Leemar Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 De Walden Court, 85 New Cavendish Street, London, W1W 6XD.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The director of the company has considered the implications of the Insolvency Act 1986 and regards the balance sheet position as temporary only. The director is of the opinion that sufficient future profits will be earned and sufficient future funding will be available to allow the company to meet its liabilities as and when they fall due.
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.
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 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.
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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
In accordance with the company's accounting policy, investments in subsidiary companies are disclosed at historical cost less provision for impairment losses.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
The following transactions were made between related companies during the year:
Marine Mutual Services (WA) Limited, a subsidiary of the company paid net expenses of £1,012,117 (2022: £1,829,656) on behalf of the company. Marine Mutual Services (WA) Limited also paid £59,164 (2022: £52,404) to Marine Mutual Services Nigeria Limited for the expenses of the company incurred in providing operational support to the Leemar Group in West Africa. Marine Mutual Services (Nigeria) Limited is an associated company of the Leemar group of companies.
The subsidiary was also charged £297,339 (2022: £316,811) in respect of management charges by the company. At the year end, the balance due to Marine Mutual Services (WA) Limited was £7,877,012 (2022: £7,106,070).
KWA Services Limited, a subsidiary of the company paid net expenses of (£336,121) (2022: (£219,336)) on behalf of the company. The subsidiary was also charged £312,696 (2022: £244,256) in respect of management charges by the company. At the year end, the balance due from KWA Services Limited was £412,950 (2022: £433,375).
The company paid net expenses of £43,056 (2022: £34,813) on behalf of Pandiship (WA) Limited, a subsidiary of the company. The subsidiary was also charged £47,012 (2022: £36,129) in respect of management charges by the company. At the year end, the balance due to Pandiship (WA) Limited was £83,502 (2022: £89,958).
The company paid net expenses of £1,000 (2022: £1,487) on behalf of Correspondent Marine Limited, a subsidiary of the company. At the year end, there was a balance of £1,585 (2022: £585) due from Correspondent Marine Limited.
The company paid net expenses of £244 (2022: £244) on behalf of Sealtech Systems Limited, a company in which Y Moskovitch is a director. At the year end, there was a balance of £4,607 (2022: £4,364) due from Sealtech Systems Limited.
The company paid £772,178 (2022: £919,776) for the operating expenses of the company's overseas projects to Sea Lion Limited, a company in which Y Moskovitch is a director.
The company paid £156,000 (2022: £156,000) to Mr A Moskovitch, the shareholder of the company in respect of introducer fees.
Included within other debtors is an amount due from Mr Y Moskovitch £278,418 (2022: £672,959) . Mr Moskovitch is the director of the company. The loan is repayable on demand. During the year end Mr Moskovitch has repaid £400,000 to the company in respect of his outstanding loan balance.
The ultimate controlling party is Mr A Moskovitch by virtue of his shareholding in the company.