Registered number
03425579
LH Property Co. Limited
Filleted Accounts for the year ended
31 August 2024
LH Property Co. Limited
Registered number: 03425579
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,209,143 4,211,428
Investments 4 609,202 539,602
4,818,345 4,751,030
Current assets
Debtors 5 402,803 386,725
Cash at bank and in hand 140,357 210,334
543,160 597,059
Creditors: amounts falling due within one year 6 (205,098) (196,612)
Net current assets 338,062 400,447
Total assets less current liabilities 5,156,407 5,151,477
Creditors: amounts falling due after more than one year 7 (979,265) (1,018,061)
Net assets 4,177,142 4,133,416
Capital and reserves
Called up share capital 15 15
Share premium 389,995 389,995
Fair value reserve 9 2,768,466 2,768,466
Profit and loss account 1,018,666 974,940
Shareholders' funds 4,177,142 4,133,416
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K P Georgiou
Director
Approved by the board on 29 May 2025
LH Property Co. Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Freehold land and buildings are not depreciated which is a departure from generally accepted accounting policies, however the company maintains a programme to regularly update and repairs its premises, and therefore the value is expected to be maintained and not expected to depreciate.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 4,200,000 22,555 1,595 4,224,150
At 31 August 2024 4,200,000 22,555 1,595 4,224,150
Depreciation
At 1 September 2023 - 11,944 778 12,722
Charge for the year - 2,122 163 2,285
At 31 August 2024 - 14,066 941 15,007
Net book value
At 31 August 2024 4,200,000 8,489 654 4,209,143
At 31 August 2023 4,200,000 10,611 817 4,211,428
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,431,534 1,431,534
Cumulative depreciation based on historical cost - -
1,431,534 1,431,534
The freehold land and buildings were last professionally revalued verbally by Derrick Wade Waters in August 2020, at £4.2m.
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 September 2023 2 539,600 539,602
Additions - 69,600 69,600
At 31 August 2024 2 609,200 609,202
5 Debtors 2024 2023
£ £
Trade debtors 19,613 9,884
Amounts owed by associated companies 383,190 376,718
Other debtors - 123
402,803 386,725
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 112,856 112,856
Trade creditors 565 1,749
Taxation and social security costs 25,189 21,067
Other creditors 66,488 60,940
205,098 196,612
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 979,265 1,018,061
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,092,121 1,130,917
Included in bank loans falling due within one year is £112,856 and falling due after one year is £979,265 due to Lloyds TSB Bank plc which is secured by way of a mortgage charge over 8 East Road, Harlow, Essex and by way of fixed and floating charge over the assets of the company. This loan is repayable over 25 years at an average interest rate of 2.2% above base rate.
9 Fair value reserve 2024 2023
£ £
At 1 September 2023 2,768,466 2,768,466
At 31 August 2024 2,768,466 2,768,466
10 Related party transactions
As at 31 August 2024, the director K Georgiou owed the company £91,854 (2023: £NIL). This is on an interest free basis. This is shown in debtors.
11 Controlling party
The controlling party is the director K P Georgiou whom together with family members and related companies own 100% of the issued share capital.
12 Other information
LH Property Co. Limited is a private company limited by shares and incorporated in England. Its registered office is:
Circle Line House
8 East Road
Harlow
CM20 2BJ
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