Company No: 11116334 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	Hamish Alexander Pound
	Peter Dudley Pound
	Sheila Mary Pound
	Simon Thomas Pound

Registered office	Langdon Court Church Lane
	East Langdon
	Dover
	CT15 5FB
	United Kingdom

Company number

11116334 (England and Wales)

Accountant	Kreston Reeves LLP
	Suite 2
	Orchard House
	Orchard Street
	Canterbury
	Kent
	CT2 8AR

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LCPI Ltd for the financial year ended 31 March 2026 which comprise the Balance Sheet and the related notes 1 to 13 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

This report is made solely to the Board of Directors of LCPI Ltd, as a body, in accordance with the terms of our engagement letter dated 26 June 2024. Our work has been undertaken solely to prepare for your approval the financial statements of LCPI Ltd and state those matters that we have agreed to state to the Board of Directors of LCPI Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LCPI Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that LCPI Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of LCPI Ltd. You consider that LCPI Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of LCPI Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Suite 2
Orchard House
Orchard Street
Canterbury
Kent
CT2 8AR

12 October 2026

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	50,075		58,007
Investment property	4	12,444,139		11,524,639
Investments	5	65,340		65,340
		12,559,554		11,647,986
Current assets
Debtors	6	353,511		345,744
Cash at bank and in hand		109,522		262,619
		463,033		608,363
Creditors: amounts falling due within one year	7	( 171,472)		( 199,610)
Net current assets		291,561		408,753
Total assets less current liabilities		12,851,115		12,056,739
Creditors: amounts falling due after more than one year	8	( 5,750,000)		( 5,000,000)
Provision for liabilities	9	( 470,096)		( 423,920)
Net assets		6,631,019		6,632,819
Capital and reserves
Called-up share capital	10	5,341,686		5,341,686
Profit and loss account	12	1,289,333		1,291,133
Total shareholders' funds		6,631,019		6,632,819

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of LCPI Ltd (registered number: 11116334) were approved and authorised for issue by the Board of Directors on 12 October 2026. They were signed on its behalf by:

Simon Thomas Pound Director

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

LCPI Ltd (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 Langdon Court Church Lane, East Langdon, Dover, CT15 5FB, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

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 Balance Sheet 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 is 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:

Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

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 the Statement of Income and Retained Earnings as described below.

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 external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 Company's contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 April 2025	46,250		14,116		6,038		66,404
Additions	1,450		0		8,029		9,479
At 31 March 2026	47,700		14,116		14,067		75,883
Accumulated depreciation
At 01 April 2025	1,229		2,516		4,652		8,397
Charge for the financial year	11,588		2,900		2,923		17,411
At 31 March 2026	12,817		5,416		7,575		25,808
Net book value
At 31 March 2026	34,883		8,700		6,492		50,075
At 31 March 2025	45,021		11,600		1,386		58,007

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	11,524,639
Additions	814,807
Fair value movement	104,693
As at 31 March 2026	12,444,139

Valuation

A full market valuation of investment property was completed by external valuers at the Balance Sheet date. For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2026		2025
	£		£
Historic cost	10,775,844		9,961,537

5. Fixed asset investments

Investments in subsidiaries

	2026
	£
Cost
At 01 April 2025	65,340
At 31 March 2026	65,340
Carrying value at 31 March 2026	65,340
Carrying value at 31 March 2025	65,340

6. Debtors

	2026		2025
	£		£
Trade debtors	13,187		6,708
Amounts owed by Group undertakings	316,984		314,643
Other debtors	23,340		24,393
	353,511		345,744

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	27,252		19,824
Taxation and social security	24,326		28,214
Other creditors	119,894		151,572
	171,472		199,610

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

	2026		2025
	£		£
Bank loans	5,000,000		5,000,000
Other creditors	750,000		0
	5,750,000		5,000,000

9. Deferred tax

	2026		2025
	£		£
At the beginning of financial year	( 423,920)		( 423,920)
Charged to the Statement of Income and Retained Earnings	( 46,176)		0
At the end of financial year	( 470,096)		( 423,920)

The deferred taxation balance is made up as follows:

	2026		2025
	£		£
Revaluation of investment property	( 470,096)		( 423,920)

10. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
1,595,404 Ordinary A shares of £ 1.00 each	1,595,404		1,595,404
78,141 Ordinary B shares of £ 1.00 each	78,141		78,141
183,675 Ordinary C shares of £ 1.00 each	183,675		183,675
1,595,404 Ordinary D shares of £ 1.00 each	1,595,404		1,595,404
1,383,318 Ordinary E shares of £ 1.00 each	1,383,318		1,383,318
505,744 Ordinary F shares of £ 1.00 each	505,744		505,744
	5,341,686		5,341,686

11. Related party transactions

All transactions and payments with the company's related parties were made under normal market conditions.

12. Reserves

Profit and loss account

The profit and loss account reserves include non-distributable reserves totalling £1,197,698, which represents the fair value movement of investments properties, less the associated deferred tax liability on this movement.

13. Ultimate controlling party

There is no overall controlling party of the company by virtue of no individual owning a majority shareholding.