IRIS Accounts Production v24.3.2.46 09209265 Board of Directors 1.5.23 30.4.24 30.4.24 Medium entities an intermediate holding company of a trading group. true true false true true false false true true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh092092652023-04-30092092652024-04-30092092652023-05-012024-04-30092092652022-04-30092092652022-05-012023-04-30092092652023-04-3009209265ns15:EnglandWales2023-05-012024-04-3009209265ns14:PoundSterling2023-05-012024-04-3009209265ns10:Director12023-05-012024-04-3009209265ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3009209265ns10:MediumEntities2023-05-012024-04-3009209265ns10:Audited2023-05-012024-04-3009209265ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-05-012024-04-3009209265ns10:Medium-sizedCompaniesRegimeForAccounts2023-05-012024-04-3009209265ns10:FullAccounts2023-05-012024-04-3009209265ns10:OrdinaryShareClass12023-05-012024-04-3009209265ns10:Director22023-05-012024-04-3009209265ns10:Director52023-05-012024-04-3009209265ns10:Director62023-05-012024-04-3009209265ns10:Director72023-05-012024-04-3009209265ns10:RegisteredOffice2023-05-012024-04-3009209265ns10:Director32023-05-012024-04-3009209265ns10:Director42023-05-012024-04-3009209265ns5:ShareCapital2024-04-3009209265ns5:ShareCapital2023-04-3009209265ns5:SharePremium2024-04-3009209265ns5:SharePremium2023-04-3009209265ns5:CapitalRedemptionReserve2024-04-3009209265ns5:CapitalRedemptionReserve2023-04-3009209265ns5:FurtherSpecificReserve1ComponentTotalEquity2024-04-3009209265ns5:FurtherSpecificReserve1ComponentTotalEquity2023-04-3009209265ns5:RetainedEarningsAccumulatedLosses2024-04-3009209265ns5:RetainedEarningsAccumulatedLosses2023-04-3009209265ns5:ShareCapital2022-04-3009209265ns5:RetainedEarningsAccumulatedLosses2022-04-3009209265ns5:SharePremium2022-04-3009209265ns5:RetainedEarningsAccumulatedLosses2022-05-012023-04-3009209265ns5:RetainedEarningsAccumulatedLosses2023-05-012024-04-3009209265ns5:CapitalRedemptionReserve2022-04-3009209265ns5:FurtherSpecificReserve1ComponentTotalEquity2022-04-3009209265ns5:CapitalRedemptionReserve2022-05-012023-04-3009209265ns5:FurtherSpecificReserve1ComponentTotalEquity2022-05-012023-04-3009209265ns5:CapitalRedemptionReserve2023-05-012024-04-3009209265ns5:FurtherSpecificReserve1ComponentTotalEquity2023-05-012024-04-300920926512023-05-012024-04-3009209265ns5:CostValuation2023-04-3009209265ns5:Subsidiary12023-05-012024-04-30092092651ns5:Subsidiary12023-05-012024-04-3009209265ns5:Subsidiary22023-05-012024-04-3009209265ns5:Subsidiary232023-05-012024-04-3009209265ns5:Subsidiary32023-05-012024-04-30092092655ns5:Subsidiary32023-05-012024-04-30092092656ns5:Subsidiary32023-05-012024-04-3009209265ns5:Subsidiary52023-05-012024-04-3009209265ns5:Subsidiary592023-05-012024-04-3009209265ns5:Subsidiary72023-05-012024-04-300920926513ns5:Subsidiary72023-05-012024-04-3009209265ns5:Subsidiary82023-05-012024-04-3009209265ns5:Subsidiary8152023-05-012024-04-3009209265ns5:Subsidiary92023-05-012024-04-300920926517ns5:Subsidiary92023-05-012024-04-3009209265ns5:Subsidiary102023-05-012024-04-300920926519ns5:Subsidiary102023-05-012024-04-3009209265ns5:CurrentFinancialInstruments2024-04-3009209265ns5:CurrentFinancialInstruments2023-04-3009209265ns10:OrdinaryShareClass12024-04-3009209265ns5:RetainedEarningsAccumulatedLosses2023-04-3009209265ns5:SharePremium2023-04-3009209265ns5:CapitalRedemptionReserve2023-04-3009209265ns5:FurtherSpecificReserve1ComponentTotalEquity2023-04-30
REGISTERED NUMBER: 09209265 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

LCBSG LIMITED

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 9

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


LCBSG LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: A Poxon
D J Booth
A D Cadwallader
S M Lord
B M Whawell


REGISTERED OFFICE: Riverside House
Irwell Street
Manchester
M3 5EN


REGISTERED NUMBER: 09209265 (England and Wales)


SENIOR STATUTORY AUDITOR: Frederick Norman


AUDITORS: Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD


BANKERS: National Westminster Bank Plc
Spinningfields Square
182 Deansgate
Manchester
M3 3LY

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report on the company for the year ended 30 April 2024.

REVIEW OF BUSINESS
The Company is part of the group which is headed by Project Hallelujah Bidco Limited (hereafter referred to as "the Group"). LCBSG Limited via its trading subsidiaries provide insolvency services and advice to a wide range of businesses who are struggling financially and who require assistance in these matters.

The company is a 100% subsidiary of Project Hallelujah Bidco Limited and full details of the business undertaken by the group are contained within the financial statements of that company.

As LCBSG Limited is an intermediate holding company within the Project Hallelujah Bidco Limited group it does not individually monitor key performance indicators

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the group's strategy are subject to a number of risks. The directors are of the opinion however that current processes and plans in place mitigate such risks significantly. In overview, the key issues subject to ongoing assessment include;

- Keeping and developing key staff
- Constantly developing service lines to meet the needs of the market
- Competitor actions in terms of hiring the best staff, their market approach and related service lines
- Suitable and appropriate financing to allow the group to achieve its long-term goals and the identified growth opportunities.

FINANCIAL INSTRUMENTS
The group have recently negotiated a bank facility and due to ongoing generation of cash flow from operating activities the facility is used at a very manageable level, and the group's exposure to interest rate risk on bank borrowing is considered to be low.

FUTURE DEVELOPMENTS
The group continues to seek to grow its market share by way of geographical expansion and by providing new and innovative services to businesses in financial distress.

ON BEHALF OF THE BOARD:





D J Booth - Director


27 January 2025

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
The directors recommend that no final dividend be paid on the ordinary £1 shares.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

A Poxon
D J Booth
A D Cadwallader
S M Lord
B M Whawell

Other changes in directors holding office are as follows:

J F Mercer - resigned 30 November 2023
M J Colman - resigned 30 November 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D J Booth - Director


27 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LCBSG LIMITED


Opinion
We have audited the financial statements of LCBSG Limited (the 'company') for the year ended 30 April 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LCBSG LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LCBSG LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Obtaining third-party confirmation of material bank balances.
- Documenting and verifying all significant related party and transactions.
- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LCBSG LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Frederick Norman (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

27 January 2025

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER - -

Administrative expenses (48 ) (46 )
OPERATING LOSS and
LOSS BEFORE TAXATION (48 ) (46 )

Tax on loss 5 - -
LOSS FOR THE FINANCIAL YEAR (48 ) (46 )

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

LOSS FOR THE YEAR (48 ) (46 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(48

)

(46

)

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 6 9,712,098 9,712,098

CURRENT ASSETS
Debtors 7 37,977 -
Cash at bank - 38,025
37,977 38,025
NET CURRENT ASSETS 37,977 38,025
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,750,075

9,750,123

CAPITAL AND RESERVES
Called up share capital 8 79,705 79,705
Share premium 9 113,944 113,944
Capital redemption reserve 9 75,328 75,328
Merger reserve 9 6,396,917 6,396,917
Retained earnings 9 3,084,181 3,084,229
SHAREHOLDERS' FUNDS 9,750,075 9,750,123

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





D J Booth - Director


LCBSG LIMITED (REGISTERED NUMBER: 09209265)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 May 2022 79,705 3,084,275 113,944

Changes in equity
Total comprehensive income - (46 ) -
Balance at 30 April 2023 79,705 3,084,229 113,944

Changes in equity
Total comprehensive income - (48 ) -
Balance at 30 April 2024 79,705 3,084,181 113,944
Capital
redemption Merger Total
reserve reserve equity
£    £    £   
Balance at 1 May 2022 75,328 6,396,917 9,750,169

Changes in equity
Total comprehensive income - - (46 )
Balance at 30 April 2023 75,328 6,396,917 9,750,123

Changes in equity
Total comprehensive income - - (48 )
Balance at 30 April 2024 75,328 6,396,917 9,750,075

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

LCBSG Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 09209265 and registered office is Riverside House, Irwell Street, Manchester, M3 5EN.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis and the functional currency is £ sterling.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about LCBSG Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Project Hallelujah Bidco Limited, Riverside House, Irwell Street, Manchester , M3 5EN..

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised 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, which include trade debtors, other debtors, unbilled revenue, amounts due from group undertakings 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. Financial assets classified as receivable within one year are not amortised.

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, including trade creditors, other creditors and amounts owed to group undertakings, 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 are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Fixed asset investments
Fixed asset investments are stated 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.

Where shares are issued as part of the consideration for an acquisition and the conditions for merger relief are satisfied, the cost of the shares issued are stated at the fair value of the net assets acquired.

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.

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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are 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.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of investment in subsidiaries
Management consider whether investments in subsidiaries are impaired on an annual basis. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash-generating units (CGUs). This requires estimation of the future cash flows from the CGUs.

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 April 2024 nor for the year ended 30 April 2023.

The average number of employees during the year was as follows:
2024 2023

Directors 6 7

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration - -

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 April 2024 nor for the year ended 30 April 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Loss before tax (48 ) (46 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.493%)

(12

)

(9

)

Effects of:
Expenses not deductible for tax purposes 12 9

Total tax charge - -

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 9,712,098
NET BOOK VALUE
At 30 April 2024 9,712,098
At 30 April 2023 9,712,098

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Leonard Curtis Recovery Limited
Registered office: Riverside House, Irwell Street, Manchester M3 5EN.
Nature of business: Insolvency Practitioners
%
Class of shares: holding
Ordinary 100.00

The company owns the entire share capital of Leonard Curtis Recovery Limited which in turn holds the shares specified below in the other subsidiaries.

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. FIXED ASSET INVESTMENTS - continued

LC Debt Solutions Limited
Registered office: Riverside House, Irwell Street, Manchester M3 5EN.
Nature of business: Personal Debt Management Solutions
%
Class of shares: holding
Ordinary 100.00

Leonard Curtis Limited
Registered office: Riverside House, Irwell Street, Manchester M3 5EN.
Nature of business: Insolvency Practitioners
%
Class of shares: holding
Ordinary 100.00
Preference 100.00

In addition, Leonard Curtis Limited owns the entire ordinary share capital of, Leonard Curtis C.I. Limited, a Guernsey registered company which was incorporated on 18 February 2019. Leonard Curtis C.I. Limited trades as an insolvency practitioner.

On 12 November 2021 Leonard Curtis Limited acquired the entire shareholding of Portland Business & Financial Solutions Limited, a company registered in England & Wales which was incorporated on 24 August 1999. Portland Business & Financial Solutions Limited are insolvency practitioners and on 31 October 2022 changed their name to Leonard Curtis South Coast Limited. The registered office of this company is Riverside House, Irwell Street, Manchester , M3 5EN.

Following the year end, the trading activities of the Leonard Curtis South Coast Limited were transferred to another group company. There is currently no intention to recommence trading from the company.

On 8 June 2023, the company acquired 100% of the share capital in Leonard Curtis Jersey Limited, a company trading as insolvency practitioners incorporated in Jersey. The registered office of this company is 2nd Floor, The Le Gallais Building, 54 Bath Street, St. Helier, Jersey, JE1 1FW.

L C Risk Management Ltd
Registered office: Riverside House, Irwell Street, Manchester M3 5EN.
Nature of business: Risk Assurance Services
%
Class of shares: holding
Ordinary 51.00

On 10th June 2022, Leonard Curtis Recovery Limited acquired one additional share in L C Risk Management Limited.

Corporate Strategies plc
Registered office: Riverside House, Irwell Street, Manchester M3 5EN.
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. FIXED ASSET INVESTMENTS - continued

Leonard Curtis Legal Limited
Registered office: Riverside House, Irwell Street, Manchester M3 5EN.
Nature of business: Legal Services
%
Class of shares: holding
Ordinary 100.00

Reach Commercial Finance Limited
Registered office: Riverside House, Irwell Street, Manchester M3 5EN.
Nature of business: Finance Brokerage
%
Class of shares: holding
Ordinary 100.00

In addition, Reach Commercial Finance Limited owns the entire ordinary share capital of Pathstone Finance Limited.

Leonard Curtis Sheffield Limited
Registered office: Riverside House, Irwell Street, Salford, England, M3 5EN
Nature of business: Insolvency Practitioners
%
Class of shares: holding
Ordinary 100.00

On 01 March 2023, Leonard Curtis Recovery Limited acquired the entire shareholding of The Springs Partnership Limited, a company registered in England & Wales which was incorporated on 27 November 2015.

The Springs Partnership Limited are insolvency practitioners and on 18 May 2023 changed their name to Leonard Curtis Sheffield Limited. The registered office of this company is Riverside House, Irwell Street, Manchester, M3 5EN.

Following the year end, the trading activities of the Leonard Curtis Sheffield Limited were transferred to another group company. There is currently no intention to recommence trading from the company.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 37,977 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
79,705 Ordinary £1 79,705 79,705

LCBSG LIMITED (REGISTERED NUMBER: 09209265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. RESERVES
Capital
Retained Share redemption Merger
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 May 2023 3,084,229 113,944 75,328 6,396,917 9,670,418
Deficit for the year (48 ) - - - (48 )
At 30 April 2024 3,084,181 113,944 75,328 6,396,917 9,670,370

10. CONTINGENT LIABILITIES

The company has entered into a cross guarantee with Leonard Curtis Recovery Limited, Leonard Curtis Limited, Reach Commercial Finance Limited, Leonard Curtis Legal Limited, Leonard Curtis C.I. Limited and LC Debt Solutions Limited in respect of bank borrowings. At 30 April 2024 an amount of £412,474, was owed by group companies to the bank (2023: £nil).

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The smallest and largest group of which LCBSG Limited is a member and for which consolidated financial statements are prepared is Project Hallelujah Bidco Limited. Copies of the consolidated accounts can be obtained from Companies House, Cardiff.

The directors are of the opinion that there is no ultimate controlling party of Project Hallelujah Bidco Limited.