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REGISTERED NUMBER: 10009121 (England and Wales)















Financial Statements

for the Year Ended 31 March 2024

for

LAC Property Limited

LAC Property Limited (Registered number: 10009121)






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 Property Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R D Kinnersley
J Wright Snr
J Wright Jnr





REGISTERED OFFICE: 190 Hornsey Road
London
N7 7LN





REGISTERED NUMBER: 10009121 (England and Wales)





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

LAC Property Limited (Registered number: 10009121)

Statement of Financial Position
31 March 2024

31/3/24 31/3/23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 31,823 31,496
Investment property 6 39,385,000 38,009,418
39,416,823 38,040,914

CURRENT ASSETS
Debtors 7 3,227,652 3,128,437
Cash at bank and in hand 626,158 540,389
3,853,810 3,668,826
CREDITORS
Amounts falling due within one year 8 (4,997,296 ) (4,849,356 )
NET CURRENT LIABILITIES (1,143,486 ) (1,180,530 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,273,337

36,860,384

CREDITORS
Amounts falling due after more than one
year

9

(33,750,000

)

(33,750,000

)

PROVISIONS FOR LIABILITIES (455,834 ) (132,424 )
NET ASSETS 4,067,503 2,977,960

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 3,779,058 2,807,372
Retained earnings 288,444 170,587
SHAREHOLDERS' FUNDS 4,067,503 2,977,960

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 Property Limited (Registered number: 10009121)

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 Property Limited (Registered number: 10009121)

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

1. STATUTORY INFORMATION

LAC Property 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 £4,331,571 (2023 - £4,024,568) owed to a related party, LiveIn Quarters Limited. Although due on demand, the directors are of the view that demand for repayment for 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 - 25% on cost
Computer equipment - 33% on reducing balance

Investment property
Investment properties are valued 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 Property Limited (Registered number: 10009121)

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost
At 1 April 2023 266,097 4,973 271,070
Additions 19,400 84 19,484
At 31 March 2024 285,497 5,057 290,554
Depreciation
At 1 April 2023 236,971 2,603 239,574
Charge for year 18,349 808 19,157
At 31 March 2024 255,320 3,411 258,731
Net book value
At 31 March 2024 30,177 1,646 31,823
At 31 March 2023 29,126 2,370 31,496

LAC Property Limited (Registered number: 10009121)

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

6. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 April 2023 38,009,418
Additions 80,000
Revaluations 1,295,582
At 31 March 2024 39,385,000
Net book value
At 31 March 2024 39,385,000
At 31 March 2023 38,009,418

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 3,697,857
Valuation in 2019 (2,323,585 )
Valuation in 2021 1,557,082
Valuation in 2024 1,295,582
Cost 35,158,064
39,385,000

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

31/3/24 31/3/23
£    £   
Cost 35,158,064 35,078,064

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 - 2,892
Amounts owed by group undertakings 2,851,669 2,849,869
Amounts owed by associates 210,402 61,170
Other debtors 165,581 214,506
3,227,652 3,128,437

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade creditors 58,306 66,314
Amounts owed to associates 4,360,203 4,325,879
Taxation and social security 67,061 38,093
Other creditors 511,726 419,070
4,997,296 4,849,356

LAC Property Limited (Registered number: 10009121)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£    £   
Bank loans 33,750,000 33,750,000

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/3/24 31/3/23
£    £   
Within one year 8,331 18,488
Between one and five years 13,334 4,610
21,665 23,098

11. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£    £   
Loan facility 33,750,000 33,750,000

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