Company registration number 06728449 (England and Wales)
LPC 1 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
LPC 1 LIMITED
COMPANY INFORMATION
Director
Mr S R Ashdown
Secretary
LPC Secretaries Limited
Company number
06728449
Registered office
Mentor House
and business address
Ainsworth Street
Lancashire
BB1 6AY
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
LPC 1 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LPC 1 LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,781
10,616
Current assets
Debtors
5
4,047,359
3,864,464
Cash at bank and in hand
60,850
40,346
4,108,209
3,904,810
Creditors: amounts falling due within one year
6
(3,943,633)
(3,920,070)
Net current assets/(liabilities)
164,576
(15,260)
Total assets less current liabilities
190,357
(4,644)
Provisions for liabilities
-
0
-
0
Net assets/(liabilities)
190,357
(4,644)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
190,356
(4,645)
Total equity
190,357
(4,644)

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

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 8 January 2025
Mr S R Ashdown
Director
Company Registration No. 06728449
LPC 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

LPC 1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire BB1 6AY.

1.1
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 £.

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

1.2
Going concern

The company continues on a going concern basis due to the financial support provided by connected companies and entities.true

 

The director is not aware of any reasons as to why this financial support would be withdrawn and the company is expected to continue to operate in its present manner.

 

The director therefore considers that in preparing the financial statements he has taken into account all the information that could reasonably be expected to be available.

 

On this basis he considers it appropriate to prepare the financial statements on the going concern basis.

 

1.3
Turnover
Turnover represents management fees receivable net of VAT.
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
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.

LPC 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.

1.7
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.

LPC 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
5
5
LPC 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
36,175
Additions
27,500
Disposals
(36,175)
At 30 April 2024
27,500
Depreciation and impairment
At 1 May 2023
25,559
Depreciation charged in the year
1,719
Eliminated in respect of disposals
(25,559)
At 30 April 2024
1,719
Carrying amount
At 30 April 2024
25,781
At 30 April 2023
10,616
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,473,477
2,517,770
Other debtors
1,573,882
1,346,694
4,047,359
3,864,464
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,315
17,374
Corporation tax
16,732
16,732
Other taxation and social security
7,056
7,933
Other creditors
3,894,530
3,878,031
3,943,633
3,920,070
LPC 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
7
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts owed to related parties
£
£
Companies under the control of trusts for which P Naviede is either the settlor and discretionary beneficiary or the settlor
2,515,651
2,383,651

The following amounts were outstanding at the reporting end date:

2024
Balance
Amounts owed by related parties
£
Companies under the control of trusts for which P Naviede is either the settlor and discretionary beneficiary or the settlor
714,876
2023
Balance
Amounts owed in previous period
£
Companies under the control of trusts for which P Naviede is either the settlor and discretionary beneficiary or the settlor
357,630
8
Directors' transactions

Included in Other debtors is a loan made by the company to its director. An amount of £5,000 was advanced during a previous year and remained outstanding at the balance sheet date. No interest has been charged in respect of this loan.

9
Parent company

The company is a wholly-owned subsidiary of FIC Group Limited, a Guernsey registered company.

 

 

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