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Unaudited Financial Statements

for the Year Ended 31 August 2024

for

LGCPP Limited

LGCPP Limited (Registered number: 06214152)

Contents of the Financial Statements
for the Year Ended 31 August 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LGCPP Limited

Company Information
for the Year Ended 31 August 2024







DIRECTOR: P Lyons





SECRETARY: P Lyons





REGISTERED OFFICE: Lindfield Golf Club
East Mascalls Lane
Lindfield
Sussex
RH16 2QN





REGISTERED NUMBER: 06214152 (England and Wales)





ACCOUNTANTS: Williams & Co Epsom LLP
Chartered Accountants
8-10 South Street
Epsom
Surrey
KT18 7PF

LGCPP Limited (Registered number: 06214152)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 97,537 101,807

CURRENT ASSETS
Stocks 5 5,571 8,313
Debtors 6 51,632 52,013
Cash at bank and in hand 2,356 8,544
59,559 68,870
CREDITORS
Amounts falling due within one year 7 65,425 68,088
NET CURRENT (LIABILITIES)/ASSETS (5,866 ) 782
TOTAL ASSETS LESS CURRENT
LIABILITIES

91,671

102,589

CREDITORS
Amounts falling due after more than one
year

8

(25,985

)

(40,733

)

PROVISIONS FOR LIABILITIES 10 (12,787 ) (13,563 )
NET ASSETS 52,899 48,293

CAPITAL AND RESERVES
Called up share capital 11 10,100 10,100
Retained earnings 42,799 38,193
SHAREHOLDERS' FUNDS 52,899 48,293

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

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

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 October 2024 and were signed by:




P Lyons - Director


LGCPP Limited (Registered number: 06214152)

Notes to the Financial Statements
for the Year Ended 31 August 2024


1. STATUTORY INFORMATION

LGCPP 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis. This is dependent upon the ongoing support of the company bankers.

Turnover
Turnover represents net invoiced sales of goods/services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 2% on cost
Plant and machinery - 25% on reducing balance and at varying rates on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 33% on reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

LGCPP Limited (Registered number: 06214152)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets:
Basic financial instruments, including trade and other debtors, cash and bank balances are initially recognised at the transaction price.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets are reviewed for evidence of impairment, with any impairment losses 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities:
Basic financial liabilities, including trade and other creditors, and loans are initially recognised at the transaction price and for those not classed as financing transactions, are subsequently measured at amortised cost, being the transaction price less any amounts settled.

Trade creditors are classified as current liabilities where they are due within one year. If they are not, they are classified as non-current liabilities.

Where an arrangement constitutes a financing arrangement, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument, and subsequently measured at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

LGCPP Limited (Registered number: 06214152)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 58,255 206,057 56,617
Additions - 9,013 -
At 31 August 2024 58,255 215,070 56,617
DEPRECIATION
At 1 September 2023 10,699 158,055 51,361
Charge for year 1,165 10,004 1,314
At 31 August 2024 11,864 168,059 52,675
NET BOOK VALUE
At 31 August 2024 46,391 47,011 3,942
At 31 August 2023 47,556 48,002 5,256

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 18,174 35,939 375,042
Additions - - 9,013
At 31 August 2024 18,174 35,939 384,055
DEPRECIATION
At 1 September 2023 17,953 35,167 273,235
Charge for year 73 727 13,283
At 31 August 2024 18,026 35,894 286,518
NET BOOK VALUE
At 31 August 2024 148 45 97,537
At 31 August 2023 221 772 101,807

LGCPP Limited (Registered number: 06214152)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 September 2023
and 31 August 2024 24,290
DEPRECIATION
At 1 September 2023 2,430
Charge for year 1,215
At 31 August 2024 3,645
NET BOOK VALUE
At 31 August 2024 20,645
At 31 August 2023 21,860

5. STOCKS
2024 2023
£    £   
Stocks 5,571 8,313

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,780 3,000
Other debtors 45,603 47,118
Prepayments 3,249 1,895
51,632 52,013

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,382 9,970
Hire purchase contracts 4,367 4,132
Trade creditors 27,437 23,324
Tax 2,073 3,420
Social security and other taxes 7,210 7,911
VAT 6,506 4,808
Other creditors 882 -
Credit card control 2,058 6,226
Directors' current accounts 1 48
Accruals and deferred income 4,509 8,249
65,425 68,088

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,811 10,382
Bank loans - 2-5 years 6,512 17,322
Hire purchase contracts 8,662 13,029
25,985 40,733

LGCPP Limited (Registered number: 06214152)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


9. SECURED DEBTS

The overdraft facility available to the entity is secured by way of a personal guarantee by Mr P Lyons, a director of the company and Mrs J Lyons, the spouse of Mr P Lyons.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 12,787 13,563

Deferred
tax
£   
Balance at 1 September 2023 13,563
Credit to Statement of Income and Retained Earnings during year (776 )
Balance at 31 August 2024 12,787

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary shares 50p 100 100
100 Cumulative preference shares £100 10,000 10,000
10,100 10,100

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Lyons.