FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                   Quarterly Report under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                                For Quarter Ended
                                 March 31, 2003


                        Commission File Number: 0-24906


                        Larchdale Ownership Company, Ltd.
                   -----------------------------------------
             (Exact name of registrant as specified in its charter)

           California                                    95-3932760
--------------------------------                     -------------------
(State or other jurisdiction of                       (I.R.S. Employer
 corporation or organization)                        Identification No.)

         6355 Topanga Canyon Blvd., Suite 435, Woodland Hills, CA 91367
          ------------------------------------------------------------
                    (Address of Principal executive offices)

                                 (818) 346-0509
                          ----------------------------
              (Registrant's telephone number, including area code)


                    -----------------------------------------
             (Former Name, former address, and former fiscal year,
                         if changed since last report)




Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No_____


<PAGE>

                        LARCHDALE OWNERSHIP COMPANY, LTD.
                       (A California Limited Partnership)


                                                                    Page Number
                                                                    -----------

Part     I -      Financial Information

                  Balance Sheets March 31, 2003 (Unaudited)
                  and December 31, 2002                                  3

                  Statement of Operations and Computation
                  of Net Income (Loss) per Partnership Interest
                  (Unaudited) for the Three Months ended
                  March 31, 2003 and 2002                                4

                  Statement of Cash Flows (Unaudited)
                  for the Three Months Ended
                  March 31, 2003 and 2002                                5

                  Notes to Unaudited Financial Statements                6

                  Management's Discussion and Analysis of
                  Financial Condition and Results of Operations          7


Part     II -     Other Information                                      9















                                      -2-

<PAGE>
<TABLE>
<CAPTION>

                                          LARCHDALE OWNERSHIP COMPANY, LTD.
                                         (A California Limited Partnership)

                                                   Balance Sheets
                                  March 31, 2003 (Unaudited) and December 31, 2002

<S>                                                                                 <C>                   <C>
                                                                                       March 31,           December 31,
                                                                                         2002                  2001
                                                                                     ------------           -----------

                                                           ASSETS

PROPERTY AT COST

  Land                                                                               $ 1,679,198            $ 1,679,198
  Buildings and improvements                                                          12,081,160             12,081,160
  Furniture and fixtures                                                                 410,845                410,845
                                                                                     -----------            -----------
                                                                                      14,171,203             14,171,203

  Less accumulated depreciation                                                       12,246,577             12,234,987
                                                                                     -----------            -----------
                                                                                       1,924,626              1,936,216

CASH                                                                                      94,900                 83,037

LOAN FEES -
  net of accumulated amortization of
  $220,554 at March 31, 2003 and
  $211,490 at December 31, 2002                                                          141,999                151,063

PREPAID EXPENSES AND OTHER ASSETS                                                        378,993                349,787
                                                                                     -----------            -----------
                                                                                     $ 2,540,518            $ 2,520,103
                                                                                     ===========            ===========


                                              LIABILITIES AND PARTNERS' CAPITAL

NOTE PAYABLE                                                                         $13,164,736            $13,208,318

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                                                    209,342                224,028

ADVANCE DUE TO AFFILIATE                                                               1,011,000              1,100,000

TENANT SECURITY DEPOSITS                                                                 175,069                173,292

PARTNERS' CAPITAL (DEFICIT)                                                          (12,019,629)           (12,185,535)
                                                                                     -----------            -----------
                                                                                     $ 2,540,518            $ 2,520,103
                                                                                     ===========            ===========
</TABLE>

                                                             -3-


<PAGE>

                        LARCHDALE OWNERSHIP COMPANY, LTD.
                       (A California Limited Partnership)

                             Statement of Operations
                                   (Unaudited)

                                                      Three Months Ended
                                                  March 31,         March 31,
                                                    2003              2002
                                                 -------------     -------------
REVENUES
  Rental Income                                 $ 1,051,757        $1,031,382
  Other Income                                       38,669            30,948
                                                 -------------     -------------
                                                  1,090,426         1,062,330
                                                 -------------     -------------

EXPENSES
  Interest                                          304,125           314,564
  Depreciation and amortization                      20,654           176,742
   Repairs and maintenance                          199,167           154,415
   Utilities                                         91,301           117,780
   Salaries and related expenses                    115,920           127,261
   Management and administrative fee                 65,400            63,954
   Property taxes                                    57,663            55,990
   Professional services                             19,474            16,372
   Insurance                                         36,367            19,638
   Administrative costs                               6,651             4,099
   Advertising and promotion                          7,798             5,610
                                                 -------------    --------------
                                                    924,520         1,056,425
                                                 -------------    --------------

NET INCOME (LOSS)                               $   165,906        $    5,905
                                                 =============    ==============


Net income (loss) per weighted number of
  limited partnership interests outstanding
  (35,371 at March 31, 2003 and 2002)           $     4.69         $    0.17
                                                 =============    ==============








                                       -4-


<PAGE>
<TABLE>
<CAPTION>
                                              LARCHDALE OWNERSHIP COMPANY, LTD.
                                             (A California Limited Partnership)

                                                   Statement of Cash Flows
                                                         (Unaudited)

                                                                                         Three Months Ended
                                                                                              March 31,
<S>                                                                             <C>                     <C>
                                                                                    2003                   2002
                                                                                -------------           ------------

CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss) from operations                                             $  165,906               $    5,905
  Adjustments to reconcile net loss to
    net cash provided (used) by operating
    activities:
    Depreciation and amortization                                                   20,654                  176,742
    (Increase) decrease in:
    Prepaid expenses and other assets                                              (29,206)                  (9,634)
    Increase (decrease) in:
    Accounts payable and accrued expenses                                          (14,686)                  19,773
    Accrued interest to affiliate                                                   11,000                   40,050
                                                                                -------------           ------------
      Net cash provided (used) by
        operating activities                                                       153,668                  232,836


CASH FLOWS FROM FINANCING ACTIVITIES
   Increase (decrease) in note payable                                             (43,582)                 (40,162)
  Advance due to affiliate                                                        (100,000)
  Increase (decrease) in tenant security deposits                                    1,777                    4,137
                                                                                -------------           ------------

     Net cash provided (used) by financing activities                             (141,805)                 (36,025)
                                                                                -------------           ------------

    Net increase (decrease) in cash                                                 11,863                  196,811
Cash beginning of year                                                              83,037                  131,034
                                                                                -------------           ------------

Cash at end of period                                                          $    94,900               $  327,845
                                                                                =============           ============


</TABLE>





                                       -5-

<PAGE>

                        LARCHDALE OWNERSHIP COMPANY, LTD.
                       (A California Limited Partnership)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS



NOTE 1 - FINANCIAL STATEMENTS

The balance  sheet as of March 31, 2003,   the  statement of operations  for the
three months ended March 31, 2003 and 2002,  and the statement of cash flows for
the three month periods then ended have been prepared by the partnership without
audit. In the opinion of management,  all adjustments (which include only normal
recurring  adjustments)  necessary to present  fairly the financial  position at
March 31, 2003, and for all periods presented, have been made.

NOTE 2 - INCOME TAXES

The net loss reported for financial  reporting  purposes is different  from that
reported for tax  purposes,  for the three months ended March 31, 2003, as shown
below:

   Net income for financial statements
     reporting purposes                                               $ 165,906
  Tax depreciation difference                                             3,457
                                                                   ------------

   Net income for income tax reporting purposes                       $ 169,363
                                                                   ============




















                                       -6-


<PAGE>
                Management's Discussion and Analysis of Financial
                       Condition and Results of Operation

Liquidity and Capital Resources
-------------------------------

The  Partnership's  primary source of liquidity has been funds from  operations,
proceeds from the initial  capitalization,  and the exercise of warrants in 1986
and 1987. With the completion of the 1987 warrant  offering,  the Partnership is
fully  capitalized.  Future  capital  requirements  are expected to be primarily
provided by operations.

On November 10, 1986, the Partnership obtained a new loan of $12,750,000 from an
institutional  third-party lender. The note bears interest at a variable rate of
225 basis  points over the 11th  District  Federal Home Loan Bank cost of funds,
with a floor of 10%.

In May 1992, the  Partnership  completed a modification  of the payment terms of
the loan for a one-year period  commencing with the payment due January 1, 1992.
Under the terms of the modification, monthly interest only payments were made at
the reduced rate of 5%, with the  difference  between  interest at the full rate
and the  reduced  payment  rate added to the  principal  amount of the loan.  In
addition,  payments for property taxes were impounded by the lender on a monthly
basis.  After the end of the modification  period,  the Partnership made partial
monthly  payments  until April 6, 1993 when  payment in full of past due amounts
was made and the loan reverted to its unmodified terms.

In May 1994, the Partnership completed a second modification of the loan payment
terms for a one-year period  commencing on November 1, 1993.  Under the terms of
the second modification, monthly interest only payments were paid at the reduced
rate of 9%, with the difference between interest at the full rate of 10% and the
reduced  payment rate added to the  principal  amount of the loan.  In addition,
payments for property taxes were impounded by the lender on a monthly basis.  In
March 1995, the  modification  was extended for a one-year period  commencing on
November 1, 1994.

Starting with the payment due on November 1, 1995, the modification  expired and
monthly  payments at the full rate of 10% per annum plus principal  amortization
were  required  under  the  original  terms of the  note.  However,  the  lender
continued to bill the Partnership  under the terms of the  modification  and the
Partnership paid the amounts as billed. The Partnership  contacted the lender in
September 1996 to initiate negotiations to resolve the billing disparity,  which
had  accumulated to $281,000 and the problems of the property taxes due starting
in September  1996 and the deferred  maintenance  of the  property.  In December
1996,  the lender  agreed to accept  $11,800,000  as payment in full on its loan
under the  conditions,  among others,  that payment be received before April 15,
1997, that the property taxes be paid, and that the loan be purchased by a third
party  independent  of the  Partnership.  The purchase  price was reduced by the
principal  portion of the monthly payments made from January 1, 1997 through the
purchase date. The property taxes were paid by the Partnership in December 1996.


                                      -7-
<PAGE>

On February 28, 1997, the Partnership  completed the refinancing of the property
and paid off the existing  loan,  which had a balance at closing of  $13,245,725
with a cash payment of  $11,767,496  for a gain of $1,481,229.  The  Partnership
paid a fee of $50,000 to a third party to purchase  the  existing  loan from the
lender and subsequently sell the loan to the Partnership and a fee of $25,213 to
a consultant for assistance in making the initial  contact with the  appropriate
lender  representative.  In addition,  the Partnership paid a fee of $140,602 to
the  general  partner,  LMH  Realty,  Inc.,  equal  to 10% of the  net  gain  of
$1,406,016 for success in the negotiating of the loan discount and arranging the
third party purchase of the loan. The Partnership  recognized the remaining gain
of $1,265,414 in 1997.

The loan was purchased and the refinancing  completed with funds from a new loan
to the  Partnership  of $14,000,000 at 8.20% per annum maturing on March 1, 2007
with monthly principal and interest  payments of $104,686.  The Partnership paid
fees to the lender and loan broker of  $280,000,  loan costs,  title  insurance,
transfer  taxes and  recording  fees of  $50,996,  and  estimated  legal fees of
$25,000.  The new  loan  provided  for  reserves  for the  initial  two  monthly
payments,  property  taxes and  insurance.  In  addition,  the new lender held a
reserve of $493,000 for deferred property  maintenance  items. After the payment
of $11,767,496 to the prior lender,  the Partnership  received net proceeds from
the refinancing of $1,316,015.

In September 1997, the  Partnership  completed the pay off of advances due to an
affiliate of the general partner of $664,596 plus accrued interest of $430,295.

As of the date of this  Report,  the  Partnership  does not  foresee any trends,
demands,  commitments,  events, or uncertainties  which are reasonably likely to
result in a material increase or decrease in the Partnership's liquidity.

Results of Operations
---------------------

The growth in the rental  market  slowed  during the first  quarter of 2003 with
rental  collections  increasing  only  2.6%  over  the  first  quarter  of 2002.
Vacancies have  increased as tenants  purchased  homes at low mortgage  interest
rates  and new  apartment  construction  added  to the  supply  of  housing.  In
addition,  harsh winter  weather and a cautious  economy  restrained  demand for
apartments.

Depreciation  costs  decreased  as a result  of the  original  purchase  cost of
property acquired in 1984 becoming fully depreciated during 2002.

Repairs and  maintenance  costs  increased in the first quarter of 2003 over the
same  quarter  of 2002  as the  result  of  higher  turnover  costs  related  to
increasing vacancies. In addition,  costs were incurred for snow removal in 2003
that were not incurred in 2002.

Insurance costs increased because of substantially  higher premiums for property
and liability insurance.

The  partnership  made regular monthly  interest  payments as well as a $100,000
principal  payment on the advance due to an  affiliate  of the general  partner,
reducing the principal balance to $1,000,000 plus accrued interest of $11,000 at
March 31, 2003.

                                       -8-
<PAGE>

                                     Part II

                                Other Information

Item 1 - Legal Proceedings


                    Not Applicable


Item 2 - Change in Securities


                    Not Applicable


Item 3 - Default Upon Senior Securities


                    Not Applicable


Item 4 - Submission of Matters to a Vote of Security Holders


                    Not Applicable


Item 5 - Other Information


                    Not Applicable


Item 6 - Exhibits and Reports on Form 8-K


                    Exhibit 99.14 - Certification
















                                       -9-
<PAGE>

                                    SIGNATURE

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                        LARCHDALE OWNERSHIP COMPANY, LTD.


                                        By:/s/L. Mark Hammerschmitt
                                        -----------------------------
                                        L. Mark Hammerschmitt, President
                                        LMH REALTY, INC.
                                        GENERAL PARTNER

     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
Report  has  been  signed  below  by  the  following  person  on  behalf  of the
Partnership in the capacity and on the date indicated.

Signature                         Title                        Date
--------------------------        --------------------         ----------------


/s/L. Mark Hammerschmitt
--------------------------------
L. Mark Hammerschmitt, President  Managing                      April  25, 2003
LMH Realty, Inc.                  General Partner








                                      -10-
<PAGE>

                        CERTIFICATION PURSUANT TO SECTION
                          302 OF THE SARBANES OXLEY ACT


I, L. Mark Hammerschmitt, certify that:

1. I have reviewed this  quarterly  report on Form 10QSB of Larchdale  Ownership
Company, Ltd.;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

         a)       designed  such  disclosure  controls and  procedures to ensure
                  that  material   information   relating  to  the   registrant,
                  including its consolidated  subsidiaries,  is made known to us
                  by others  within  those  entities,  particularly  during  the
                  period in which this quarterly report is being prepared;

         b)       evaluated the  effectiveness  of the  registrant's  disclosure
                  controls and  procedures  as of a date within 90 days prior to
                  the filing  date of this  quarterly  report  (the  "Evaluation
                  Date"); and

         c)       presented in this quarterly  report our conclusions  about the
                  effectiveness of the disclosure  controls and procedures based
                  on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):

         a) all significant  deficiencies in the design or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and have  identified  for the
registrant's auditors any material weaknesses in internal controls; and

         b) any fraud whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

                                      -11-
<PAGE>

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date:  April 25, 2003


                                        By:/s/L. Mark Hammerschmitt
                                        -----------------------------
                                        L. Mark Hammerschmitt, President
                                        LMH REALTY, INC.
                                        GENERAL PARTNER























                                      -12-