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LCM FAMILY LIMITED

Registered Number
04709097
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

LCM FAMILY LIMITED
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

James Litchfield
Ian Smith

Company Secretary

LITCHFIELD, James Raymond

Registered Address

60 Spring Gardens
Manchester
M2 2BQ

Registered Number

04709097 (England and Wales)
LCM FAMILY LIMITED
Balance Sheet as at
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets320,98729,535
20,98729,535
Current assets
Debtors1,061,343529,597
Current asset investments427,6504,002
Cash at bank and on hand57,465459,008
1,546,458992,607
Creditors amounts falling due within one year(592,202)(225,456)
Net current assets (liabilities)954,256767,151
Total assets less current liabilities975,243796,686
Creditors amounts falling due after one year4(150,000)(150,000)
Provisions for liabilities(1,781)(3,160)
Net assets823,462643,526
Capital and reserves
Called up share capital50,00050,000
Share premium20,00020,000
Other reserves150,000150,000
Profit and loss account603,462423,526
Shareholders' funds823,462643,526
The financial statements were approved and authorised for issue by the Board of Directors on 10 June 2025, and are signed on its behalf by:
Ian Smith
Director
Registered Company No. 04709097
LCM FAMILY LIMITED
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared and delivered 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 policy
Turnover represents net invoiced fees for services provided, excluding value added tax, together with income from commission earned. Revenue is recognised once a right to consideration has been obtained through performance under each contract. Revenue is not recognised where the right to receive payment is contingent on events outside the control of the company.
Revenue from sale of goods
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are initially recorded at cost and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses. Depreciation is calculated so as to write off the cost of valuation of an asset less its residual value over the useful economic life of that asset as follows:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. 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.
Financial instruments
The company has preference shares in issue at the balance sheet date. The preference shares pay a determinable dividend and provide for the holder to request redemption at a given date in the future. Due to the nature of the preference shares, these financial instruments have been treated in the accounts as a financial liability, rather than equity, and are disclosed within creditors: amounts due after more than one year.
2.Average number of employees

20242023
Average number of employees during the year1721
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 October 23199,703
Additions1,149
Disposals(1,820)
At 30 September 24197,742
Depreciation and impairment
At 01 October 23170,168
Charge for year9,242
On disposals(1,365)
At 30 September 24176,755
Net book value
At 30 September 2420,987
At 30 September 2329,535
4.Creditors: amounts due after one year

2024

2023

££
Trade creditors / trade payables150,000150,000
Total150,000150,000
Included within creditors: amounts falling due after more than one year is an amount of £150,000 (2023 £150,000) in respect of liabilities payable or repayable otherwise by instalments which fall due for payment after more than five years from the reporting date. These amounts are preference shares which have been treated as debt for accounting purposes.
5.Further information regarding the company's financial position
The company entered into a contractual agreement with NPV Manchester Limited on 26th September 2022 for purposes of a lease for the building used as the business premises. The agreement will be held over a 10 year period with annual rents due of £144,295.50, included within the profit and loss account each year.