Lion Plaza Propco Limited 14897777 false 2023-05-26 2023-12-31 2023-12-31 The principal activity of the company is 68100 - Buying and selling of own real estate Digita Accounts Production Advanced 6.30.9574.0 true false 14897777 2023-05-26 2023-12-31 14897777 2023-12-31 14897777 core:CurrentFinancialInstruments 2023-12-31 14897777 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14897777 bus:SmallEntities 2023-05-26 2023-12-31 14897777 bus:Audited 2023-05-26 2023-12-31 14897777 bus:FullAccounts 2023-05-26 2023-12-31 14897777 bus:SmallCompaniesRegimeForAccounts 2023-05-26 2023-12-31 14897777 bus:RegisteredOffice 2023-05-26 2023-12-31 14897777 bus:Director1 2023-05-26 2023-12-31 14897777 bus:PrivateLimitedCompanyLtd 2023-05-26 2023-12-31 14897777 1 2023-05-26 2023-12-31 14897777 countries:EnglandWales 2023-05-26 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 14897777

Lion Plaza Propco Limited

Annual Report and Financial Statements- Companies house filing

for the Period from 26 May 2023 to 31 December 2023

 

Lion Plaza Propco Limited

(Registration number: 14897777)
Statement of Financial Position as at 31 December 2023

Note

2023
£

Fixed assets

 

Investment property

4

212,007,852

Current assets

 

Debtors

5

4,994,725

Cash at bank and in hand

 

7,260,396

 

12,255,121

Creditors: Amounts falling due within one year

6

(133,254,303)

Net current liabilities

 

(120,999,182)

Total assets less current liabilities

 

91,008,670

Provisions for liabilities

(4,283,404)

Net assets

 

86,725,266

Capital and reserves

 

Called up share capital

100

Other reserves

88,257,936

Profit and loss account

(1,532,770)

Shareholders' funds

 

86,725,266

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
M D H Nguyen
Director

 

Lion Plaza Propco Limited

Notes to the Financial Statements for the Period from 26 May 2023 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 29 July 2024 was Charlotte Ryan, who signed for and on behalf of Stewart & Co Accountants LLP.

.........................................

Key sources of estimation uncertainty

Revaluation of investment properties: The company caries its investment properties at fair value, with changes in fair value being recognised in the income statement. The carrying value and key assumptions used to determine the fair value of investment property are further explained in Note 4..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

 

Lion Plaza Propco Limited

Notes to the Financial Statements for the Period from 26 May 2023 to 31 December 2023

Tax

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

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 debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0.

 

Lion Plaza Propco Limited

Notes to the Financial Statements for the Period from 26 May 2023 to 31 December 2023

4

Investment properties

2023
£

Additions

212,007,852

At 31 December 2023

212,007,852


There has been no valuation of investment property by an independent valuer, as the investment property was purchased in the year.

The investment property is financed by a third party mortgage provider, who has fixed and floating charges over the company's assets, including the investment property

5

Debtors

2023
£

Trade debtors

699,495

Other debtors

4,129,562

Prepayments

165,668

4,994,725

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Bank loans and overdrafts

7

122,818,803

Trade creditors

 

2,348,453

Taxation and social security

 

268,135

Accruals and deferred income

 

7,375,755

Other creditors

 

443,157

 

133,254,303

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £122,818,803.

 

Lion Plaza Propco Limited

Notes to the Financial Statements for the Period from 26 May 2023 to 31 December 2023

7

Loans and borrowings

2023
£

Current loans and borrowings

Bank borrowings

122,818,803

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £2,769,148.

9

Parent and ultimate parent undertaking

The company's immediate parent is Halley Six Limited, incorporated in British Virgin Islands.

 The ultimate parent is Stellar View Limited, incorporated in British Virgin Islands.

  These financial statements are available upon request from Commerce Chambers, Road Town, Tortola, British Virgin Islands

 

10

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the immediate parent company, Halley Six Limited, a company registered in the British Virgin Islands.