Company registration number 14301954 (England and Wales)
LPH PADDINGTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
LPH PADDINGTON LIMITED
COMPANY INFORMATION
Directors
Dr A Ghai
Mr R K Sehgal
Mr PJ Kirby
Company number
14301954
Registered office
First Floor Cobalt 3.2
Silver Fox Way
Cobalt Business Park
Newcastle upon Tyne
NE27 0QJ
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
LPH PADDINGTON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LPH PADDINGTON LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
221,755,858
124,717,734
Current assets
Debtors
4
2,198,183
13,940
Cash at bank and in hand
32,195
182,217
2,230,378
196,157
Creditors: amounts falling due within one year
5
(140,226,573)
(98,965,790)
Net current liabilities
(137,996,195)
(98,769,633)
Total assets less current liabilities
83,759,663
25,948,101
Provisions for liabilities
7
(20,961,320)
(9,551,375)
Net assets
62,798,343
16,396,726
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
62,798,342
16,396,725
Total equity
62,798,343
16,396,726
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
Mr R K Sehgal
Director
Company registration number 14301954 (England and Wales)
LPH PADDINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
LPH Paddington Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor Cobalt 3.2, Silver Fox Way, Cobalt Business Park, Newcastle upon Tyne, NE27 0QJ.
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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which, in the opinion of the directors, is the appropriate basis. The company's ability to continue trading is dependent upon the ongoing support of its bankers, its directors and other group undertakings. In the event that the company is unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount.true
1.3
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value of £221,755,858 and fair value movement of £67,873,330 credited to the profit/loss for the year are as follows:
Investment property was valued on an open market basis on 20 May 2024 by Knight Frank LLP, a registered RICS valuer, on the basis of the property refurbishment being complete and so the value in the financial accounts takes into account capital expenditure incurred after the year end
1.4
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.
1.5
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.
LPH PADDINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax
The tax currently payable is based on taxable profit for the period. 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 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.
1.7
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 September 2023
124,717,734
Additions
29,164,794
Revaluations
67,873,330
At 31 August 2024
221,755,858
LPH PADDINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
3
Investment property
(Continued)
- 4 -
Investment property was valued on an open market basis on 20 May 2024 by Knight Frank LLP, a registered RICS valuer, on the basis of the property refurbishment being complete and so the value in the financial accounts takes into account capital expenditure incurred after the year end.
The historic cost of the investment property is £115,677,028 (2023 £86,512,234).
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
13,940
Other debtors
2,198,183
2,198,183
13,940
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6
107,361,265
75,115,905
Trade creditors
2,627,823
185,507
Amounts owed to group undertakings
23,427,688
23,529,008
Other creditors
4,362,762
134,370
Accruals and deferred income
2,447,035
1,000
140,226,573
98,965,790
6
Loans and overdrafts
2024
2023
£
£
Bank loans
107,361,265
75,115,905
Payable within one year
107,361,265
75,115,905
The bank loans are secured on the company's investment property.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
20,961,320
9,551,375
LPH PADDINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Tax losses carried forward
(5,558,388)
-
Revaluation of investment property
26,519,708
9,551,375
20,961,320
9,551,375
2024
Movements in the year:
£
Liability at 1 September 2023
9,551,375
Charge to profit or loss
11,409,945
Liability at 31 August 2024
20,961,320
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
10
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Investment property additions
3,804,142
26,936,855
LPH PADDINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
11
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
3,629,311
134,370
Other information
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.