Registered number
09114043
L M MANUFACTURING LIMITED
Filleted Accounts
31 December 2022
L M MANUFACTURING LIMITED
Registered number: 09114043
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 2,548,366 2,765,865
Investments 4 5,965 5,965
2,554,331 2,771,830
Current assets
Stocks 774,687 601,765
Debtors 5 1,327,073 1,000,173
Cash at bank and in hand 32,748 357,203
2,134,508 1,959,141
Creditors: amounts falling due within one year 6 (22,192,786) (21,946,650)
Net current liabilities (20,058,278) (19,987,509)
Total assets less current liabilities (17,503,947) (17,215,679)
Creditors: amounts falling due after more than one year 7 (27,805) (37,500)
Provisions for liabilities (177,078) -
Net liabilities (17,708,830) (17,253,179)
Capital and reserves
Called up share capital 4,000 4,000
Profit and loss account (17,712,830) (17,257,179)
Shareholders' funds (17,708,830) (17,253,179)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mohammad Arsalaan Khan Jaykumar Pradyuman Jani Anil Kumar Sharma
Director
Approved by the board on 30 September 2023
L M MANUFACTURING LIMITED
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The company has support from the shareholders for any funding requirments. The directors have confirmed continued support and consider the company retains sufficient working capital to continue trading for the foreseeable future. They continue to believe that the going concern basis of accounting is appropriate in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development
Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 4% straight line
Fixture and fittings 25% reducing balance
Plant and machinery 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 79 59
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2022 2,247,435 4,478,872 6,726,307
Additions - 114,090 114,090
At 31 December 2022 2,247,435 4,592,962 6,840,397
Depreciation
At 1 January 2022 413,250 3,547,192 3,960,442
Charge for the year 70,147 261,442 331,589
At 31 December 2022 483,397 3,808,634 4,292,031
Net book value
At 31 December 2022 1,764,038 784,328 2,548,366
At 31 December 2021 1,834,185 931,680 2,765,865
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2022 5,965
At 31 December 2022 5,965
5 Debtors 2022 2021
£ £
Trade debtors 1,056,568 514,865
Amounts owed by group undertakings and undertakings in which the company has a participating interest 727 6,707
Other debtors 269,778 478,601
1,327,073 1,000,173
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 9,695 9,695
Trade creditors 1,312,117 1,530,706
Taxation and social security costs 1,034,864 1,396,016
Other creditors 15,493,522 13,726,227
Directors loan account 4,342,588 5,284,006
22,192,786 21,946,650
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 27,805 37,500
8 Related party transactions 2022 2021
£ £
Natlip Limited
Common director
Included within other creditors is an amount payable to Natlip Limited of: 3,440,900 3,440,900
Abhaya Limited
Common director
Included within other creditors is an amount payable to Abhaya
Limited of:
1,841,868 1,841,868
Kinedexe Limited
Common director
Turnover includes fee charged to Kinedexe Limited of: 23,055 6,640
Included within other creditors is an amount due to Kinedexe Limited of: 1,030,159 1,078,706
ACE Laboratories Limited
Common director
During the year the company purchases goods and services
from ACE Laboratories Limited of:
- 99,500
Included within trade creditors is an amount payable to ACE
Laboratories Limited of:
- 354,561
Included within other creditors is an amount payable to ACE
Laboratories Limited of:
104,744 154,136
Arise Pharma Ltd
Common director
Included within other creditors is an amount payable to Arise Pharma Ltd of: 492,047 181,746
Jaj Pharma Limited
Common director
Included with other creditors is an amount payable to Jaj Pharma Limited of: 614,000 628,000
Liqmeds Limited
Common director
Turnover includes the work carried out for Liqmeds Limited of: 720,333 2,197,222
Included within other creditor is an amount payable to Liqmeds Limited of: 887,324 1,388,000
Liqmeds Worldwide Limited
Common director
Turnover includes the work carried out for Liqmeds Worldwide
Limited of:
2,650,000 1,750,000
Included within trade debtors is an amount receivable from Liqmeds Worldwide Limited: 833,975 415,082
L M Manufacturing India Private Limited - a company
incorporated in India
Common director
During the year the company received goods and services from
L M Manufacturing India Private Limited of:
518,282 285,000
Included within amount receivable from group undertakings is an amount receivable from L M Manufacturing India Private Limited of: 727 6,707
Wave Pharma Limited
Common director
Included within other creditors is an amount payable to Wave Pharma Ltd of: 229,123 177,323
Wave Pharma Regulatory Services Ltd
Common director
Included within other debtor is an amount receivable from Wave
Pharma Regulatory Services Ltd of:
58,346 58,346
Jaykumar Pradyuman Jani
Director of the company
Included within directors loan account is an amount payable to
Mr Jaykumar Pradyuman Jani of:
78,611 399,339
Mohammad Arsalaan Khan
Director of the company
Included within directors loan account is an amount payable to
Mr Mohammad Arsalaan Khan of:
110,557 120,697
Romana Khan
Related to the director of the company
Included within directors loan account is an amount payable to
Romana Khan of:
- 600,000
Jagjeet Kaur Ahluwalia
Director of the company
Included within directors loan account is an amount payable to Mrs Jagjeet Kaur Ahluwalia of: 3,970,000 3,970,000
Anil Kumar Sharma
Director of the company
Included within directors loan account is an amount payable to Mr Anil Kumar Sharma of: 183,420 183,420
Eiman Pharma Limited
Common director
Included within other creditors is an amount payable to Eiman Pharma limited of: 2,009,000 1,400,000
JSM Innovations Limited
Common director
Included within other creditors is an amount payable to JSM Innovations Limited of: 957,092 957,092
UDAJ Limited
Common director
Included within other creditors is an amount payable to UDAJ Limited of: 30,000 30,000
Medsolutions (Europe) Limited
Common director
Included within other debtor is an amount receivable from Medsolutions (Europe) Limited of: 6,797 -
9 Controlling party
The company is not under the control of any single individual.
10 Other information
L M MANUFACTURING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Sandretto Building
Cavalry Hill Industrial Park
Weedon
Northampton
NN7 4PP
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