Caseware UK (AP4) 2022.0.179 2022.0.179 2023-10-312023-10-312022-11-01falseNo description of principal activity910truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03574049 2022-11-01 2023-10-31 03574049 2021-11-01 2022-10-31 03574049 2023-10-31 03574049 2022-10-31 03574049 c:Director4 2022-11-01 2023-10-31 03574049 d:MotorVehicles 2022-11-01 2023-10-31 03574049 d:MotorVehicles 2023-10-31 03574049 d:MotorVehicles 2022-10-31 03574049 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03574049 d:FurnitureFittings 2022-11-01 2023-10-31 03574049 d:FurnitureFittings 2023-10-31 03574049 d:FurnitureFittings 2022-10-31 03574049 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03574049 d:OfficeEquipment 2022-11-01 2023-10-31 03574049 d:OfficeEquipment 2023-10-31 03574049 d:OfficeEquipment 2022-10-31 03574049 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03574049 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03574049 d:CurrentFinancialInstruments 2023-10-31 03574049 d:CurrentFinancialInstruments 2022-10-31 03574049 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 03574049 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 03574049 d:ShareCapital 2023-10-31 03574049 d:ShareCapital 2022-10-31 03574049 d:RetainedEarningsAccumulatedLosses 2023-10-31 03574049 d:RetainedEarningsAccumulatedLosses 2022-10-31 03574049 c:OrdinaryShareClass1 2022-11-01 2023-10-31 03574049 c:OrdinaryShareClass1 2023-10-31 03574049 c:OrdinaryShareClass1 2022-10-31 03574049 c:OrdinaryShareClass2 2022-11-01 2023-10-31 03574049 c:OrdinaryShareClass2 2023-10-31 03574049 c:OrdinaryShareClass2 2022-10-31 03574049 c:OrdinaryShareClass3 2022-11-01 2023-10-31 03574049 c:OrdinaryShareClass3 2023-10-31 03574049 c:OrdinaryShareClass3 2022-10-31 03574049 c:OrdinaryShareClass4 2022-11-01 2023-10-31 03574049 c:OrdinaryShareClass4 2023-10-31 03574049 c:OrdinaryShareClass4 2022-10-31 03574049 c:FRS102 2022-11-01 2023-10-31 03574049 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 03574049 c:FullAccounts 2022-11-01 2023-10-31 03574049 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 03574049 d:WithinOneYear 2023-10-31 03574049 d:WithinOneYear 2022-10-31 03574049 d:BetweenOneFiveYears 2023-10-31 03574049 d:BetweenOneFiveYears 2022-10-31 03574049 2 2022-11-01 2023-10-31 03574049 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 03574049 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 03574049 d:OtherDeferredTax 2023-10-31 03574049 d:OtherDeferredTax 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03574049










LGM PRODUCTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
LGM PRODUCTS LIMITED
REGISTERED NUMBER: 03574049

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
29,193
41,211

  
29,193
41,211

Current assets
  

Stocks
  
246,064
200,396

Debtors: amounts falling due within one year
 5 
470,040
398,584

Bank and cash balances
  
686,874
592,282

  
1,402,978
1,191,262

Creditors: amounts falling due within one year
 6 
(550,840)
(429,128)

Net current assets
  
 
 
852,138
 
 
762,134

Total assets less current liabilities
  
881,331
803,345

Provisions for liabilities
  

Deferred tax
 7 
(6,598)
(10,303)

  
 
 
(6,598)
 
 
(10,303)

Net assets
  
874,733
793,042


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
874,633
792,942

  
874,733
793,042


Page 1

 
LGM PRODUCTS LIMITED
REGISTERED NUMBER: 03574049
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Revess
Director

Date: 31 January 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
LGM PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

LGM Products Limited is a private company, limited by shares and incorporated in England and Wales. The registered office address is Unit 3, Quantum Business Park, Fleet, Hampshire, GU52 8DY and registered company number is 03574049.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
LGM PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Improvement to premises
-
20%
straight line over the life of the lease
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 4

 
LGM PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.

Page 5

 
LGM PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 6

 
LGM PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 10).


4.


Tangible fixed assets





Motor vehicles
Improvement to premises
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2022
58,180
6,213
3,927
68,320


Additions
-
-
3,375
3,375


Disposals
-
(6,213)
(3,927)
(10,140)



At 31 October 2023

58,180
-
3,375
61,555



Depreciation


At 1 November 2022
16,969
6,213
3,927
27,109


Charge for the year on owned assets
14,545
-
848
15,393


Disposals
-
(6,213)
(3,927)
(10,140)



At 31 October 2023

31,514
-
848
32,362



Net book value



At 31 October 2023
26,666
-
2,527
29,193



At 31 October 2022
41,211
-
-
41,211

Page 7

 
LGM PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
378,120
356,088

Other debtors
48,320
36,824

Prepayments and accrued income
43,600
5,672

470,040
398,584



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
91,905
94,984

Trade creditors
349,513
278,479

Corporation tax
30,013
50,665

Other taxation and social security
21,704
-

Accruals and deferred income
57,705
5,000

550,840
429,128



7.


Deferred taxation




2023


£






At beginning of year
(10,303)


Charged to profit or loss
3,705



At end of year
(6,598)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(7,298)
(10,303)

Short term timing differences
700
-

(6,598)
(10,303)

Page 8

 
LGM PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



52 (2022 - 52) Ordinary A shares of £1 each
52
52
24 (2022 - 24) Ordinary B shares of £1 each
24
24
12 (2022 - 12) Ordinary C shares of £1 each
12
12
12 (2022 - 12) Ordinary D shares of £1 each
12
12

100

100



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £32,601 (2022: £34,692). There were no outstanding pension contributions payable at the end of the year (2022: £nil).


10.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
91,000
-

Later than 1 year and not later than 5 years
279,987
-

370,987
-

 
Page 9