Company registration number 05700194 (England and Wales)
LANCER PROPERTY HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
LANCER PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 9
LANCER PROPERTY HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
31 October 2024
30 April 2024
Notes
£
£
£
£
Fixed assets
Investments
5
340,197
5,200
Current assets
Stocks
6
860,000
1,685,000
Debtors
7
664,400
17,561,526
Cash at bank and in hand
58,735
268,483
1,583,135
19,515,009
Creditors: amounts falling due within one year
8
(29,248)
(35,480)
Net current assets
1,553,887
19,479,529
Net assets
1,894,084
19,484,729
Capital and reserves
Called up share capital
9
61
61
Share premium account
19,994
19,994
Capital redemption reserve
45
45
Profit and loss reserves
1,873,984
19,464,629
Total equity
1,894,084
19,484,729
For the financial period ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 17 March 2025 and are signed on its behalf by:
A J Lax
Director
Company registration number 05700194 (England and Wales)
LANCER PROPERTY HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 2 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2023
61
19,994
45
19,467,926
19,488,026
Year ended 30 April 2024:
Loss and total comprehensive income
-
-
-
(3,297)
(3,297)
Balance at 30 April 2024
61
19,994
45
19,464,629
19,484,729
Period ended 31 October 2024:
Profit and total comprehensive income
-
-
-
51,530
51,530
Dividends
-
-
-
(17,642,175)
(17,642,175)
Balance at 31 October 2024
61
19,994
45
1,873,984
1,894,084
LANCER PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Lancer Property Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Routeco Office Park, Davy Avenue, Knowlhill, Milton Keynes, MK5 8HJ.
1.1
Reporting period
The prior period ended 30 April 2024 was 12 months in length, the current period is for the 6 months ending 31 October 2024, therefore the periods are not entirely comparable.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
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 continue to adopt the going concern bases of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
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:
Computer equipment
33% Straight line
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.
LANCER PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
1.7
Stocks
Stocks of properties are valued at the lower of cost and net realisable value. Cost includes all costs incurred in acquiring the properties.
1.8
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.
1.9
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
LANCER PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 and loans from fellow group companies, 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
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.
1.11
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.
LANCER PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
The properties were purchased and are being held and managed specifically for trading purposes. Until the appropriate point of sale, the properties are being rented to offset the holding costs of the properties.
2
Dividends
During the period, a dividend in specie of £17,642,175 was paid to the company's parent undertaking at that time as part of a group reorganisation.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
Period ended
Year ended
31st October 2024
30th April 2024
Number
Number
Total
4
4
LANCER PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2024
39,512
Disposals
(39,512)
At 31 October 2024
Depreciation and impairment
At 1 May 2024
39,512
Eliminated in respect of disposals
(39,512)
At 31 October 2024
Carrying amount
At 31 October 2024
At 30 April 2024
5
Fixed asset investments
31st October
30th April
2024
2024
£
£
Shares in group undertakings and participating interests
340,197
5,200
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2024
5,200
Additions
340,197
Disposals
(5,200)
At 31 October 2024
340,197
Carrying amount
At 31 October 2024
340,197
At 30 April 2024
5,200
LANCER PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 8 -
6
Stocks
31st October
30th April
2024
2024
£
£
Properties for resale
860,000
1,685,000
During the period, stocks with a value of £825,000 were transferred to the company's parent undertaking as part of a group reorganisation (note 2).
7
Debtors
31st October
30th April
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
4,900
Corporation tax recoverable
652,095
652,095
Amounts owed by group undertakings
13,067,512
Other debtors
7,405
3,839,125
664,400
17,558,732
Deferred tax asset
2,794
664,400
17,561,526
8
Creditors: amounts falling due within one year
31st October
30th April
2024
2024
£
£
Trade creditors
6,137
Taxation and social security
6,555
3,081
Other creditors
22,693
26,262
29,248
35,480
9
Called up share capital
31st October
30th April
31st October
30th April
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.01p each
608,825
608,825
61
61
LANCER PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 9 -
10
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
31st October
30th April
2024
2024
£
£
224,333
40,704
11
Controlling Party
At 31 October 2024 the company was controlled by A J Lax
12
Directors' transactions
During the period, loans to directors totalling £3,857,281 were transferred to the company's parent undertaking as part of a group reorganisation (note 2). Interest of £43,723 was charged on the loans during the period.
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