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No description of principal activity
2021-12-30
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
04697823
2021-12-30
2022-12-29
04697823
2022-12-29
04697823
2021-12-29
04697823
2020-12-30
2021-12-29
04697823
2021-12-29
04697823
bus:Director3
2021-12-30
2022-12-29
04697823
core:LandBuildings
2021-12-29
04697823
core:LandBuildings
2022-12-29
04697823
core:RestatedAmount
2021-12-29
04697823
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2022-12-29
04697823
core:WithinOneYear
2021-12-29
04697823
core:AfterOneYear
2022-12-29
04697823
core:AfterOneYear
2021-12-29
04697823
core:RestatedAmount
core:WithinOneYear
2021-12-29
04697823
core:ShareCapital
2022-12-29
04697823
core:ShareCapital
2021-12-29
04697823
core:RevaluationReserve
2022-12-29
04697823
core:RevaluationReserve
2021-12-29
04697823
core:RetainedEarningsAccumulatedLosses
2022-12-29
04697823
core:RestatedAmount
core:RetainedEarningsAccumulatedLosses
2021-12-29
04697823
core:LandBuildings
2021-12-29
04697823
bus:SmallEntities
2021-12-30
2022-12-29
04697823
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2021-12-30
2022-12-29
04697823
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2021-12-30
2022-12-29
04697823
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2021-12-30
2022-12-29
04697823
bus:PrivateLimitedCompanyLtd
2021-12-30
2022-12-29
04697823
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2021-12-30
2022-12-29
04697823
core:OfficeEquipment
2021-12-29
04697823
core:OfficeEquipment
2022-12-29
COMPANY REGISTRATION NUMBER:
04697823
LONDON RESIDENTIAL MANAGEMENT LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
LONDON RESIDENTIAL MANAGEMENT LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
29 December 2022
|
2022 |
2021 |
|
|
|
(restated) |
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
Tangible assets |
5 |
|
1,149,642 |
1,159,348 |
|
|
|
|
|
Current assets
Debtors |
6 |
3,038,682 |
|
2,521,604 |
Cash at bank and in hand |
156,408 |
|
214,324 |
|
------------- |
|
------------- |
|
3,195,090 |
|
2,735,928 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
2,683,113 |
|
2,144,914 |
|
------------- |
|
------------- |
Net current assets |
|
511,977 |
591,014 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
1,661,619 |
1,750,362 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
63,174 |
89,504 |
|
|
------------- |
------------- |
Net assets |
|
1,598,445 |
1,660,858 |
|
|
------------- |
------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
12,000 |
12,000 |
Revaluation reserve |
|
669,548 |
669,548 |
Profit and loss account |
|
916,897 |
979,310 |
|
|
------------- |
------------- |
Shareholders funds |
|
1,598,445 |
1,660,858 |
|
|
------------- |
------------- |
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 29 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
.
LONDON RESIDENTIAL MANAGEMENT LIMITED |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
29 December 2022
These financial statements were approved by the
board of directors
and authorised for issue on
9 February 2024
, and are signed on behalf of the board by:
Company registration number:
04697823
LONDON RESIDENTIAL MANAGEMENT LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 29 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 9A Macklin Street, Covent Garden, London, WC2B 5NE.
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 profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Equipment |
- |
33% straight line |
|
|
|
|
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
206
(2021:
195
).
5.
Tangible assets
|
Land and buildings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 30 December 2021 (as restated) |
1,121,217 |
263,874 |
1,385,091 |
Additions |
– |
14,974 |
14,974 |
|
------------- |
---------- |
------------- |
At 29 December 2022 |
1,121,217 |
278,848 |
1,400,065 |
|
------------- |
---------- |
------------- |
Depreciation |
|
|
|
At 30 December 2021 |
– |
225,743 |
225,743 |
Charge for the year |
– |
24,680 |
24,680 |
|
------------- |
---------- |
------------- |
At 29 December 2022 |
– |
250,423 |
250,423 |
|
------------- |
---------- |
------------- |
Carrying amount |
|
|
|
At 29 December 2022 |
1,121,217 |
28,425 |
1,149,642 |
|
------------- |
---------- |
------------- |
At 29 December 2021 |
1,121,217 |
38,131 |
1,159,348 |
|
------------- |
---------- |
------------- |
|
|
|
|
Tangible assets held at valuation
The full valuations were performed by Montagu Evans LLP as at
31 August 2015
.
6.
Debtors
|
2022 |
2021 |
|
|
(restated) |
|
£ |
£ |
Trade debtors |
576,902 |
591,319 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
1,170,083 |
929,754 |
Other debtors |
1,291,697 |
1,000,531 |
|
------------- |
------------- |
|
3,038,682 |
2,521,604 |
|
------------- |
------------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
|
(restated) |
|
£ |
£ |
Bank loans and overdrafts |
27,000 |
27,000 |
Trade creditors |
290,489 |
222,936 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
514,955 |
130,516 |
Social security and other taxes |
1,242,945 |
829,590 |
Other creditors |
607,724 |
934,872 |
|
------------- |
------------- |
|
2,683,113 |
2,144,914 |
|
------------- |
------------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
|
(restated) |
|
£ |
£ |
Bank loans and overdrafts |
63,174 |
89,504 |
|
--------- |
--------- |
|
|
|
The bank loan is secured by a fixed and floating charge over the assets of the company.
9.
Prior year adjustment
During the year it became apparent that an adjustment needed to be made to intercompany recharges for 2021. The effect on the profit and loss account has been to reduce the previously stated profit from £400,736 to £141,032 and a corresponding adjustment has been made to the intercompany balances in the Statement of Financial Position as at 29 December 2021.
10.
Directors' advances, credits and guarantees
No advances or credits were made to directors during the current or prior year.
11.
Related party transactions
The company was controlled by the directors who owned 100% of the share capital and were paid 100% of the dividends up until 21 May 2014. The company then reorganised and is now owned 100% by its ultimate controlling party, Premier Management Partners Ltd. Premier Management Partners Ltd registered office address is 9a Macklin Street, London WC2B 5NE.
12.
Controlling party
Since 21st May 2014 the company reorganised and now the Ultimate parent company is Premier Management Partners Ltd, a company registered in England and Wales, company number 03134373.