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Registration number: 11314448



Lioncourt Strategic Land (Sharpness) Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2025

 

Lioncourt Strategic Land (Sharpness) Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 6

Profit and Loss Account

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10 to 14

 

Lioncourt Strategic Land (Sharpness) Limited

Company Information

Directors

C J Cole

S G Hughes

Company secretary

S G Hughes

Registered office

Suite 2 Brook Court
Whittington Road
Worcester
WR5 2RX

Solicitors

Davies and Partners
Latham House
33 - 34 Paradise Street
Birmingham
B1 2AJ

Bankers

Barclays Bank PLC
UK Trade Services Centre
Camden House East
Summer Row
Birmingham
B1 3PF

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Lioncourt Strategic Land (Sharpness) Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors of the company

The directors who held office during the year were as follows:

C J Cole

S G Hughes

Principal activity

The principal activity of the company is house building.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

Estimates of future performance based on changes in the economic environment have been prepared. These forecasts indicate that the company will continue to operate within their existing facilities. As of 31 March 2025, £17 million (2024 - £4 million) had been drawn down under the wider groups £35 million (2024 - £25 million) revolving facility. The wider group also has access to cash reserves of £3.7 million (2024 - £3 million), which is accessible to the company.

Based on forecasts prepared and the funds available, sufficient resources are available for the company to conduct business for at least 12 months post signing of the financial statements. As such, the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Directors' liabilities

The company has indemnified, by means of directors' and officers' liability insurance, the directors' of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of The Companies Act. Such qualifying third party indemnity provision was in force during the year and is in force at the date of approving the Directors' report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 19 August 2025 and signed on its behalf by:


S G Hughes
Director

 

Lioncourt Strategic Land (Sharpness) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Lioncourt Strategic Land (Sharpness) Limited

Independent Auditor's Report to the Members of Lioncourt Strategic Land (Sharpness) Limited

Opinion

We have audited the financial statements of Lioncourt Strategic Land (Sharpness) Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Lioncourt Strategic Land (Sharpness) Limited

Independent Auditor's Report to the Members of Lioncourt Strategic Land (Sharpness) Limited

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

 

Lioncourt Strategic Land (Sharpness) Limited

Independent Auditor's Report to the Members of Lioncourt Strategic Land (Sharpness) Limited

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Rebecca Copping (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

19 August 2025

 

Lioncourt Strategic Land (Sharpness) Limited

Profit and Loss Account for the Year Ended 31 March 2025

Note

2025
£

2024
£

Administrative expenses

 

(174,321)

(138,693)

Other operating income

 

100,000

100,000

Operating loss

 

(74,321)

(38,693)

Other interest receivable and similar income

4

311,378

289,634

Profit before tax

237,057

250,941

Taxation

5

(59,305)

(45,938)

Profit for the financial year

 

177,752

205,003

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

 

Lioncourt Strategic Land (Sharpness) Limited

(Registration number: 11314448)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Investments

6

5,229,296

4,211,558

Creditors: Amounts falling due within one year

7

(4,606,104)

(3,766,118)

Net assets

 

623,192

445,440

Capital and reserves

 

Called up share capital

8

2

2

Profit and loss account

623,190

445,438

Total equity

 

623,192

445,440

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 19 August 2025 and signed on its behalf by:
 


S G Hughes
Director

 

Lioncourt Strategic Land (Sharpness) Limited

Statement of Changes in Equity for the Year Ended 31 March 2025

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2024

2

445,438

445,440

Profit for the year

-

177,752

177,752

At 31 March 2025

2

623,190

623,192

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2023

2

240,435

240,437

Profit for the year

-

205,003

205,003

At 31 March 2024

2

445,438

445,440

 

Lioncourt Strategic Land (Sharpness) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 2 Brook Court
Whittington Road
Worcester
WR5 2RX

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

Estimates of future performance based on changes in the economic environment have been prepared. These forecasts indicate that the company will continue to operate within their existing facilities. As of 31 March 2025, £17 million (2024 - £4 million) had been drawn down under the wider groups £35 million (2024 - £25 million) revolving facility. The wider group also has access to cash reserves of £3.7 million (2024 - £3 million), which is accessible to the company.

Based on forecasts prepared and the funds available, sufficient resources are available for the company to conduct business for at least 12 months post signing of the financial statements. As such, the directors believe that it is appropriate for the financial statements to be prepared on the going con
Based on forecasts prepared and the funds available, sufficient resources are available for the company to conduct business for at least 12 months post signing of the financial statements. As such, the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

Lioncourt Strategic Land (Sharpness) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Key sources of estimation uncertainty

In the performance of reviews to determine whether there has been an impairment in the carrying value of investments, the directors consider estimates of future profitability of the underlying businesses and also rates of predicted growth and discount factors, a change in which could have a material effect on the future results of the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. 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.

Investments

Investments in jointly controlled interests are measured at cost less impairment.

At each balance sheet date, the company tests whether there are any indicators of assets being subject to impairment. If any such indications exist, the recoverable amount of the asset is determined. If this proves to be impossible, the recoverable amount of the cash-generating unit to which the asset belongs is identified. An asset is subject to impairment if its carrying amount exceeds its recoverable amount; the recoverable amount is the higher of an asset's fair value less costs to sell and value in use. An impairment loss is directly expensed in the profit and loss account.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Financial instruments

Classification
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 any 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 on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Lioncourt Strategic Land (Sharpness) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

There were no persons employed by the company during the year. Employees are remunerated through the immediate parent company, Lioncourt Homes Limited. A management recharge of £174,321 (2024 - £138,693) has been received which includes the company’s share of staff costs and directors remuneration.

 

4

Other interest receivable and similar income

Interest on loans advanced to joint ventures accrues at a fixed rate of 8%.

 

5

Taxation

Tax charged in the profit and loss account

2025
£

2024
£

Current taxation

UK corporation tax

59,264

38,985

UK corporation tax adjustment to prior periods

41

6,953

59,305

45,938

 

6

Investments

2025
£

2024
£

Investments in joint ventures

5,229,296

4,211,558

 

Lioncourt Strategic Land (Sharpness) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Joint ventures

£

Cost

At 1 April 2024

4,211,558

Investment in the year

1,017,738

At 31 March 2025

5,229,296

Carrying amount

At 31 March 2025

5,229,296

At 31 March 2024

4,211,558

The above investment represents the amounts funded by the group in a joint venture, Sharpness Development LLP. The value represents the initial investment and loans to the joint venture. The company owns 50% of the joint venture which has been set up to promote land options for development and subsequent disposal.

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2025

2024

Joint ventures

Sharpness Development LLP
Greensquare Group, Floor 10 Brindley Place, Birmingham, B1 2JB

Interest in LLP

50%

50%

Joint ventures

Sharpness Development LLP

The principal activity of Sharpness Development LLP is house building.

 

7

Creditors

2025
£

2024
£

Due within one year

Amounts due to parent undertakings

4,546,799

3,720,180

Corporation tax liability

59,305

45,938

4,606,104

3,766,118

 

Lioncourt Strategic Land (Sharpness) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

 

8

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

 

9

Related party transactions

During the current financial year loans were advanced to Sharpness Development LLP, a jointly controlled entity, amounting to £706,360 (2024 - £353,000). The loan accrues interest at a fixed rate of 8%. Interest of £311,378 (2024- £289,633) has accrued during the year. The group provided services to Sharpness Development LLP receiving income of £100,000 (2024 - £100,000). At the balance sheet date £5,229,296 (2024 - £4,211,558) is due from Sharpness Development LLP.

 

10

Parent and ultimate parent undertaking

The immediate parent company is Lioncourt Homes Limited, a company incorporated in the United Kingdom. The ultimate parent undertaking is Lioncourt Homes Holdings Limited, a company incorporated in the United Kingdom, into which the results of the company are consolidated. A copy of their financial statements is available from the registered address at Suite 2 Ground Floor, Brook Court, Whittington Hall, Worcester, WR5 2RX. The smallest group into which the company's results are consolidated is Lioncourt Homes Limited. The largest group into which the company’s results are consolidated is Lioncourt Homes Holdings Limited.