Company registration number SC595015 (Scotland)
LAK INVESTMENT HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
LAK INVESTMENT HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
LAK INVESTMENT HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr L Koechlin
Secretary
Mr C F Clark
Company number
SC595015
Registered office
Unit A Logie Court
Stirling University Innovation Park
Stirling
Scotland
FK9 4NF
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
LAK INVESTMENT HOLDINGS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,334
Investment property
4
2,650,286
2,650,286
2,653,620
2,650,286
Current assets
Debtors
5
176,410
158,967
Cash at bank and in hand
70,915
29,880
247,325
188,847
Creditors: amounts falling due within one year
6
(1,838,326)
(1,651,900)
Net current liabilities
(1,591,001)
(1,463,053)
Total assets less current liabilities
1,062,619
1,187,233
Creditors: amounts falling due after more than one year
7
(904,930)
(1,060,013)
Net assets
157,689
127,220
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
157,589
127,120
Total equity
157,689
127,220
The notes on pages 4 to 9 form part of these financial statements.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LAK INVESTMENT HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 28 March 2025
Mr L Koechlin
Director
Company Registration No. SC595015
LAK INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
LAK Investment Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit A Logie Court, Stirling University Innovation Park, Stirling, Scotland, FK9 4NF. The company's registration number is SC595015.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
The turnover shown in the profit and loss account represents the value of property rentals during the year, at agreed rates exclusive of Value Added Tax. Rent is recognised at the point at which the Company has fulfilled its contractual obligations to the customer.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Computers
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 the profit and loss account.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.
LAK INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LAK INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
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.
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.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
1
1
LAK INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2023
18,413
18,413
Additions
4,167
4,167
At 30 June 2024
4,167
18,413
22,580
Depreciation and impairment
At 1 July 2023
18,413
18,413
Depreciation charged in the year
833
833
At 30 June 2024
833
18,413
19,246
Carrying amount
At 30 June 2024
3,334
3,334
At 30 June 2023
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
2,650,286
The investment properties purchase price is considered by the Director to represent the fair value of the properties as at 30 June 2024.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,357
50,738
Other debtors
175,053
108,229
176,410
158,967
LAK INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
153,979
79,131
Trade creditors
41,521
41,828
Taxation and social security
30,273
44,815
Other creditors
1,612,553
1,486,126
1,838,326
1,651,900
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
904,930
1,060,013
The bank loans are secured over the properties concerned and a floating charge of the remaining assets of the company. A group guarantee is also in place from the company and Global Voices Ltd., a company related through common directorship.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
490,388
569,519
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
52 A Ordinary shares of £1
52
52
24 B Ordinary shares of £1
24
24
24 C Ordinary shares of £1
24
24
100
100
The shares have different rights on a return of assets on liquidation or otherwise and profits available for distribution are at the discretion of the director. The holders of the B and C Ordinary shares have no voting rights.
LAK INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
At the year-end, amounts due to entities related through common control totalled £1,508,397 (2023: £1,387,487 ).
During the year, rent and service charges of £150,901 (2023: £176,958) were charged by the company to entities related through common control. Entities related through common control charged the company management fees of £3,566 (2023: £4,500) and recharged costs of £13,430 (2023: £11,300) during the year.
10
Parent company
The ultimate controlling party of the company is L Koechlin, the sole shareholder.