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No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
998
998
998
xbrli:pure
xbrli:shares
iso4217:GBP
03407270
2022-01-01
2022-12-31
03407270
2022-12-31
03407270
2021-12-31
03407270
2021-01-01
2021-12-31
03407270
2021-12-31
03407270
core:PlantMachinery
2022-01-01
2022-12-31
03407270
core:MotorVehicles
2022-01-01
2022-12-31
03407270
bus:RegisteredOffice
2022-01-01
2022-12-31
03407270
bus:LeadAgentIfApplicable
2022-01-01
2022-12-31
03407270
bus:Director1
2022-01-01
2022-12-31
03407270
bus:Director2
2022-01-01
2022-12-31
03407270
bus:CompanySecretary1
2022-01-01
2022-12-31
03407270
core:LandBuildings
2021-12-31
03407270
core:PlantMachinery
2021-12-31
03407270
core:MotorVehicles
2021-12-31
03407270
core:LandBuildings
2022-12-31
03407270
core:PlantMachinery
2022-12-31
03407270
core:MotorVehicles
2022-12-31
03407270
core:WithinOneYear
2022-12-31
03407270
core:WithinOneYear
2021-12-31
03407270
core:AfterOneYear
2022-12-31
03407270
core:AfterOneYear
2021-12-31
03407270
core:ShareCapital
2022-12-31
03407270
core:ShareCapital
2021-12-31
03407270
core:RetainedEarningsAccumulatedLosses
2022-12-31
03407270
core:RetainedEarningsAccumulatedLosses
2021-12-31
03407270
core:CostValuation
core:Non-currentFinancialInstruments
2022-12-31
03407270
core:Non-currentFinancialInstruments
2022-12-31
03407270
core:Non-currentFinancialInstruments
2021-12-31
03407270
core:LandBuildings
2021-12-31
03407270
core:PlantMachinery
2021-12-31
03407270
core:MotorVehicles
2021-12-31
03407270
bus:SmallEntities
2022-01-01
2022-12-31
03407270
bus:AuditExemptWithAccountantsReport
2022-01-01
2022-12-31
03407270
bus:FullAccounts
2022-01-01
2022-12-31
03407270
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2022-01-01
2022-12-31
03407270
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
03407270
core:CapitalReserve
2022-01-01
2022-12-31
COMPANY REGISTRATION NUMBER:
03407270
LMP INSTALLATIONS LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
LMP INSTALLATIONS LIMITED |
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
The board of directors |
Mr L D Conlon |
|
Mr P M Conlon |
|
|
Company secretary |
Mr L D Conlon |
|
|
Registered office |
Numeric House |
|
98 Station Road |
|
Sidcup |
|
Kent |
|
United Kingdom |
|
DA15 7BY |
|
|
Accountants |
Opass Billings Wilson & Honey LLP |
|
Chartered Certified Accountants |
|
Numeric House |
|
98 Station Road |
|
Sidcup |
|
Kent |
|
DA15 7BY |
|
|
Bankers |
Barclays Bank Plc |
|
Bexleyheath |
|
Leicestershire |
|
Leicester |
|
LE87 2BB |
|
|
LMP INSTALLATIONS LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2022
Fixed assets
Tangible assets |
5 |
|
560,725 |
557,985 |
Investments |
6 |
|
998 |
998 |
|
|
--------- |
--------- |
|
|
561,723 |
558,983 |
|
|
|
|
|
Current assets
Debtors |
7 |
961,160 |
|
524,001 |
Cash at bank and in hand |
80 |
|
222,814 |
|
--------- |
|
--------- |
|
961,240 |
|
746,815 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
132,841 |
|
60,881 |
|
--------- |
|
--------- |
Net current assets |
|
828,399 |
685,934 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,390,122 |
1,244,917 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
27,854 |
50,000 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
43,099 |
43,057 |
|
|
------------ |
------------ |
Net assets |
|
1,319,169 |
1,151,860 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
10,000 |
10,000 |
Profit and loss account |
10 |
|
1,309,169 |
1,141,860 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,319,169 |
1,151,860 |
|
|
------------ |
------------ |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2022 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 year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
LMP INSTALLATIONS LIMITED |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2022
These financial statements were approved by the
board of directors
and authorised for issue on
7 November 2023
, and are signed on behalf of the board by:
Company registration number:
03407270
LMP INSTALLATIONS LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cash flows
The company has taken advantage of the small companies exemptions and not prepared a statement of cash flows.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in other comprehensive income.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
In order to comply with FRS 102 adjustments had to be made to the financial statements. FRS 102 requires all investment properties to be shown at fair value. The directors have therefore used the online nationwide house price index calculator to value the properties at the year end date as well as the previous two reporting periods.
Revenue recognition
Revenue refers to the revenue earned from the Company's principal activity; that of window and partitioning installation.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in the statement of comprehensive income.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery |
- |
15% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
|
|
|
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in the statement of comprehensive income. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities
.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2021:
6
).
5.
Tangible assets
|
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 January 2022 |
537,295 |
37,162 |
58,596 |
633,053 |
Additions |
– |
6,716 |
– |
6,716 |
|
--------- |
-------- |
-------- |
--------- |
At 31 December 2022 |
537,295 |
43,878 |
58,596 |
639,769 |
|
--------- |
-------- |
-------- |
--------- |
Depreciation |
|
|
|
|
At 1 January 2022 |
– |
21,673 |
53,395 |
75,068 |
Charge for the year |
– |
2,675 |
1,301 |
3,976 |
|
--------- |
-------- |
-------- |
--------- |
At 31 December 2022 |
– |
24,348 |
54,696 |
79,044 |
|
--------- |
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
At 31 December 2022 |
537,295 |
19,530 |
3,900 |
560,725 |
|
--------- |
-------- |
-------- |
--------- |
At 31 December 2021 |
537,295 |
15,489 |
5,201 |
557,985 |
|
--------- |
-------- |
-------- |
--------- |
|
|
|
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2022 and 31 December 2022 |
998 |
|
---- |
Impairment |
|
At 1 January 2022 and 31 December 2022 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 December 2022 |
998 |
|
---- |
At 31 December 2021 |
998 |
|
---- |
|
|
The Company holds 998 £1 Ordinary Shares in LMP Installations (London) Limited, a dormant company, relating to 99.8% holding in the issued share capital of that Company.
7.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
534,214 |
278,721 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
242,543 |
242,077 |
Other debtors |
184,403 |
3,203 |
|
--------- |
--------- |
|
961,160 |
524,001 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
61,576 |
– |
Trade creditors |
18,641 |
21,216 |
Corporation tax |
21,498 |
– |
Social security and other taxes |
6,779 |
4,847 |
Other creditors |
24,347 |
34,818 |
|
--------- |
-------- |
|
132,841 |
60,881 |
|
--------- |
-------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
27,854 |
50,000 |
|
-------- |
-------- |
|
|
|
10.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in profit and loss reserves is £342,180 that is not distributable.