
2,717,182
2,569,847
-------------
-------------
3,786,061
2,985,331
-------------
-------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,699
10,760
Amounts owed to group undertakings
28,525
1,557,783
Accruals and deferred income
7,490
9,265
Corporation tax
76,822
62,961
Social security and other taxes
21,702
11,486
Other creditors
1,809,880
1,819,912
-------------
-------------
1,952,118
3,472,167
-------------
-------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
5,102
5,102
5,102
5,102
-------
-------
-------
-------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr L J Cottingham
415,484
650,292
( 10,109)
1,055,667
----------
----------
---------
-------------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr L J Cottingham
( 841,754)
1,265,238
( 8,000)
415,484
----------
-------------
-------
----------
11. Related party transactions
During the period, LC365 Ltd received management fees totalling £163,030 from Alta Capital Ltd, an associated company by virtue of LC365 Ltd's shareholding (2022: £120,000). LC365 Ltd also received interest totalling £80,413 during the year on it's loan to Alta Capital Ltd (2022: £121,142). At the year end, LC365 Ltd were owed £1,200,500 by Alta Capital Ltd (2022: £2,039,436). During the year, LC365 Ltd received dividends totalling £200,000 from Effective Energy Group Ltd, a company in which LC365 Ltd has a 50% shareholding (2022: £400,000). During the year, LC365 Ltd received a dividend totalling £1,529,939 from JBC Property Investments Ltd, it's wholly owned subsidiary (2022: £Nil). At the year end, LC365 Ltd owed £28,525 to JBC Property Investments Ltd (2022: £1,557,783). During the year, LC365 Ltd made payments on behalf of Roselicot SARL, a French company owned by the company's director. At the year end, LC365 Ltd were owed £1,365,541 by Roselicot SARL (2022: £430,411).