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REGISTERED NUMBER: 13024472 (England and Wales)







GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

LUDGATE HILL PROPERTIES LIMITED

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


LUDGATE HILL PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: D P Gallagher
J Craig
G Ludlow
A Morgan
M J Burgin





REGISTERED OFFICE: 26-28 Ludgate Hill
Birmingham
West Midlands
B3 1DX





REGISTERED NUMBER: 13024472 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report of the company and the group for the year ended 30 June 2024.

Principal activity

The principal activity of the group is property development and the management of property development projects for third parties.

REVIEW OF BUSINESS
The group has continued to trade well.
The management team is a stable, long serving team with a flexible and dynamic outlook.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs Unit 2024 2023
Turnover £ 100,215,482 182,567,275
Profit before tax £ 8,850,363 22,024,011
Cash at bank and in hand £ 42,220,861 21,318,575

PRINCIPAL RISKS AND UNCERTAINTIES
Management of project risk is Stoford's principal business activity. Risk is identified within each project and managed to an acceptable level and thoroughly monitored throughout the progress of the scheme. Risk is therefore progressively eroded by active risk and uncertainty beyond its control. The business responds to this risk by closely monitoring market performance and reacting accordingly.

The company does not presently have any bank borrowings, relying entirely on funds from within the group and the funds of purchasers of those investments created by the business.

ENERGY AND CARBON REPORT
This report meets the climate-related financial disclosure requirements per the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 and is in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board with the aim of improving the reporting of climate-related risks and opportunities.

EMISSIONS AND ENERGY CONSUMPTION
During the year ended 30 June 2024, Ludgate Hill Properties Limited recorded greenhouse gas emissions from:

- Combustion of gas for office heating of 2.04 tonnes of CO2e per year (2023: 1.82 tonnes)

- Combustion of vehicle fuel for transport of 2.78 tonnes of CO2e per year (2023: 3.14 tonnes)

- Purchase of electricity by the company for its own use of 4.98 tonnes of CO2e per year (2023: 4.92 tonnes)

CO2e emissions have been calculated as follows:

- Combustion of gas for office heating: by applying conversion factors (supplied by the UK Government) to actual kWh consumed,

- Combustion of vehicle fuel for transport: by applying conversion factors (supplied by the UK Government) to estimated kWh consumed (based upon an average vehicle efficiency of 4 miles per kWh),

- Purchase of electricity by the company for its own use: by applying conversion factors (supplied by the UK Government) to actual kWh consumed.

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


Intensity Ratio

CO2e emissions relative to group activity

This is Tonnes of CO2e emitted annually per £1m of group turnover. During the year ended 30 June 2024 this was 9.80% (2023: 5.41%).

ON BEHALF OF THE BOARD:





J Craig - Director


19 February 2025

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


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

DIVIDENDS
During the year dividends of £357,000 (2023: £Nil) were paid.

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

D P Gallagher
J Craig
G Ludlow
A Morgan
M J Burgin

FINANCIAL INSTRUMENTS
Objectives and policies

Financial risk management is an integral part of the way the group is managed. In the course of its business, the group is exposed primarily to interest rate risk, liquidity risk and credit risk. The overall aim of the group's financial risk management policies is to minimise potential adverse effects on financial performance and net assets.
The group's treasury department manages the principal financial risks within policies and operating parameters approved by the Board of Directors. Treasury is not a profit centre and the group does not enter into speculative transactions.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.
All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Directors' liabilities

The group maintained a Directors' and Officers' liability insurance policy throughout the financial period and has renewed that policy.


LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





J Craig - Director


19 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LUDGATE HILL PROPERTIES LIMITED


Opinion
We have audited the financial statements of Ludgate Hill Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 June 2024 and of the group's profit 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 group 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 group's and the parent 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 Group 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LUDGATE HILL PROPERTIES LIMITED


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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LUDGATE HILL PROPERTIES LIMITED


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Kevin Johns BSc FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

4 March 2025

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 100,215,482 182,567,275

Cost of sales 87,157,081 154,039,413
GROSS PROFIT 13,058,401 28,527,862

Administrative expenses 5,888,323 6,709,846
OPERATING PROFIT 6 7,170,078 21,818,016

Income from fixed asset investments 234,153 149,007
Interest receivable and similar income 1,216,775 89,216
1,450,928 238,223
8,621,006 22,056,239
Movement in investments 7 (229,384 ) 11,341
8,850,390 22,044,898

Interest payable and similar expenses 8 27 20,887
PROFIT BEFORE TAXATION 8,850,363 22,024,011

Tax on profit 9 2,274,273 4,601,530
PROFIT FOR THE FINANCIAL YEAR 6,576,090 17,422,481

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 (1,140,425 ) (1,146,600 )
Tangible assets 13 1,629,420 1,762,410
Investments 14
Interest in joint venture
Share of gross assets 10,100 10,100
10,100 10,100
Other investments 9,144,834 8,927,981
9,643,929 9,553,891

CURRENT ASSETS
Stocks 15 5,602,976 5,315,938
Debtors 16 13,160,622 36,729,631
Cash at bank and in hand 42,220,861 21,318,575
60,984,459 63,364,144
CREDITORS
Amounts falling due within one year 17 15,925,562 24,425,299
NET CURRENT ASSETS 45,058,897 38,938,845
TOTAL ASSETS LESS CURRENT
LIABILITIES

54,702,826

48,492,736

CAPITAL AND RESERVES
Called up share capital 19 520 520
Share premium 20 25,499,320 25,499,320
Capital redemption reserve 20 160 160
Retained earnings 20 29,200,024 22,992,250
54,700,024 48,492,250

NON-CONTROLLING INTERESTS 2,802 486
TOTAL EQUITY 54,702,826 48,492,736

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:





J Craig - Director


LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

COMPANY BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 27,135,000 27,135,000
27,135,000 27,135,000

CURRENT ASSETS
Cash at bank 220 670

CREDITORS
Amounts falling due within one year 17 1,636,000 1,636,000
NET CURRENT LIABILITIES (1,635,780 ) (1,635,330 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,499,220

25,499,670

CAPITAL AND RESERVES
Called up share capital 19 520 520
Share premium 20 25,499,320 25,499,320
Capital redemption reserve 20 160 160
Retained earnings 20 (780 ) (330 )
25,499,220 25,499,670

Company's profit/(loss) for the financial
year

356,550

(330

)

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:





J Craig - Director


LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2022 520 5,580,596 25,499,320

Changes in equity
Total comprehensive income - 17,411,654 -
Balance at 30 June 2023 520 22,992,250 25,499,320

Changes in equity
Dividends - (357,000 ) -
Total comprehensive income - 6,564,774 -
Balance at 30 June 2024 520 29,200,024 25,499,320
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 July 2022 160 31,080,596 659 31,081,255

Changes in equity
Dividends - - (11,000 ) (11,000 )
Total comprehensive income - 17,411,654 10,827 17,422,481
Balance at 30 June 2023 160 48,492,250 486 48,492,736

Changes in equity
Dividends - (357,000 ) (9,000 ) (366,000 )
Total comprehensive income - 6,564,774 11,316 6,576,090
Balance at 30 June 2024 160 54,700,024 2,802 54,702,826

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2022 520 - 25,499,320 160 25,500,000

Changes in equity
Total comprehensive income - (330 ) - - (330 )
Balance at 30 June 2023 520 (330 ) 25,499,320 160 25,499,670

Changes in equity
Dividends - (357,000 ) - - (357,000 )
Total comprehensive income - 356,550 - - 356,550
Balance at 30 June 2024 520 (780 ) 25,499,320 160 25,499,220

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 21,975,404 10,395,954
Interest paid (27 ) -
Tax paid (2,188,869 ) (4,452,660 )
Net cash from operating activities 19,786,508 5,943,294

Cash flows from investing activities
Purchase of tangible fixed assets - (5,610 )
Purchase of fixed asset investments (1,097 ) (8,939,322 )
Sale of fixed asset investments 15,748 -
Interest received 1,223,974 238,223
Dividends received 234,153 -
Net cash from investing activities 1,472,778 (8,706,709 )

Cash flows from financing activities
Repayment of other borrowing - (4,443,662 )
Dividends paid (357,000 ) (11,000 )
Interest paid - (20,887 )
Net cash from financing activities (357,000 ) (4,475,549 )

Increase/(decrease) in cash and cash equivalents 20,902,286 (7,238,964 )
Cash and cash equivalents at
beginning of year

2

21,318,575

28,557,539

Cash and cash equivalents at end of
year

2

42,220,861

21,318,575

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 8,850,363 22,024,011
Depreciation charges 126,815 48,975
Profit on disposal of fixed assets (1,920 ) -
Other finance costs - 11,341
Finance costs 27 20,887
Finance income (1,450,928 ) (238,223 )
7,524,357 21,866,991
(Increase)/decrease in stocks (287,038 ) 257,698
Decrease/(increase) in trade and other debtors 23,131,673 (6,459,401 )
Decrease in trade and other creditors (8,393,588 ) (5,269,334 )
Cash generated from operations 21,975,404 10,395,954

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 42,220,861 21,318,575
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 21,318,575 28,557,539


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 21,318,575 20,902,286 42,220,861
21,318,575 20,902,286 42,220,861
Total 21,318,575 20,902,286 42,220,861

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Ludgate Hill Properties Limited 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
As at 30 June 2024, the company has net current liabilities of £1,635,780 (2023 : £1,635,330). The directors have prepared the financial statements on a going concern basis as it is considered the group to have sufficient resources and support to meet its liabilities as they fall due at least 12 months from the signing of these financial statements.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30th June 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisitions date. Any excess of the cost of the business combination over the acquirers interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries which are related parties are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholders share of changes in equity since the date of the combination.

Entities in which the group holds an interest on a long term basis and are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the gross equity method.The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30th June 2024.

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

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


2. ACCOUNTING POLICIES - continued

Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date in the adjustment is probable and can be measured reliably.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts after eliminating sales within the group.
The group recognises revenue when the amount of revenue can be reliably measures, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.

Contract revenue recognition
Where the right to receive contract revenues has become unconditional prior to the period end, and the outcome of a contract can be measured reliably, the related revenue is recognised in proportion to the completion of the contract work. Completion is measured by reference to the time actually incurred on the works as a proportion of the total time forecast to be incurred, where this is considered to give a true and fair reflection. Otherwise, completion is measured by reference to the costs actually incurred on the works as a proportion of the total costs forecast to be incurred.

Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation
Amortisation is provided on intangible assets so as to write off the costs, less any estimated residual value, over their useful life. The amortisation method and rate on both positive and negative goodwill is 10% per annum on cost.

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stock are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 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.

Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Dividends
Dividend distribution to the group's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

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


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Based on their assessments of perceived market demand for properties similar in nature and location to the development projects being undertaken by the group, management are confident that the recoverable value of the group's work in progress exceeds its carrying value. The carrying amount is £5,602,976 (2023: £5,315,938).

The group recognises accrued income by reference to the total costs forecast to be incurred on contracts that were in progress at the end of the reporting period. Therefore the total costs expected to be taken to complete these projects is a key source of estimation uncertainty. The carrying amount is £8,245,352 (2023: £27,941,895).

The carrying value of all the group's fixed assets is calculated by reference to the expected useful economic lives of those assets. The future economic lives of the fixed assets is, therefore, a key source of estimation uncertainty. By its very nature the future economic life of goodwill is particularly subject to estimation uncertainty. The carrying amount of goodwill is £355,850 (2023: £580,600).The carrying amount of negative goodwill is £-1,496,275 (2023: £-1,727,200).

4. TURNOVER

Turnover has all been generated from within the UK and is attributable to the principle activity of the group.

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,423,977 4,218,986
Social security costs 441,309 575,831
Other pension costs 317,928 79,404
4,183,214 4,874,221

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

Administration and support 16 16
Other departments 6 6
22 22

2024 2023
£    £   
Directors' remuneration 502,651 395,345
Directors' pension contributions to money purchase schemes 254,576 10,789

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 208,651 96,804
Pension contributions to money purchase schemes 39,776 10,789

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

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


6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery - 7,781
Depreciation - owned assets 132,990 55,150
Profit on disposal of fixed assets (2,120 ) (301 )
Goodwill amortisation 224,750 224,750
Negative goodwill amortisation (230,925 ) (230,925 )
Auditors' remuneration 84,400 73,500

7. MOVEMENT IN INVESTMENTS
2024 2023
£    £   
Change in market value (229,384 ) 11,341

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 7,587
Corporation tax interest 27 13,300
27 20,887

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 2,274,273 4,601,530
Tax on profit 2,274,273 4,601,530

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

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


9. TAXATION - continued

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
£    £   
Profit before tax 8,850,363 22,024,011
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 20.500 %)

2,212,591

4,514,922

Effects of:
Expenses not deductible for tax purposes 61,682 86,608
Total tax charge 2,274,273 4,601,530

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS

2024 2023
£ £   
Interim dividends 357,000 -



12. INTANGIBLE FIXED ASSETS

Group
Negative
Goodwill goodwill Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 2,247,505 (2,309,255 ) (61,750 )
AMORTISATION
At 1 July 2023 1,666,905 (582,055 ) 1,084,850
Amortisation for year 224,750 (230,925 ) (6,175 )
At 30 June 2024 1,891,655 (812,980 ) 1,078,675
NET BOOK VALUE
At 30 June 2024 355,850 (1,496,275 ) (1,140,425 )
At 30 June 2023 580,600 (1,727,200 ) (1,146,600 )

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

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


13. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2023
and 30 June 2024 1,725,000 258,959 29,025 2,012,984
DEPRECIATION
At 1 July 2023 - 228,629 21,945 250,574
Charge for year 103,500 26,050 3,440 132,990
At 30 June 2024 103,500 254,679 25,385 383,564
NET BOOK VALUE
At 30 June 2024 1,621,500 4,280 3,640 1,629,420
At 30 June 2023 1,725,000 30,330 7,080 1,762,410

14. FIXED ASSET INVESTMENTS

Group
Shares in Interest Fixed
group in joint term Unlisted
undertakings venture deposits investments Totals
£    £    £    £    £   
COST OR VALUATION
At 1 July 2023 - 10,100 4,960,000 3,967,981 8,938,081
Additions 1,097 - - - 1,097
Disposals - - - (13,628 ) (13,628 )
Revaluations - - - 229,384 229,384
At 30 June 2024 1,097 10,100 4,960,000 4,183,737 9,154,934
NET BOOK VALUE
At 30 June 2024 1,097 10,100 4,960,000 4,183,737 9,154,934
At 30 June
2023

-

10,100

4,960,000

3,967,981

8,938,081

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

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


14. FIXED ASSET INVESTMENTS - continued

Group

Cost or valuation at 30 June 2024 is represented by:

Shares in Interest Fixed
group in joint term Unlisted
undertakings venture deposits investments Totals
£    £    £    £    £   
Valuation in 2023 - 10,100 - (11,341 ) (1,241 )
Valuation in 2024 - - - 229,384 229,384
Cost 1,097 - 4,960,000 3,965,694 8,926,791
1,097 10,100 4,960,000 4,183,737 9,154,934
Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 27,135,000
NET BOOK VALUE
At 30 June 2024 27,135,000
At 30 June 2023 27,135,000

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

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


14. FIXED ASSET INVESTMENTS - continued

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

Subsidiary

Ludgate
Registered office:
Nature of business:
%
Class of shares: holding
Ordinary 100.00

Group
Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Proportion of voting rights and shares held
Name of undertakingHolding20242023
Great Charles Street Properties LimitedOrdinary £1 shares100%100%
Stoford Properties LimitedOrdinary £1 shares100%100%
Stoford Gorcott LimitedOrdinary £1 shares100%100%
Stoford (Worcester) LimitedOrdinary £1 shares100%100%
Stoford (Winyates) LimitedOrdinary £1 shares100%100%
Cotmore Park Thame Management Company
Limited
Ordinary £1 shares100%100%
Redditch Gateway Infrastructure LimitedOrdinary £1 shares100%100%
Stoford Worcester Plot 8A LimitedOrdinary £1 shares100%100%
Worcester Six Management Company LimitedOrdinary £1 shares100%100%
Stoford Developments LimitedOrdinary £1 shares100%100%
Stoford (Thame Strategic Land) LimitedOrdinary £1 shares100%100%
Stoford Gadbrook LimitedOrdinary £1 shares100%100%
Stoford Worcester Plot 9 Limited (Dissolved 16
May 2023)
Ordinary £1 shares-100%
Stoford Enfield LimitedOrdinary £1 shares100%100%
Stoford Planning LimitedA Ordinary £1 shares95%95%
Stoford Worcester Plot 10B LimitedOrdinary £1 shares100%100%
Stoford Oldbury LimitedOrdinary £1 shares100%100%
Stoford Exeter Gateway DC3 Limited (Dissolved
12 March 2024)
Ordinary £1 shares100%100%
Stoford Digbeth LimitedOrdinary £1 shares100%100%
Stoford Exeter Gateway DC4 Limited (Dissolved
2 January 2024)
Ordinary £1 shares100%100%
Stoford Worcester Plot 6A, LimitedOrdinary £1 shares100%100%
Stoford Stafford Unit A LimitedOrdinary £1 shares100%100%
Stafford North Business Park LimitedOrdinary £1 shares100%100%
Stoford Telford Limited (Dissolved 23 April 2024)Ordinary £1 shares100%100%
Stoford (Halesowen) LimitedOrdinary £1 shares100%100%
Stoford Andover LimitedOrdinary £1 shares100%100%
Stoford (Newmarket) LimitedOrdinary £1 shares100%100%
Stoford Hooton LimitedOrdinary £1 shares100%100%
Stoford Exeter Gateway DC 9 LimitedOrdinary £1 shares100%100%

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

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


14. FIXED ASSET INVESTMENTS - continued
Redditch Gateway Management Limited
(Dissolved 15 August 2023)
Ordinary £1 shares100%100%
Stoford Worcester Plot 7 LimitedOrdinary £1 shares100%100%
Stoford (Middlewich) LimitedOrdinary £1 shares100%100%
Stoford Wolverhampton 1 LimitedOrdinary £1 shares100%100%
Stoford Ellesmere Port LimitedOrdinary £1 shares100%100%
Stoford (I54) Land LimitedOrdinary £1 shares100%100%
Stoford Worcester Plot 10C LimitedOrdinary £1 shares100%100%
Stoford Worcester Plot 12 LimitedOrdinary £1 shares100%100%
Exeter Gateway Management Company LimitedOrdinary £1 shares100%100%
Stoford Rugby LimitedOrdinary £1 shares100%100%
Stoford Fradley LimitedOrdinary £1 shares100%100%

Joint ventures
Gallan Stoford Liverpool LimitedOrdinary £1 shares50%50%
Stoford Gallan Crick LimitedOrdinary £1 shares50%50%
Stoford Alderley (Chippenham) LimitedA Ordinary £1 shares50%50%

The registered office address of all subsidiary and joint venture undertakings is:
26-28 Ludgate Hill, Birmingham, B3 1DX


15. STOCKS

Group
2024 2023
£    £   
Work-in-progress 5,602,976 5,315,938

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 4,257,746 7,651,325
Amounts owed by group undertakings - 31,496
Amounts owed by participating interests 170,019 -
Other debtors - 564,775
Tax 42,470 88,404
Accrued income 8,245,352 27,941,895
Prepayments 445,035 451,736
13,160,622 36,729,631

LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

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


17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 5,453,016 16,097,063 - -
Amounts owed to group undertakings - - 1,636,000 1,636,000
Amounts owed to participating interests - 1,956,670 - -
Tax 96,570 57,100 - -
Social security and other taxes 73,345 37,899 - -
VAT 1,418,622 2,934,398 - -
Other creditors 7,555 - - -
Directors' current accounts 70,493 70,493 - -
Accrued expenses 8,805,961 3,271,676 - -
15,925,562 24,425,299 1,636,000 1,636,000

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 91,918 89,981
Between one and five years 132,155 203,411
224,073 293,392

The amount of non-cancellable operating lease payments recognised as an expense during the year was £102,640 (2023: £91,918).

19. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:

Number: Class: Nominal 2024 2023
value: £ £
160 Ordinary B £1 160 160
160 Ordinary C £1 160 160
40 Ordinary E £1 40 40
40 Ordinary F £1 160 160
520 520


LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472)

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


20. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 22,992,250 25,499,320 160 48,491,730
Profit for the year 6,564,774 6,564,774
Dividends (357,000 ) (357,000 )
At 30 June 2024 29,200,024 25,499,320 160 54,699,504

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 (330 ) 25,499,320 160 25,499,150
Profit for the year 356,550 356,550
Dividends (357,000 ) (357,000 )
At 30 June 2024 (780 ) 25,499,320 160 25,498,700


21. 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Amount due from related party 170,019 31,496
Amount due to related party - 1,956,670