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Registration number: 07075454

Lothbury Group Financial Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Lothbury Group Financial Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Lothbury Group Financial Holdings Limited

Company Information

Director

A R Clements

Registered office

65 London Wall
London
EC2M 5TU

Accountants

Bourner Bullock
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Lothbury Group Financial Holdings Limited

(Registration number: 07075454)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

5

13

13

Current assets

 

Debtors

6

162,292

136,139

Cash at bank and in hand

 

2,941

10,506

 

165,233

146,645

Creditors: Amounts falling due within one year

7

(255,709)

(226,009)

Net current liabilities

 

(90,476)

(79,364)

Net liabilities

 

(90,463)

(79,351)

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

(90,473)

(79,361)

Shareholders' deficit

 

(90,463)

(79,351)

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 26 November 2024
 

.........................................
A R Clements
Director

 

Lothbury Group Financial Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

Principal activity

The principal activity of the Company is that of a holding company for companies which provide financial services.

The address of its registered office is:
65 London Wall
London
EC2M 5TU
England

These financial statements were authorised for issue by the director on 26 November 2024.

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.

Going concern

The company made a loss in the period and has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern.

The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Lothbury Group Financial Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Asset class

Depreciation method and rate

Plant and machinery

50% straight line

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from third parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment,

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Lothbury Group Financial Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 0 (2023 - 0).

 

Lothbury Group Financial Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

13

13

Subsidiaries

£

Cost or valuation

At 1 March 2023

13

Provision

Carrying amount

At 29 February 2024

13

At 28 February 2023

13

6

Debtors

Note

2024
£

2023
£

Amounts owed by Group undertakings and undertakings in which the Company has a participating interest

10

156,461

130,308

Other debtors

 

5,831

5,831

 

162,292

136,139

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

253

253

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

10

253,238

223,338

Accruals and deferred income

 

2,205

2,310

Other creditors

 

13

108

 

255,709

226,009

 

Lothbury Group Financial Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

       

9

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £Nil per each Ordinary Shares

-

-

 

 

10

Related party transactions

The company has taken advantage of the exemption under Section 33.1A of FRS 102 not to disclose transactions between the company and its wholly owned subsidiaries.

Summary of transactions with subsidiaries

Lothbury Paraplanning Services Limited ( a non wholly owned subsidiary)

During the year, the company provided further loan funding of £25,689 and paid for expenses of £464 on behalf of Lothbury Paraplanning Services. At year end the amount owed from Lothbury Paraplanning Services Limited was £156,461 (2023:£130,308).