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Registered number: 11439022
LBC LEYTON LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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LBC LEYTON LIMITED
REGISTERED NUMBER: 11439022
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
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LBC LEYTON LIMITED
REGISTERED NUMBER: 11439022
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 May 2026.
The notes on pages 3 to 8 form part of these financial statements.
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LBC LEYTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
LBC Leyton Limited is a private company, limited by shares, incorporated in England and Wales, registration number 11439206. The registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.
The principal activity of the company during the period was that of property investment.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The Company's only source of revenue is rental income from investment properties let to third parties. Revenue is recognised in the accounting period in which the services are rendered.
Revenue represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Company.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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LBC LEYTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income, with unrealised gains over original cost being transferred to a separate revaluation reserve.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument 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 related parties and invesments in ordinary shares.
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LBC LEYTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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Charge for the year on owned assets
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LBC LEYTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Freehold investment property
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A formal valuation was undertaken by Jones Lang LaSalle Limited on 02 February 2023, on an open market value for existing use basis. The director considers the valuation to be appropriate at 30 September 2024. The historic cost of the investment property is £2,106,294 (2023 - £3,215,989).
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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LBC LEYTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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During 2019, the bank loan was repaid in full and a new loan was received by the parent company, Lee Valley Estates Limited, which was subsequently allocated around the Group. The Company is liable to pay interest on it's portion of the loan and this is paid quarterly in line with the loan agreement. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies and by floating charges over all other property, rights and assets both present and future. Please see note 11 for further information.
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Allotted, called up and fully paid
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1,000 (2023 - 1,000) Ordinary shares of £1.00 each
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During 2019, 1 Ordinary £1 share was issued at par and 999 Ordinary £1 shares were isued at a premium of £1,191.68 per share.
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Share premium account
The share premium account represents the consideration of shares issued above par value.
Profit and loss account
The profit and loss account represents cumulative distributable profits and losses net of dividends and
other adjustments.
During 2022, the parent company, Lee Valley Estates Limited, received a bank loan for £22,000,000. These funds were subsequently distributed between the subsidiaries within the Group. The Company received £308,395 (2023 - £1,308,395) of this loan. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies.
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LBC LEYTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Directors' benefits: advances, credits and guarantees
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Related party transactions
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Included within other debtors are amounts of £791,489 (2023 - £489,736) due from companies under common control.
Included within other creditors are amounts of £2,245,566 (2023 - £2,252,542) due to companies under common control.
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The immediate parent company is Lee Valley Estates Limited. The ultimate controlling party is considered to be M Polledri.
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