Company registration number 06993145 (England and Wales)
LV ENGINEERING LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LV ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LV ENGINEERING LIMITED
BALANCE SHEET
AS AT 30 MARCH 2024
30 March 2024
- 1 -
30 March 2024
1 April 2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
4
677
677
Current assets
-
-
Creditors: amounts falling due within one year
5
(178)
(178)
Net current liabilities
(178)
(178)
Net assets
499
499
Capital and reserves
Called up share capital
-
0
-
0
Share premium account
498
498
Profit and loss reserves
1
1
Total equity
499
499

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
M Ventre
Director
Company registration number 06993145 (England and Wales)
LV ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2024
- 2 -
1
Accounting policies
Company information

LV Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Laker House, North Road, Ellesmere Port, CH65 1BA.

1.1
Reporting period

The annual financial statements are compiled for the period to 30 March 2024 being the closest Saturday to the 31 March 2024 accounting reference date.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of LV Parent Company Limited. These consolidated financial statements are available from its registered office, Lakers House, North Road, Ellesmere Port, South Wirral, CH65 1BA.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LV ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LV ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Land and buildings
£'000
Cost
At 2 April 2023
-
0
Transfers
1,200
Disposals
(1,200)
At 30 March 2024
-
0
Depreciation and impairment
At 2 April 2023 and 30 March 2024
-
0
Carrying amount
At 30 March 2024
-
0
At 1 April 2023
-
0

On 20 April 2023, the company received a distribution in specie comprising of freehold land and property with a value of £1,200,000.

 

On 20 April 2023 by way of ordinary resolution, a distribution in specie was made to the company's newly established parent undertaking, Next Property Holding Company Limited, which comprised the same freehold property at the same value.

 

4
Fixed asset investments
2024
2023
£'000
£'000
Shares in group undertakings and participating interests
677
677
5
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Amounts owed to group undertakings
178
178
LV ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 5 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Andrew Moss BA FCA
Statutory Auditor:
DSG Audit
Date of audit report:
15 November 2024
7
Events after the reporting date

Equity dividends of £71,135 and £63,623 were paid by the company on 1 April 2024 and 24 October 2024 respectively.

8
Related party transactions

There were no transactions during the period with related parties other than with group companies. The company is exempt from disclosing transactions with group companies that are wholly owned within the same group.

9
Ultimate controlling party

On 20 April 2023, the company became wholly owned by Next Property Holding Company Limited.

 

On 21 April 2023, following a demerger agreement between Next Property Holding Company Limited and LV Parent Company Limited, the company became wholly owned by LV Parent Company Limited.

 

At 30 March 2024, the company is a wholly owned subsidiary of LV Parent Company Limited. The ultimate parent company is LV Parent Company Limited, which prepares consolidated financial statements and is registered in the United Kingdom, company number 14700083.

 

The smallest and largest group into which the results of this entity are consolidated is LV Parent Company Limited. The consolidated financial statements of this group are available to the public and may be obtained from the Registrar of Companies, Crown Way, Cardiff, CF14 3UZ.

 

There is no one controlling party of this company.

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