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Company No: 00922992 (England and Wales)

LOCKFOLD COMMUNICATIONS LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 31 December 2024

LOCKFOLD COMMUNICATIONS LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

LOCKFOLD COMMUNICATIONS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
LOCKFOLD COMMUNICATIONS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS S Arnott
D R W Harrison
H R Seaborn
G Spinks
SECRETARY T M West
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 00922992 (England and Wales)
LOCKFOLD COMMUNICATIONS LIMITED

DIRECTORS' REPORT

For the financial year ended 31 December 2024
LOCKFOLD COMMUNICATIONS LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 December 2024

The directors present their annual report and the unaudited financial statements of the company for the financial year ended 31 December 2024.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

S Arnott
D R W Harrison
H R Seaborn
G Spinks

DIRECTORS' INDEMNITIES

The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the financial year and remain in force at the date of this report.

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

T M West
Secretary

30 April 2025

LOCKFOLD COMMUNICATIONS LIMITED

PROFIT AND LOSS ACCOUNT

For the financial year ended 31 December 2024
LOCKFOLD COMMUNICATIONS LIMITED

PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 31 December 2024
2024 2023
£ £
Administrative expenses ( 53,316) ( 65,186)
Other operating income 1,067,912 650,577
Operating profit 1,014,596 585,391
Income from other fixed asset investments 4,338,226 4,636,349
Other non-operating income 13,077,084 8,583,442
Profit before interest and taxation 18,429,906 13,805,182
Interest receivable and similar income 398,945 92,909
Profit before taxation 18,828,851 13,898,091
Tax on profit ( 3,732,562) ( 3,115,123)
Profit for the financial year 15,096,289 10,782,968
LOCKFOLD COMMUNICATIONS LIMITED

BALANCE SHEET

As at 31 December 2024
LOCKFOLD COMMUNICATIONS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 207,118,571 189,264,506
207,118,571 189,264,506
Current assets
Debtors 4 2,175,609 342,347
Cash at bank and in hand 3,333,394 7,804,728
5,509,003 8,147,075
Creditors: amounts falling due within one year 5 ( 12,204,905) ( 13,982,717)
Net current liabilities (6,695,902) (5,835,642)
Total assets less current liabilities 200,422,669 183,428,864
Provision for liabilities 6 ( 10,618,478) ( 8,720,962)
Net assets 189,804,191 174,707,902
Capital and reserves
Called-up share capital 888,165 888,165
Capital redemption reserve 30,000 30,000
Profit and loss account 188,886,026 173,789,737
Total shareholders' funds 189,804,191 174,707,902

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Lockfold Communications Limited (registered number: 00922992) were approved and authorised for issue by the Board of Directors on 30 April 2025. They were signed on its behalf by:

H R Seaborn
Director
LOCKFOLD COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
LOCKFOLD COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lockfold Communications Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

As at the date of the approval of these financial statements, the directors have prepared the financial statements on the going concern basis.

In assessing whether the going concern basis is appropriate, the directors have considered the strong cash reserves and liquid investments held by the company, which they consider to be easily sufficient to meet ongoing liabilities. The financial statements do not include any adjustments that would be necessary if the going concern basis was not appropriate.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on transaction are included in the profit and loss account.

Taxation

Current tax
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Revenue Recognition

The company does not have any turnover. Income from listed and unlisted investments are credited to the profit and loss account when the right to receive payment is established.

Franked investment income is shown net of imputed tax credits.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charges as an interest expense in the profit and loss account.

Financial assets include listed and unlisted investments. These investments are initially recognised at cost, and are remeasured at fair value with any gains or losses taken to the profit and loss account.

For listed investments, fair value is measured as the market value at the close of business. For unlisted investments, fair value is measured based on underlying valuations provided by the investment administrators, where reliable.

Debt instruments are initially capitalised at fair value and subsequently held at amortised cost using the effective interest rate method.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

2024 2023
Number Number
The average number of persons employed by the Company during the year 0 0

3. Fixed asset investments

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 January 2024 173,181,750 16,082,756 189,264,506
Additions 26,551,525 1,581,383 28,132,908
Disposals ( 21,779,215) ( 1,576,712) ( 23,355,927)
Movement in fair value 11,453,504 1,623,580 13,077,084
At 31 December 2024 189,407,564 17,711,007 207,118,571
Carrying value at 31 December 2024 189,407,564 17,711,007 207,118,571
Carrying value at 31 December 2023 173,181,750 16,082,756 189,264,506

The historic cost of the fixed asset investments is £161,979,675 (2023 - £150,504,185 ).

4. Debtors

2024 2023
£ £
Corporation tax 0 48,868
Other debtors 2,175,609 293,479
2,175,609 342,347

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to group undertakings 10,504,184 13,929,984
Taxation and social security 1,658,575 0
Other creditors 42,146 52,733
12,204,905 13,982,717

Amounts owed to Group undertakings are unsecured, interest-free and repayable on demand.

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 8,720,962) ( 6,589,944)
Charged to the Profit and Loss Account ( 1,897,516) ( 2,131,018)
At the end of financial year ( 10,618,478) ( 8,720,962)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Unrealised gains on fixed asset investments ( 10,618,478) ( 8,720,962)

7. Financial commitments

Other financial commitments

2024 2023
£ £
Financial commitments not included in the balance sheet 3,145,014 3,250,573

8. Ultimate controlling party

The company's immediate and ultimate parent is Sableknight Limited, incorporated in England & Wales.

The most senior parent entity producing publicly available financial statements is Sableknight Limited. These financial statements are publicly available from Companies House.

The address of Sableknight Limited is:
22 Chancery Lane
London
WC2A 1LS