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REGISTERED NUMBER: 08185244 (England and Wales)















LSC FINANCE LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024






LSC FINANCE LTD (REGISTERED NUMBER: 08185244)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LSC FINANCE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: S Morley
A M Turner
R L Morley
A Morley-Doidge





REGISTERED OFFICE: Units 1-7 Fallbarn Road
Rawtenstall
Rossendale
BB4 7NT





REGISTERED NUMBER: 08185244 (England and Wales)





ACCOUNTANTS: DJH Bury Limited
The Exchange
5 Bank Street
Bury
BL9 0DN

LSC FINANCE LTD (REGISTERED NUMBER: 08185244)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 940 202
Investments 5 3,273,632 2,212,900
3,274,572 2,213,102

CURRENT ASSETS
Debtors 6 23,403,855 25,103,864
Cash at bank 30,867 94,105
23,434,722 25,197,969
CREDITORS
Amounts falling due within one year 7 (581,179 ) (565,031 )
NET CURRENT ASSETS 22,853,543 24,632,938
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,128,115

26,846,040

CAPITAL AND RESERVES
Called up share capital 111 111
Share premium 13,784 13,784
Retained earnings 26,114,220 26,832,145
SHAREHOLDERS' FUNDS 26,128,115 26,846,040

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 directors acknowledge their 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.

LSC FINANCE LTD (REGISTERED NUMBER: 08185244)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:





S Morley - Director


LSC FINANCE LTD (REGISTERED NUMBER: 08185244)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

LSC Finance Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 08185244 and the company's registered office address is 1-7 Fallbarn Road, Rawtenstall, Rossendale, Lancashire, BB4 7NT.

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 as modified by the revaluation of certain assets.

The company had net assets of £26,128,115 (2023: £26,846,040) and cash reserves of £30,867 (2023: £94,105) at the year end and has generated significant profits post year end. The directors believe that the company is well placed to manage the risks at these challenging times and therefore continue to adopt a going concern basis of accounting in preparing these financial statements.

Revenue
Revenue represents interest and fees on loan advances receivable and arises wholly in the United Kingdom.

Revenue in relation to capital repayment loans is recognised using the sum of digits interest method. The sum of digits method is a calculated method whereby the interest is apportioned over the term of the financial asset. In adopting this method a higher level of income is recognised in the earlier periods of the loan. Acceptance fees are recognised in full when paid by the customer as these do not represent a significant additional cost of finance.

Where there are no capital repayments until the end of the loan term, revenue is recognised on a straight line basis. Revenue does not continue to be recognised when the customer is in default and expectation that loan will not be recovered in full.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.


LSC FINANCE LTD (REGISTERED NUMBER: 08185244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 the income statement in the period to which they relate.

Cost of sales
Cost of sales comprises cost of commission payable, fees and impairment charges in respect of customer loans.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.

Impairment of customer loans
A monthly review of the company's loan book is undertaken on a line by line basis to determine whether or not a balance is impaired. A specific bad debt provision is made for these balances.

Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Making judgement based on knowledge of the customer on the level of provision required for impairment of customer loans. Further information received after the statement of financial position date may impact on the level of provision required.

LSC FINANCE LTD (REGISTERED NUMBER: 08185244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Investments
Listed investments are initially recognised at cost and are subsequently re-measured at their fair value. Changes in fair value are recognised in the income statement.

Income from fixed asset investments
Income from fixed asset investments is received in the form of dividends and is credited to the income statement when received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 September 2023 9,128
Additions 899
At 31 August 2024 10,027
DEPRECIATION
At 1 September 2023 8,926
Charge for year 161
At 31 August 2024 9,087
NET BOOK VALUE
At 31 August 2024 940
At 31 August 2023 202

LSC FINANCE LTD (REGISTERED NUMBER: 08185244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 September 2023 2,212,900
Additions 750,000
Disposals (5,809 )
Revaluations 302,972
Exchange differences 4,092
Dividends received 9,477
At 31 August 2024 3,273,632
NET BOOK VALUE
At 31 August 2024 3,273,632
At 31 August 2023 2,212,900

Cost or valuation at 31 August 2024 is represented by:

Other
investments
£   
Valuation in 2024 3,273,632

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,656,738 10,683,982
Amounts owed by related entities 16,642,525 14,405,375
Other debtors 104,592 14,507
23,403,855 25,103,864

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,103 8,889
Amounts owed to related entities 220,000 70,000
Taxation and social security 4,240 84,579
Other creditors 354,836 401,563
581,179 565,031