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REGISTERED NUMBER: 10782211 (England and Wales)















LCL HOMES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






LCL HOMES LTD (REGISTERED NUMBER: 10782211)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


LCL HOMES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: G R Campbell





SECRETARY: G R Campbell





REGISTERED OFFICE: 122 Roman Wharf
Lincoln
Lincolnshire
LN1 1SR





REGISTERED NUMBER: 10782211 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

LCL HOMES LTD (REGISTERED NUMBER: 10782211)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,570,861 1,278,744

CURRENT ASSETS
Debtors 5 2,668 -
Cash at bank 4,566 4,506
7,234 4,506
CREDITORS
Amounts falling due within one year 6 369,517 437,272
NET CURRENT LIABILITIES (362,283 ) (432,766 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,208,578 845,978

CREDITORS
Amounts falling due after more than one year 7 (714,798 ) (433,443 )

PROVISIONS FOR LIABILITIES (115,417 ) (86,509 )
NET ASSETS 378,363 326,026

CAPITAL AND RESERVES
Called up share capital 9 1 1
Revaluation reserve 10 502,060 405,728
Retained earnings (123,698 ) (79,703 )
SHAREHOLDERS' FUNDS 378,363 326,026

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 10 January 2025 and were signed by:





G R Campbell - Director


LCL HOMES LTD (REGISTERED NUMBER: 10782211)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

LCL Homes Ltd 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. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of consideration received or receivable.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably. This is usually on handover of the goods.

Rents received are recognised when the rent is due to be received.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

LCL HOMES LTD (REGISTERED NUMBER: 10782211)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 1,278,744
Additions 195,785
Revaluations 96,332
At 31 May 2024 1,570,861
NET BOOK VALUE
At 31 May 2024 1,570,861
At 31 May 2023 1,278,744

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2021 14,227
Valuation in 2022 20,000
Valuation in 2023 371,500
Valuation in 2024 96,332
Cost 1,068,802
1,570,861

The investment properties have been included at fair value which has been reliably measured by LCL Homes Ltd. No professional valuation has been obtained.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,668 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 151,783 188,562
Trade creditors 5,020 62,250
Amounts owed to group undertakings 88,139 76,533
Taxation and social security 2,205 2,042
Other creditors 122,370 107,885
369,517 437,272

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 714,798 433,443

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 5 years 714,798 433,443

LCL HOMES LTD (REGISTERED NUMBER: 10782211)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 21,670 8,778
Bank loans 844,911 613,227
866,581 622,005

Bank borrowings are secured by a fixed and floating charge over all investment properties.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 0.01 1 1

10. RESERVES
Revaluation
reserve
£   
At 1 June 2023 405,728
Investment property fair value
adjustment 96,332

At 31 May 2024 502,060