Company No: 10360872 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	0		1,345
Investment property	4	2,964,412		3,564,412
		2,964,412		3,565,757
Current assets
Debtors	5	28,070		34,333
Cash at bank and in hand		44,330		26,482
		72,400		60,815
Creditors: amounts falling due within one year	6	( 332,653)		( 551,531)
Net current liabilities		(260,253)		(490,716)
Total assets less current liabilities		2,704,159		3,075,041
Creditors: amounts falling due after more than one year	7	( 2,595,403)		( 2,829,972)
Provision for liabilities		( 35,000)		( 69,000)
Net assets		73,756		176,069
Capital and reserves
Called-up share capital	8	100		100
Undistributable reserve		313,886		358,997
Profit and loss account		( 240,230 )		( 183,028 )
Total shareholder's funds		73,756		176,069

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of LB Property Holdings Limited (registered number: 10360872) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J A Kelly Director

30 September 2025

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

LB Property Holdings 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 First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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

At the reporting date the company had net assets of £73,756 but net current liabilities of £260,253. The company is being supported by one of the directors who has confirmed that he will not seek repayment of his long term loan within 12 months of the date of approval of the financial statements and that he will continue to provide such financial support as is necessary for the company's operations. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

Revenue represents rent receivable.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors, accruals, bank loans and loans from related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	1		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 October 2023	53,297		53,297
At 30 September 2024	53,297		53,297
Accumulated depreciation
At 01 October 2023	51,952		51,952
Charge for the financial year	1,345		1,345
At 30 September 2024	53,297		53,297
Net book value
At 30 September 2024	0		0
At 30 September 2023	1,345		1,345

4. Investment property

	Investment property
	£
Valuation
As at 01 October 2023	3,564,412
Disposals	(600,000)
As at 30 September 2024	2,964,412

Valuation

The investment properties have been valued by the directors at fair value at the reporting date by reference to market evidence of transaction prices of similar properties.

5. Debtors

	2024		2023
	£		£
Other debtors	28,070		34,333

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	50,108		48,328
Trade creditors	9,868		9,997
Amounts owed to connected persons	0		472,876
Other taxation and social security	601		1,554
Other creditors	272,076		18,776
	332,653		551,531

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	418,158		472,416
Other creditors	2,177,245		2,357,556
	2,595,403		2,829,972

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2024		2023
	£		£
Bank loans (repayable by instalments)	221,811		276,087

The company has two bank loans at 30 September 2024. One bank loan is interest bearing at 2.5% per annum and is guaranteed by the UK government. The other bank loan is interest bearing at 5.53% per annum and is secured against the assets of the company by way of fixed and floating charge.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

Called-up share capital represents the nominal value of shares issued and fully paid.

Undistributable reserves represents revaluation gains arising from the uplift in value of investment properties, net of associated deferred tax liabilities. These amounts are not distributable as they represent unrealised gains and potential future tax obligations.

Profit and loss account includes all other accumulated profits and losses arising from the company’s trading activities, after dividends and other appropriations. It represents the distributable profits available to the company.

9. Related party transactions

Included in amounts owed by related parties is £22,500 (2023: £22,500) due from Cobham St John Limited, a company in which L R Baker and J A Kelly are directors.

Included in amounts owed to related parties within current liabilities is £237,228 (2023: £472,876) due to LB Sports Management Limited, a company in which L R Baker and J A Kelly are directors.

Included in amounts owed to related parties within current liabilities is £13,128 (2023: £Nil) due to Prosport Consulting Limited, a company in which J A Kelly is a director.

Included in other creditors within non-current liabilities is an amount of £2,177,245 (2023: £2,357,556) due to L R Baker.