LSC Investments Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09534120 (England and Wales)

LSC INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S Morley

Mrs A Morley-Doidge

REGISTERED OFFICE:

1-7 Fallbarn Road

Rawtenstall

Rossendale

Lancashire

BB4 7NT

REGISTERED NUMBER:

09534120 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Investments

4

22,160,742

25,863,537

Investment property

5

373,312

440,812

22,534,054

26,304,349

CURRENT ASSETS

Debtors

6

17,181,134

10,286,995

Cash at bank and in hand

155,093

1

17,336,227

10,286,996

CREDITORS

Amounts falling due within one year

7

(1,359,729

)

(110

)

NET CURRENT ASSETS

15,976,498

10,286,886

TOTAL ASSETS LESS CURRENT LIABILITIES

38,510,552

36,591,235

CAPITAL AND RESERVES

Called up share capital

38,145,500

38,145,500

Retained earnings

365,052

(1,554,265

)

SHAREHOLDERS' FUNDS

38,510,552

36,591,235

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 November 2017 and were signed on its behalf by:

S Morley - Director

1.	STATUTORY INFORMATION

LSC Investments is a company registered in England and Wales, registration number 09534120. The registered

office is 1-7 Fallburn Road, Rawtenstall, Rossendale, Lancashire, BB4 7NT.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical judgements and estimates

In the application of the company's accounting policies, the directors are required to make estimates and

judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ

from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which

the estimate is revised.

There are no estimates and assumptions which have a significant risk of causing a material adjustment to the

carrying amount of assets and liabilities.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value recognised in the income statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid

investments with original maturities of three months or less.

Investments

In the company's financial statements, investments in subsidiary undertakings are stated at cost less provision for

any impairment. Dividends received and receivable are credited to the company's income statement.

Listed investments are initially recognised at fair value and are subsequently re-measured at their fair value.

Changes in fair value are recognised in the income statement in finance costs or income as appropriate.

Financial instruments

The company enters into basic financial instruments transactions that result in the recognition of financial assets

and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and

loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost,

being the transaction price less any amounts settled.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 March 2016

2,004,246

23,859,291

25,863,537

Disposals

(2

)

(3,012,750

)

(3,012,752

)

Share of profit/(loss)

-

(14,036

)

(14,036

)

Revaluations

-

1,284,508

1,284,508

Impairments

(2,004,244

)

-

(2,004,244

)

Dividends received

-

43,729

43,729

At 28 February 2017

-

22,160,742

22,160,742

NET BOOK VALUE

At 28 February 2017

-

22,160,742

22,160,742

At 29 February 2016

2,004,246

23,859,291

25,863,537

Cost or valuation at 28 February 2017 is represented by:

Other

investments

£

Valuation in 2017

22,160,742

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2016

440,812

Disposals

(67,500

)

At 28 February 2017

373,312

NET BOOK VALUE

At 28 February 2017

373,312

At 29 February 2016

440,812

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amount owed by related company

17,031,219

10,286,995

Directors' current accounts

117,500

-

Corporation Tax

32,415

-

17,181,134

10,286,995

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Corporation tax

137,965

110

Amounts owed to related company

1,219,604

-

Accruals and deferred income

2,160

-

1,359,729

110

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 28 February 2017 and the

period ended 29 February 2016:

2017

2016

£

£

S Morley

Balance outstanding at start of year

-

-

Amounts advanced

117,500

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

117,500

-

These amounts are unsecured, interest free and repayable on demand.

9.	RELATED PARTY DISCLOSURES

Included within debtors due within one year are loans totalling £17,031,219 (2016: £10,286,995) in respect of

LSC Finance Limited, a company in which S Morley is a director and shareholder. This loan is unsecured and

repayable on demand. Interest is accruing at 4%, during the year interest charged amounted to £299,547.

Included within creditors due within one year are loans totalling £1,064,604 (2016: £nil) in respect of Lyndhurst

Shoe Company Limited, a company in which S Morley is a director. This loan is interest free, unsecured and

repayable on demand.

Included within creditors due within one year are loans totalling £155,000 (2016: £nil) in respect of LSC Capital

Limited, a company in which S Morley is a director and shareholder. This loan is interest free, unsecured and

repayable on demand.