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REGISTERED NUMBER: 02703785 (England and Wales)















Financial Statements

for the Year Ended 31 March 2024

for

LAC Hornsey Limited

LAC Hornsey Limited (Registered number: 02703785)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LAC Hornsey Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J Wright Snr
J Wright Jnr





REGISTERED OFFICE: 190 Hornsey Road
London
N7 7LN





REGISTERED NUMBER: 02703785 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

LAC Hornsey Limited (Registered number: 02703785)

Statement of Financial Position
31 March 2024

31/3/24 31/3/23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 4,346 5,113
Investment property 6 2,530,000 2,550,000
2,534,346 2,555,113

CURRENT ASSETS
Debtors 7 1,358,274 1,310,994
Cash in hand 200 200
1,358,474 1,311,194
CREDITORS
Amounts falling due within one year 8 (2,018,298 ) (2,022,524 )
NET CURRENT LIABILITIES (659,824 ) (711,330 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,874,522

1,843,783

PROVISIONS FOR LIABILITIES (286,029 ) (291,029 )
NET ASSETS 1,588,493 1,552,754

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 1,384,445 1,399,445
Retained earnings 203,948 153,209
1,588,493 1,552,754

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

LAC Hornsey Limited (Registered number: 02703785)

Statement of Financial Position - continued
31 March 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 9 October 2024 and were signed on its behalf by:





J Wright Snr - Director


LAC Hornsey Limited (Registered number: 02703785)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

LAC Hornsey Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In assessing the ability of the Company to continue to trade as a going concern, the directors have considered the Company's deficiency of net current assets. Included within current liabilities is a loan of £1,975,629 (2023 - £1,975,629) owed to a related party, LAC Holdings Limited. Although due on demand, the directors are of the view that demand for repayment of this amount will not be made whilst the Company is in need of the funds to meet its obligations as they fall due. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover represents rent received from investment properties, excluding value added tax. Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment properties are measured at fair value at each reporting date, with gains or losses recognised in the profit and loss account. Properties are revalued annually using an open market valuation basis. Material deferred tax is provided on these gains at the rate expected to apply when the property is sold.

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.


LAC Hornsey Limited (Registered number: 02703785)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
Cost
At 1 April 2023
and 31 March 2024 9,344
Depreciation
At 1 April 2023 4,231
Charge for year 767
At 31 March 2024 4,998
Net book value
At 31 March 2024 4,346
At 31 March 2023 5,113

6. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 April 2023 2,550,000
Revaluations (20,000 )
At 31 March 2024 2,530,000
Net book value
At 31 March 2024 2,530,000
At 31 March 2023 2,550,000

LAC Hornsey Limited (Registered number: 02703785)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2013 1,590,474
Valuation in 2014 (125,000 )
Valuation in 2015 200,000
Valuation in 2016 75,000
Valuation in 2017 (45,000 )
Valuation in 2019 (230,000 )
Valuation in 2021 225,000
Valuation in 2024 (20,000 )
Cost 859,526
2,530,000

If investment property had not been revalued it would have been included at the following historical cost:

31/3/24 31/3/23
£    £   
Cost 859,526 859,526

Investment property was valued on an open market basis on 27 October 2023 by Colliers .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 344 8,435
Amounts owed by group undertakings 1,001,248 1,001,248
Amounts owed by associates 356,682 301,311
1,358,274 1,310,994

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Amounts owed to associates 1,975,629 1,975,629
Taxation and social security 17,169 10,209
Other creditors 25,500 36,686
2,018,298 2,022,524

9. SECURED DEBTS

Arbuthnot Latham & Co. Limited holds fixed charges over all of the company's investment properties in respect of a facility agreement provided to LAC Property Limited.