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REGISTERED NUMBER: 03438163 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

LRMS Insurance Services Limited

LRMS Insurance Services Limited (Registered number: 03438163)

Contents of the Financial Statements
for the year ended 31 May 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


LRMS Insurance Services Limited

Company Information
for the year ended 31 May 2023







DIRECTORS: Mrs A Cantillon
E E Fisher
L A Hobden-Clarke
Mrs C J Lochore





REGISTERED OFFICE: Plumton Hall
Whepstead
Bury St Edmunds
Suffolk
IP29 4SU





REGISTERED NUMBER: 03438163 (England and Wales)





ACCOUNTANTS: FWD Accounts Limited
7 Forbes Business Centre
Kempson Way
Bury St Edmunds
Suffolk
IP32 7AR

LRMS Insurance Services Limited (Registered number: 03438163)

Statement of Financial Position
31 May 2023

31/5/23 31/5/22
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 32,747 26,590
Tangible assets 4 25,174 20,135
57,921 46,725

CURRENT ASSETS
Debtors 5 133,815 131,465
Cash at bank 161,195 37,805
295,010 169,270
CREDITORS
Amounts falling due within one year 6 86,566 70,580
NET CURRENT ASSETS 208,444 98,690
TOTAL ASSETS LESS CURRENT
LIABILITIES

266,365

145,415

PROVISIONS FOR LIABILITIES 3,628 3,325
NET ASSETS 262,737 142,090

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 261,737 141,090
262,737 142,090

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2024 and were signed on its behalf by:





Mrs A Cantillon - Director


LRMS Insurance Services Limited (Registered number: 03438163)

Notes to the Financial Statements
for the year ended 31 May 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 33% on cost
Plant and machinery - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

LRMS Insurance Services Limited (Registered number: 03438163)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


3. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 June 2022 29,544
Additions 10,124
At 31 May 2023 39,668
AMORTISATION
At 1 June 2022 2,954
Amortisation for year 3,967
At 31 May 2023 6,921
NET BOOK VALUE
At 31 May 2023 32,747
At 31 May 2022 26,590

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 June 2022 170,241 31,208 36,941 238,390
Additions 4,268 3,931 3,240 11,439
At 31 May 2023 174,509 35,139 40,181 249,829
DEPRECIATION
At 1 June 2022 167,607 19,708 30,940 218,255
Charge for year 823 3,164 2,413 6,400
At 31 May 2023 168,430 22,872 33,353 224,655
NET BOOK VALUE
At 31 May 2023 6,079 12,267 6,828 25,174
At 31 May 2022 2,634 11,500 6,001 20,135

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
as restated
£    £   
Trade debtors 119,250 84,682
PHS Loan 8,729 30,329
LRMS Europe 1,940 -
Prepayments and accrued income 3,896 16,454
133,815 131,465

LRMS Insurance Services Limited (Registered number: 03438163)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
as restated
£    £   
Trade creditors 15,488 23,787
Tax 35,966 17,349
Social security and other taxes 22,409 13,413
Pension Creditor 2,579 -
Company Credit Card 699 3,103
Directors' current accounts 1,828 1,844
Accrued expenses 7,597 11,084
86,566 70,580

7. RELATED PARTY DISCLOSURES

The company paid £21,000 for the rent of the office. That office is 50% owned by Mrs A Cantillon.