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Registered number: 13962795









LMP CENTRAL SERVICES LIMITED









FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

 
LMP CENTRAL SERVICES LIMITED
REGISTERED NUMBER: 13962795

BALANCE SHEET
AS AT 31 MARCH 2023

2023
Note
£

Fixed assets
  

Investment property
 4 
8,915,319

Current assets
  

Stocks
  
2,247,957

Debtors: amounts falling due within one year
 5 
10,701,859

  
12,949,816

Creditors: amounts falling due within one year
 6 
(15,328,384)

Net current (liabilities)/assets
  
 
 
(2,378,568)

  

Net assets
  
6,536,751


Capital and reserves
  

Called up share capital 
 7 
1

Revaluation reserve
  
1,835,657

Profit and loss account
  
4,701,093

  
6,536,751


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 comprehensive income 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 on 6 March 2024.




L D Payne
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
LMP CENTRAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

LMP Central Services Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA. The Company was incorporated on 8 March 2022 and these financial statements represent the Company's first period of account.

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

Going concern

The Company continues to adopt the going concern basis in preparing its financial statements.

 
2.3

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:

Management services
The Company receives income for management services. Revenue is recognised in the accounting period in which the services are rendered.
Rental income
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.

Page 2

 
LMP CENTRAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers, or the directors where external valuations are not available. The valuations are derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Stocks

Stocks consist of development properties held for sale. Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet 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 the Statement of comprehensive income.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Page 3

 
LMP CENTRAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
LMP CENTRAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including directors, during the period was 2.


4.


Investment property


Investment properties

£



Valuation


Additions at cost
7,079,662


Surplus on revaluation
1,835,657



At 31 March 2023
8,915,319

The 2023 valuations were made by the directors, with assistance from the Chartered Surveyors, Eddisons, on an open market value for existing use basis.





5.


Debtors

2023
£


Trade debtors
6,057,331

Other debtors
144,661

Prepayments and accrued income
4,499,867

10,701,859


Page 5

 
LMP CENTRAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
£

Bank overdrafts
6,777,298

Trade creditors
1,373,946

Amounts owed to group undertakings
5,968,029

Corporation tax
1,135,565

Accruals and deferred income
73,546

15,328,384


Bank overdrafts of £6,777,298 are secured on the investment properties and property stock owned by the Company.

Page 6

 
LMP CENTRAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

7.


Share capital

2023
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


On incorporation, the Company issued 1 Ordinary £1 share at par.


8.


Related party transactions

During the year, the Company engaged in transactions with fellow subsidiaries and its parent Company. All transactions were undertaken at market value.
At the year end the Company owed these entities £2,290,723


9.


Controlling party

The immediate and ultimate parent Company is LMP Investments Limited.
The ultimate controlling party is M Payne.


10.


Auditor's information

The auditor's report on the financial statements for the period ended 31 March 2023 was unqualified.

The audit report was signed on 6 March 2024 by Andrew Barnes (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 7